PBJ vs. USD

Last updated Jun 4, 2026

PBJ (Invesco Dynamic Food & Beverage ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - PBJ is a Consumer Staples Equities fund tracking the Dynamic Food & Beverage Intellidex 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, PBJ returned 5.27%/yr vs 62.16%/yr for USD. At a 0.44 correlation, their price movements are largely independent. PBJ charges 0.63%/yr vs 0.95%/yr for USD.

Performance

PBJ vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Food & Beverage ETF (PBJ) 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, PBJ achieves a 6.38% return, which is significantly lower than USD's 114.00% return. Over the past 10 years, PBJ has underperformed USD with an annualized return of 5.27%, while USD has yielded a comparatively higher 62.16% annualized return.

PBJ

• 1D: -0.35%
• 1M: -4.27%
• YTD: 6.38%
• 6M: 5.80%
• 1Y: 0.42%
• 3Y*: 2.79%
• 5Y*: 3.14%
• 10Y*: 5.27%

USD

• 1D: -1.14%
• 1M: 44.53%
• YTD: 114.00%
• 6M: 111.06%
• 1Y: 274.62%
• 3Y*: 127.67%
• 5Y*: 69.52%
• 10Y*: 62.16%

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

PBJ vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PBJ Invesco Dynamic Food & Beverage ETF	6.38%	-1.86%	2.49%	2.31%	3.14%	26.88%	5.53%	17.50%	-11.21%	1.87%
USD ProShares Ultra Semiconductors	114.00%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%

Correlation

The correlation between PBJ and USD is -0.12, 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	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (10Y) Calculated over the trailing 10-year period	0.29
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007	0.44

The correlation between PBJ and USD shifts across timeframes, from -0.12 (1 year) to 0.44 (all time), reflecting how their relationship changes across market environments.

PBJ vs. USD - Sectors Allocation Comparison

Sectors	PBJ	USD
Consumer Defensive	85.6%	-
Consumer Cyclical	6.0%	-
Basic Materials	5.2%	-
Industrials	3.1%	-
Financial Services	0.2%	27.8%
Communication Services	-	-
Energy	-	0.0%
Healthcare	-	-
Real Estate	-	-
Technology	-	27.4%
Utilities	-	-

Return for Risk

PBJ vs. USD — Risk / Return Rank

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

PBJ

PBJ Risk / Return Rank: 9
PBJ Sharpe Ratio Rank: 9
PBJ Sortino Ratio Rank: 8
PBJ Omega Ratio Rank: 8
PBJ Calmar Ratio Rank: 9
PBJ Martin Ratio Rank: 9

USD

USD Risk / Return Rank: 90
USD Sharpe Ratio Rank: 97
USD Sortino Ratio Rank: 83
USD Omega Ratio Rank: 83
USD Calmar Ratio Rank: 95
USD Martin Ratio Rank: 93

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.

PBJ vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Food & Beverage ETF (PBJ) 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.

	PBJ	USD	Difference
Sharpe ratio: Return per unit of total volatility	0.03	4.53	-4.50
Sortino ratio: Return per unit of downside risk	0.13	3.81	-3.67
Omega ratio: Gain probability vs. loss probability	1.02	1.51	-0.50
Calmar ratio: Return relative to maximum drawdown	0.03	8.70	-8.66
Martin ratio: Return relative to average drawdown	0.08	25.16	-25.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBJ vs. USD - Sharpe Ratio Comparison

The current PBJ Sharpe Ratio is 0.03, which is lower than the USD Sharpe Ratio of 4.53. The chart below compares the historical Sharpe Ratios of PBJ 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.

Sharpe Ratios by Period

	PBJ	USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.03	4.53	-4.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.91	-0.68
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.90	-0.55
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.49	-0.03

Drawdowns

PBJ vs. USD - Drawdown Comparison

The maximum PBJ drawdown since its inception was -39.15%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for PBJ and USD.

Drawdown Indicators

	PBJ	USD	Difference
Max Drawdown Largest peak-to-trough decline	-39.15%	-88.63%	+49.48%
Max Drawdown (1Y) Largest decline over 1 year	-12.48%	-31.80%	+19.32%
Max Drawdown (3Y) Largest decline over 3 years	-12.99%	-64.46%	+51.47%
Max Drawdown (5Y) Largest decline over 5 years	-15.81%	-77.85%	+62.04%
Max Drawdown (10Y) Largest decline over 10 years	-28.49%	-77.85%	+49.36%
Current Drawdown Current decline from peak	-6.48%	-1.14%	-5.34%
Average Drawdown Average peak-to-trough decline	-5.39%	-32.35%	+26.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.22%	10.97%	-5.75%

Volatility

PBJ vs. USD - Volatility Comparison

The current volatility for Invesco Dynamic Food & Beverage ETF (PBJ) is 3.74%, while ProShares Ultra Semiconductors (USD) has a volatility of 20.36%. This indicates that PBJ 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

	PBJ	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.74%	20.36%	-16.62%
Volatility (6M) Calculated over the trailing 6-month period	8.80%	46.39%	-37.59%
Volatility (1Y) Calculated over the trailing 1-year period	12.48%	61.22%	-48.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.75%	76.55%	-62.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.11%	69.23%	-54.12%

PBJ vs. USD - Expense Ratio Comparison

PBJ has a 0.63% expense ratio, which is lower than USD's 0.95% expense ratio.

Dividends

PBJ vs. USD - Dividend Comparison

PBJ's dividend yield for the trailing twelve months is around 1.58%, more than USD's 0.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBJ Invesco Dynamic Food & Beverage ETF	1.58%	1.83%	1.11%	1.81%	1.82%	0.90%	1.12%	1.21%	1.41%	0.70%	1.56%	1.24%
USD ProShares Ultra Semiconductors	0.21%	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 PBJ and USD in my portfolio?

PBJ and USD have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBJ or USD?

USD has higher volatility (20.36%) compared to PBJ (3.74%). In terms of maximum drawdown, PBJ dropped -39.15% vs USD's -88.63%.

Which ETF is better, PBJ or USD?

On 10-year performance, USD leads with 62.16% vs 5.27% for PBJ. On fees, PBJ is cheaper at 0.63% per year. On volatility, PBJ has been the lower-risk option at 3.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBJ or USD?

Over the 10-year period, USD has performed better with a 62.16% return vs 5.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBJ or USD?

PBJ is cheaper with a 0.63% expense ratio, compared with 0.95% for USD.

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

PBJ has the higher dividend yield at 1.58%, compared with 0.21% for USD.

What is the main difference between PBJ and USD?

PBJ is categorized as Consumer Staples Equities, while USD is Leveraged Equities. PBJ tracks Dynamic Food & Beverage Intellidex Index, while USD tracks Dow Jones U.S. Semiconductors Index (200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.63% for PBJ and 0.95% for USD.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (4.53 vs 0.03), 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.