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 -44.91%/yr vs 61.24%/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 -46.84% return, which is significantly lower than USD's 103.32% return. Over the past 10 years, REW has underperformed USD with an annualized return of -44.91%, while USD has yielded a comparatively higher 61.24% annualized return.
REW
- 1D
- 3.10%
- 1M
- -27.36%
- YTD
- -46.84%
- 6M
- -45.91%
- 1Y
- -64.13%
- 3Y*
- -46.81%
- 5Y*
- -39.85%
- 10Y*
- -44.91%
USD
- 1D
- -4.99%
- 1M
- 31.62%
- YTD
- 103.32%
- 6M
- 97.79%
- 1Y
- 250.81%
- 3Y*
- 125.78%
- 5Y*
- 67.80%
- 10Y*
- 61.24%
REW vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | -46.84% | -43.15% | -33.70% | -61.35% | 65.72% | -53.61% | -71.34% | -56.83% | -10.02% | -49.11% |
USD ProShares Ultra Semiconductors | 103.32% | 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 -0.86, 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 | -0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.87 |
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 5, 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.
| REW | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.65 | ||
| Sortino ratioReturn per unit of downside risk | -6.54 | ||
| Omega ratioGain probability vs. loss probability | 0.70 | 1.48 | -0.79 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 7.94 | -8.91 |
| Martin ratioReturn relative to average drawdown | -1.95 | 22.96 | -24.91 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| REW | USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.52 | 4.12 | -5.65 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.77 | 0.89 | -1.66 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.92 | 0.89 | -1.81 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.79 | 0.49 | -1.27 |
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 | -66.25% | -31.80% | -34.45% |
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 | -99.79% | -77.85% | -21.94% |
Current DrawdownCurrent decline from peak | -99.99% | -6.07% | -93.92% |
Average DrawdownAverage peak-to-trough decline | -86.88% | -32.35% | -54.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.85% | 10.98% | +21.87% |
Volatility
REW vs. USD - Volatility Comparison
The current volatility for ProShares UltraShort Technology (REW) is 15.34%, while ProShares Ultra Semiconductors (USD) has a volatility of 21.29%. 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 | 15.34% | 21.29% | -5.95% |
Volatility (6M)Calculated over the trailing 6-month period | 34.28% | 46.74% | -12.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.16% | 61.28% | -19.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.63% | 76.56% | -24.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.84% | 69.24% | -20.40% |
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 10.71%, more than USD's 0.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | 10.71% | 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 | 0.23% | 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 -0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (21.29%) compared to REW (15.34%). In terms of maximum drawdown, REW dropped -99.99% vs USD's -88.63%.
On 10-year performance, USD leads with 61.24% vs -44.91% for REW. Both ETFs have the same 0.95% expense ratio. On volatility, REW has been the lower-risk option at 15.34%. 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 61.24% return vs -44.91%. 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 10.71%, compared with 0.23% 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 (4.12 vs -1.52), 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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