QB vs. USD

Last updated Jul 15, 2026

QB (ProShares Nasdaq-100 Dynamic Daily Buffer ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - QB is a Defined Outcome fund tracking the Nasdaq-100, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past year, QB returned 18.83% vs 145.11% for USD. A 0.65 correlation means they provide meaningful diversification when combined. QB charges 0.58%/yr vs 0.95%/yr for USD.

Performance

QB vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB) 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, QB achieves a 12.67% return, which is significantly lower than USD's 81.18% return.

QB

• 1D: 0.47%
• 1M: 3.50%
• 6M: 11.39%
• YTD: 12.67%
• 1Y: 18.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USD

• 1D: 6.38%
• 1M: -3.04%
• 6M: 68.72%
• YTD: 81.18%
• 1Y: 145.11%
• 3Y*: 104.08%
• 5Y*: 63.45%
• 10Y*: 58.18%

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

QB vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	12.67%	6.10%
USD ProShares Ultra Semiconductors	81.18%	48.31%

Correlation

The correlation between QB and USD is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.65

The correlation between QB and USD has been stable across timeframes, ranging from 0.65 to 0.66 - a consistent structural relationship.

QB vs. USD - Sectors Allocation Comparison

Sectors	QB	USD
Technology	49.9%	30.7%
Communication Services	16.4%	-
Consumer Cyclical	12.5%	-
Consumer Defensive	8.6%	-
Healthcare	5.3%	-
Industrials	3.7%	-
Utilities	1.6%	-
Basic Materials	1.3%	-
Energy	0.6%	0.0%
Financial Services	0.2%	32.0%
Real Estate	0.1%	-

Return for Risk

QB vs. USD — Risk / Return Rank

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

QB

QB Risk / Return Rank: 95
QB Sharpe Ratio Rank: 93
QB Sortino Ratio Rank: 94
QB Omega Ratio Rank: 96
QB Calmar Ratio Rank: 94
QB Martin Ratio Rank: 96

USD

USD Risk / Return Rank: 76
USD Sharpe Ratio Rank: 82
USD Sortino Ratio Rank: 64
USD Omega Ratio Rank: 66
USD Calmar Ratio Rank: 91
USD Martin Ratio Rank: 80

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.

QB vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB) 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.

	QB	USD	Difference
Sharpe ratio: Return per unit of total volatility	2.69	2.06	+0.63
Sortino ratio: Return per unit of downside risk	3.91	2.35	+1.57
Omega ratio: Gain probability vs. loss probability	1.64	1.31	+0.33
Calmar ratio: Return relative to maximum drawdown	5.44	4.59	+0.85
Martin ratio: Return relative to average drawdown	26.25	11.97	+14.28

QB vs. USD - Sharpe Ratio Comparison

The current QB Sharpe Ratio is 2.69, which is higher than the USD Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of QB 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

QB vs. USD - Drawdown Comparison

The maximum QB drawdown since its inception was -3.47%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for QB and USD.

Drawdown Indicators

	QB	USD	Difference
Max Drawdown Largest peak-to-trough decline	-3.47%	-88.63%	+85.16%
Max Drawdown (1Y) Largest decline over 1 year	-3.47%	-31.80%	+28.33%
Max Drawdown (3Y) Largest decline over 3 years	—	-64.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-77.85%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-77.85%	—
Current Drawdown Current decline from peak	0.00%	-16.30%	+16.30%
Average Drawdown Average peak-to-trough decline	-0.42%	-32.25%	+31.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	12.17%	-11.45%

Volatility

QB vs. USD - Volatility Comparison

The current volatility for ProShares Nasdaq-100 Dynamic Daily Buffer ETF (QB) is 2.86%, while ProShares Ultra Semiconductors (USD) has a volatility of 31.36%. This indicates that QB 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

	QB	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.86%	31.36%	-28.50%
Volatility (6M) Calculated over the trailing 6-month period	5.82%	57.84%	-52.02%
Volatility (1Y) Calculated over the trailing 1-year period	7.03%	70.75%	-63.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.93%	78.26%	-71.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.93%	70.08%	-63.15%

QB vs. USD - Expense Ratio Comparison

QB has a 0.58% expense ratio, which is lower than USD's 0.95% expense ratio.

Dividends

QB vs. USD - Dividend Comparison

QB's dividend yield for the trailing twelve months is around 0.77%, more than USD's 0.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QB ProShares Nasdaq-100 Dynamic Daily Buffer ETF	0.77%	0.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USD ProShares Ultra Semiconductors	0.32%	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 QB and USD in my portfolio?

QB and USD have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QB or USD?

USD has higher volatility (31.36%) compared to QB (2.86%). In terms of maximum drawdown, QB dropped -3.47% vs USD's -88.63%.

Which ETF is better, QB or USD?

On 1-year performance, USD leads with 145.11% vs 18.83% for QB. On fees, QB is cheaper at 0.58% per year. On volatility, QB has been the lower-risk option at 2.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QB or USD?

Over the 1-year period, USD has performed better with a 145.11% return vs 18.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QB or USD?

QB is cheaper with a 0.58% expense ratio, compared with 0.95% for USD.

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

QB has the higher dividend yield at 0.77%, compared with 0.32% for USD.

What is the main difference between QB and USD?

QB is categorized as Defined Outcome, while USD is Leveraged Equities. QB tracks Nasdaq-100, while USD tracks Dow Jones U.S. Semiconductors Index (200%). Their fees differ too: 0.58% for QB and 0.95% for USD.

Which has better risk-adjusted returns?

QB currently has the higher Sharpe Ratio (2.69 vs 2.06), 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.