ONLN vs. USD
ONLN (ProShares Online Retail ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - ONLN is a Consumer Discretionary Equities fund tracking the ProShares Online Retail Index, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 5 years, ONLN returned -7.66%/yr vs 63.13%/yr for USD. A 0.61 correlation means they provide meaningful diversification when combined. ONLN charges 0.58%/yr vs 0.95%/yr for USD.
Performance
ONLN vs. USD - Performance Comparison
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Returns By Period
In the year-to-date period, ONLN achieves a -8.58% return, which is significantly lower than USD's 84.65% return.
ONLN
- 1D
- 0.99%
- 1M
- -5.60%
- YTD
- -8.58%
- 6M
- -9.03%
- 1Y
- 10.27%
- 3Y*
- 19.82%
- 5Y*
- -7.66%
- 10Y*
- —
USD
- 1D
- -12.35%
- 1M
- 1.73%
- YTD
- 84.65%
- 6M
- 79.76%
- 1Y
- 206.76%
- 3Y*
- 114.28%
- 5Y*
- 63.13%
- 10Y*
- 61.02%
ONLN vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ONLN ProShares Online Retail ETF | -8.58% | 33.03% | 24.85% | 27.37% | -50.07% | -25.22% | 111.82% | 19.93% | -24.66% |
USD ProShares Ultra Semiconductors | 84.65% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -33.88% |
Correlation
The correlation between ONLN and USD is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2018 | 0.61 |
Over the past year, the correlation between ONLN and USD has dropped to 0.37 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.
ONLN vs. USD - Sectors Allocation Comparison
Sectors
ONLN
USD
Consumer Cyclical
-
Technology
Consumer Defensive
-
Basic Materials
-
-
Communication Services
-
-
Energy
-
Financial Services
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Utilities
-
-
Consumer Cyclical
ONLN
USD
-
Technology
ONLN
USD
Consumer Defensive
ONLN
USD
-
Basic Materials
ONLN
-
USD
-
Communication Services
ONLN
-
USD
-
Energy
ONLN
-
USD
Financial Services
ONLN
-
USD
Healthcare
ONLN
-
USD
-
Industrials
ONLN
-
USD
-
Real Estate
ONLN
-
USD
-
Utilities
ONLN
-
USD
-
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Return for Risk
ONLN vs. USD — Risk / Return Rank
ONLN
USD
ONLN vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Online Retail ETF (ONLN) 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.
| ONLN | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.64 | ||
| Sortino ratioReturn per unit of downside risk | -2.20 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.40 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | 0.52 | 6.54 | -6.02 |
| Martin ratioReturn relative to average drawdown | 1.23 | 18.16 | -16.92 |
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Drawdowns
ONLN vs. USD - Drawdown Comparison
The maximum ONLN drawdown since its inception was -71.77%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for ONLN and USD.
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Drawdown Indicators
| ONLN | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.77% | -88.63% | +16.86% |
Max Drawdown (1Y)Largest decline over 1 year | -19.75% | -31.80% | +12.05% |
Max Drawdown (3Y)Largest decline over 3 years | -27.97% | -64.46% | +36.49% |
Max Drawdown (5Y)Largest decline over 5 years | -69.19% | -77.85% | +8.66% |
Max Drawdown (10Y)Largest decline over 10 years | — | -77.85% | — |
Current DrawdownCurrent decline from peak | -40.80% | -14.69% | -26.11% |
Average DrawdownAverage peak-to-trough decline | -35.45% | -32.29% | -3.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.35% | 11.44% | -3.09% |
Volatility
ONLN vs. USD - Volatility Comparison
The current volatility for ProShares Online Retail ETF (ONLN) is 7.48%, while ProShares Ultra Semiconductors (USD) has a volatility of 34.07%. This indicates that ONLN 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.
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Volatility by Period
| ONLN | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.48% | 34.07% | -26.59% |
Volatility (6M)Calculated over the trailing 6-month period | 18.30% | 54.13% | -35.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.36% | 67.96% | -43.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.15% | 77.73% | -44.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.08% | 69.83% | -37.75% |
ONLN vs. USD - Expense Ratio Comparison
ONLN has a 0.58% expense ratio, which is lower than USD's 0.95% expense ratio.
Dividends
ONLN vs. USD - Dividend Comparison
ONLN's dividend yield for the trailing twelve months is around 0.36%, more than USD's 0.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ONLN ProShares Online Retail ETF | 0.36% | 0.30% | 0.75% | 0.00% | 0.00% | 0.00% | 1.24% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
USD ProShares Ultra Semiconductors | 0.25% | 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
ONLN and USD have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (34.07%) compared to ONLN (7.48%). In terms of maximum drawdown, ONLN dropped -71.77% vs USD's -88.63%.
On 5-year performance, USD leads with 63.13% vs -7.66% for ONLN. On fees, ONLN is cheaper at 0.58% per year. On volatility, ONLN has been the lower-risk option at 7.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USD has performed better with a 63.13% return vs -7.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ONLN is cheaper with a 0.58% expense ratio, compared with 0.95% for USD.
ONLN has the higher dividend yield at 0.36%, compared with 0.25% for USD.
ONLN is categorized as Consumer Discretionary Equities, while USD is Leveraged Equities. ONLN tracks ProShares Online Retail Index, while USD tracks Dow Jones U.S. Semiconductors Index (200%). Their fees differ too: 0.58% for ONLN and 0.95% for USD.
USD currently has the higher Sharpe Ratio (3.06 vs 0.42), 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.
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