KIE vs. USD

Last updated Jul 17, 2026

KIE (SPDR S&P Insurance ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - KIE is a Financials Equities fund tracking the S&P Insurance Select Industry Index, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, KIE returned 12.28%/yr vs 56.23%/yr for USD. At a 0.47 correlation, their price movements are largely independent. KIE charges 0.35%/yr vs 0.95%/yr for USD.

Performance

KIE vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Insurance ETF (KIE) and ProShares Ultra Semiconductors (USD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KIE achieves a 6.45% return, which is significantly lower than USD's 63.25% return. Over the past 10 years, KIE has underperformed USD with an annualized return of 12.28%, while USD has yielded a comparatively higher 56.23% annualized return.

KIE

• 1D: 2.16%
• 1M: 8.36%
• 6M: 8.66%
• YTD: 6.45%
• 1Y: 12.81%
• 3Y*: 17.15%
• 5Y*: 12.85%
• 10Y*: 12.28%

USD

• 1D: -7.37%
• 1M: -12.52%
• 6M: 51.62%
• YTD: 63.25%
• 1Y: 108.17%
• 3Y*: 94.08%
• 5Y*: 61.69%
• 10Y*: 56.23%

*Multi-year figures are annualized to reflect compound growth (CAGR)

KIE vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KIE SPDR S&P Insurance ETF	6.45%	8.12%	26.95%	12.18%	3.48%	22.75%	-3.04%	27.19%	-5.99%	12.83%
USD ProShares Ultra Semiconductors	63.25%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%

Correlation

The correlation between KIE and USD is -0.26, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.26
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	0.47

The correlation between KIE and USD shifts across timeframes, from -0.26 (1 year) to 0.47 (all time), reflecting how their relationship changes across market environments.

KIE vs. USD - Sectors Allocation Comparison

Sectors	KIE	USD
Financial Services	96.9%	32.0%
Healthcare	3.1%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.0%
Industrials	-	-
Real Estate	-	-
Technology	-	30.7%
Utilities	-	-

Return for Risk

KIE vs. USD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

KIE

KIE Risk / Return Rank: 26
KIE Sharpe Ratio Rank: 26
KIE Sortino Ratio Rank: 26
KIE Omega Ratio Rank: 24
KIE Calmar Ratio Rank: 27
KIE Martin Ratio Rank: 26

USD

USD Risk / Return Rank: 60
USD Sharpe Ratio Rank: 56
USD Sortino Ratio Rank: 49
USD Omega Ratio Rank: 50
USD Calmar Ratio Rank: 81
USD Martin Ratio Rank: 62

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

KIE vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Insurance ETF (KIE) and ProShares Ultra Semiconductors (USD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	KIE	USD	Difference
Sharpe ratio: Return per unit of total volatility	0.77	1.53	-0.77
Sortino ratio: Return per unit of downside risk	1.19	1.99	-0.80
Omega ratio: Gain probability vs. loss probability	1.14	1.26	-0.12
Calmar ratio: Return relative to maximum drawdown	1.09	3.42	-2.33
Martin ratio: Return relative to average drawdown	2.72	8.81	-6.09

KIE vs. USD - Sharpe Ratio Comparison

The current KIE Sharpe Ratio is 0.77, which is lower than the USD Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of KIE and USD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

KIE vs. USD - Drawdown Comparison

The maximum KIE drawdown since its inception was -75.30%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for KIE and USD.

Drawdown Indicators

	KIE	USD	Difference
Max Drawdown Largest peak-to-trough decline	-75.30%	-88.63%	+13.33%
Max Drawdown (1Y) Largest decline over 1 year	-11.81%	-31.80%	+19.99%
Max Drawdown (3Y) Largest decline over 3 years	-12.65%	-64.46%	+51.81%
Max Drawdown (5Y) Largest decline over 5 years	-15.68%	-77.85%	+62.17%
Max Drawdown (10Y) Largest decline over 10 years	-44.31%	-77.85%	+33.54%
Current Drawdown Current decline from peak	-1.54%	-24.58%	+23.04%
Average Drawdown Average peak-to-trough decline	-11.99%	-32.25%	+20.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.72%	12.32%	-7.60%

Volatility

KIE vs. USD - Volatility Comparison

The current volatility for SPDR S&P Insurance ETF (KIE) is 6.80%, while ProShares Ultra Semiconductors (USD) has a volatility of 30.75%. This indicates that KIE experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KIE	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.80%	30.75%	-23.95%
Volatility (6M) Calculated over the trailing 6-month period	12.94%	58.47%	-45.53%
Volatility (1Y) Calculated over the trailing 1-year period	16.86%	71.05%	-54.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.46%	78.28%	-59.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.17%	70.10%	-48.93%

KIE vs. USD - Expense Ratio Comparison

KIE has a 0.35% expense ratio, which is lower than USD's 0.95% expense ratio.

Dividends

KIE vs. USD - Dividend Comparison

KIE's dividend yield for the trailing twelve months is around 1.54%, more than USD's 0.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KIE SPDR S&P Insurance ETF	1.54%	1.57%	1.48%	1.45%	1.90%	1.95%	1.85%	1.76%	1.83%	1.56%	1.55%	1.65%
USD ProShares Ultra Semiconductors	0.35%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%

Frequently Asked Questions

Can I hold both KIE and USD in my portfolio?

KIE and USD have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KIE or USD?

USD has higher volatility (30.75%) compared to KIE (6.80%). In terms of maximum drawdown, KIE dropped -75.30% vs USD's -88.63%.

Which ETF is better, KIE or USD?

On 10-year performance, USD leads with 56.23% vs 12.28% for KIE. On fees, KIE is cheaper at 0.35% per year. On volatility, KIE has been the lower-risk option at 6.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KIE or USD?

Over the 10-year period, USD has performed better with a 56.23% return vs 12.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KIE or USD?

KIE is cheaper with a 0.35% expense ratio, compared with 0.95% for USD.

Which ETF pays a higher dividend yield, KIE or USD?

KIE has the higher dividend yield at 1.54%, compared with 0.35% for USD.

What is the main difference between KIE and USD?

KIE is categorized as Financials Equities, while USD is Leveraged Equities. KIE tracks S&P Insurance Select Industry Index, while USD tracks Dow Jones U.S. Semiconductors Index (200%). They also come from different issuers: State Street and ProShares. Their fees differ too: 0.35% for KIE and 0.95% for USD.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (1.53 vs 0.77), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.