REW vs. USD
REW (ProShares UltraShort Technology) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds from ProShares - REW tracks the Dow Jones U.S. Technology Index (-200%) while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, REW returned -43.85%/yr vs 56.23%/yr for USD. At a correlation of -0.84, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
REW vs. USD - Performance Comparison
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Returns By Period
In the year-to-date period, REW achieves a -39.78% return, which is significantly lower than USD's 63.25% return. Over the past 10 years, REW has underperformed USD with an annualized return of -43.85%, while USD has yielded a comparatively higher 56.23% annualized return.
REW
- 1D
- 4.43%
- 1M
- 8.43%
- 6M
- -38.44%
- YTD
- -39.78%
- 1Y
- -51.65%
- 3Y*
- -41.91%
- 5Y*
- -36.52%
- 10Y*
- -43.85%
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%
REW vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | -39.78% | -43.15% | -33.70% | -61.35% | 65.72% | -53.61% | -71.34% | -56.83% | -10.02% | -49.11% |
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 REW and USD is -0.89, 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 | -0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.89 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.85 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007 | -0.84 |
The correlation between REW and USD has been stable across timeframes, ranging from -0.89 to -0.84 - a consistent structural relationship.
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Return for Risk
REW vs. USD — Risk / Return Rank
REW
USD
REW vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Technology (REW) 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.
| REW | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.57 | ||
| Sortino ratioReturn per unit of downside risk | -3.71 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.26 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | 3.42 | -4.28 |
| Martin ratioReturn relative to average drawdown | -1.75 | 8.81 | -10.56 |
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Drawdowns
REW vs. USD - Drawdown Comparison
The maximum REW drawdown since its inception was -99.99%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for REW and USD.
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Drawdown Indicators
| REW | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -88.63% | -11.36% |
Max Drawdown (1Y)Largest decline over 1 year | -60.10% | -31.80% | -28.30% |
Max Drawdown (3Y)Largest decline over 3 years | -86.76% | -64.46% | -22.30% |
Max Drawdown (5Y)Largest decline over 5 years | -93.62% | -77.85% | -15.77% |
Max Drawdown (10Y)Largest decline over 10 years | -99.74% | -77.85% | -21.89% |
Current DrawdownCurrent decline from peak | -99.99% | -24.58% | -75.41% |
Average DrawdownAverage peak-to-trough decline | -86.94% | -32.25% | -54.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.45% | 12.32% | +17.13% |
Volatility
REW vs. USD - Volatility Comparison
The current volatility for ProShares UltraShort Technology (REW) is 19.92%, while ProShares Ultra Semiconductors (USD) has a volatility of 30.75%. This indicates that REW 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
| REW | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.92% | 30.75% | -10.83% |
Volatility (6M)Calculated over the trailing 6-month period | 42.41% | 58.47% | -16.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.67% | 71.05% | -21.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.97% | 78.28% | -25.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.45% | 70.10% | -20.65% |
REW vs. USD - Expense Ratio Comparison
Both REW and USD have an expense ratio of 0.95%.
Dividends
REW vs. USD - Dividend Comparison
REW's dividend yield for the trailing twelve months is around 8.27%, more than USD's 0.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | 8.27% | 6.69% | 5.68% | 5.97% | 0.65% | 0.00% | 0.27% | 1.80% | 0.51% | 0.00% | 0.00% | 0.00% |
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
REW and USD have a correlation of -0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (30.75%) compared to REW (19.92%). In terms of maximum drawdown, REW dropped -99.99% vs USD's -88.63%.
On 10-year performance, USD leads with 56.23% vs -43.85% for REW. Both ETFs have the same 0.95% expense ratio. On volatility, REW has been the lower-risk option at 19.92%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USD has performed better with a 56.23% return vs -43.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
REW and USD have the same expense ratio: 0.95% per year.
REW has the higher dividend yield at 8.27%, compared with 0.35% for USD.
REW tracks Dow Jones U.S. Technology Index (-200%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).
USD currently has the higher Sharpe Ratio (1.53 vs -1.04), 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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