PLUL vs. USAX

Last updated Jul 11, 2026

PLUL (Leverage Shares 2X Long PLUG Daily ETF) and USAX (Tradr 2X Long USAR Daily ETF) are both Leveraged Equities funds - PLUL tracks the Plug Power Inc. (PLUG) while USAX tracks the USA Rare Earth, Inc. (USAR). Both are passively managed. At a 0.40 correlation, their price movements are largely independent. PLUL charges 0.75%/yr vs 1.49%/yr for USAX.

Performance

PLUL vs. USAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long PLUG Daily ETF (PLUL) and Tradr 2X Long USAR Daily ETF (USAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PLUL

• 1D: -12.42%
• 1M: -36.87%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

USAX

• 1D: -4.53%
• 1M: -33.39%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PLUL vs. USAX - Yearly Performance Comparison

	2026 (YTD)
PLUL Leverage Shares 2X Long PLUG Daily ETF	-39.65%
USAX Tradr 2X Long USAR Daily ETF	-49.30%

Correlation

The correlation between PLUL and USAX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 13, 2026	0.40

Return for Risk

PLUL vs. USAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long PLUG Daily ETF (PLUL) and Tradr 2X Long USAR Daily ETF (USAX). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

PLUL vs. USAX - Drawdown Comparison

The maximum PLUL drawdown since its inception was -73.33%, smaller than the maximum USAX drawdown of -77.92%. Use the drawdown chart below to compare losses from any high point for PLUL and USAX.

Drawdown Indicators

	PLUL	USAX	Difference
Max Drawdown Largest peak-to-trough decline	-73.33%	-77.92%	+4.59%
Current Drawdown Current decline from peak	-73.33%	-73.68%	+0.35%
Average Drawdown Average peak-to-trough decline	-30.71%	-49.17%	+18.46%

Volatility

Volatility by Period

	PLUL	USAX	Difference
Volatility (1Y) Calculated over the trailing 1-year period	180.61%	218.87%	-38.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	180.61%	218.87%	-38.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	180.61%	218.87%	-38.26%

PLUL vs. USAX - Expense Ratio Comparison

PLUL has a 0.75% expense ratio, which is lower than USAX's 1.49% expense ratio.

Dividends

PLUL vs. USAX - Dividend Comparison

Neither PLUL nor USAX has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PLUL and USAX in my portfolio?

PLUL and USAX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PLUL or USAX?

On fees, PLUL is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PLUL or USAX?

PLUL is cheaper with a 0.75% expense ratio, compared with 1.49% for USAX.

Which ETF pays a higher dividend yield, PLUL or USAX?

PLUL and USAX have nearly identical dividend yields, around 0.00%.

What is the main difference between PLUL and USAX?

PLUL tracks Plug Power Inc. (PLUG), while USAX tracks USA Rare Earth, Inc. (USAR). They also come from different issuers: Leverage Shares and Tradr. Their fees differ too: 0.75% for PLUL and 1.49% for USAX.