SETH vs. USD
SETH (ProShares Short Ether Strategy ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - SETH is a Cryptocurrency fund tracking the Bloomberg Galaxy Ethereum (--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, SETH returned 0.18% vs 250.81% for USD. At a correlation of -0.38, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SETH vs. USD - Performance Comparison
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Returns By Period
In the year-to-date period, SETH achieves a 43.11% return, which is significantly lower than USD's 103.32% return.
SETH
- 1D
- 1.55%
- 1M
- 32.48%
- YTD
- 43.11%
- 6M
- 49.04%
- 1Y
- 0.18%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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%
SETH vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SETH ProShares Short Ether Strategy ETF | 43.11% | -29.41% | -49.59% | -22.80% |
USD ProShares Ultra Semiconductors | 103.32% | 62.08% | 139.64% | 45.08% |
Correlation
The correlation between SETH and USD is -0.45, 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 | -0.45 |
Correlation (All Time) Calculated using the full available price history since Nov 3, 2023 | -0.38 |
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Return for Risk
SETH vs. USD — Risk / Return Rank
SETH
USD
SETH vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Ether Strategy ETF (SETH) 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.
| SETH | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.12 | ||
| Sortino ratioReturn per unit of downside risk | -3.13 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.48 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | 0.00 | 7.94 | -7.94 |
| Martin ratioReturn relative to average drawdown | 0.00 | 22.96 | -22.96 |
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
| SETH | USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.00 | 4.12 | -4.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.89 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.89 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.44 | 0.49 | -0.92 |
Drawdowns
SETH vs. USD - Drawdown Comparison
The maximum SETH drawdown since its inception was -80.74%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for SETH and USD.
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Drawdown Indicators
| SETH | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.74% | -88.63% | +7.89% |
Max Drawdown (1Y)Largest decline over 1 year | -56.01% | -31.80% | -24.21% |
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 DrawdownCurrent decline from peak | -60.69% | -6.07% | -54.62% |
Average DrawdownAverage peak-to-trough decline | -54.80% | -32.35% | -22.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.78% | 10.98% | +24.80% |
Volatility
SETH vs. USD - Volatility Comparison
The current volatility for ProShares Short Ether Strategy ETF (SETH) is 9.63%, while ProShares Ultra Semiconductors (USD) has a volatility of 21.29%. This indicates that SETH 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
| SETH | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.63% | 21.29% | -11.66% |
Volatility (6M)Calculated over the trailing 6-month period | 45.27% | 46.74% | -1.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.46% | 61.28% | +7.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 69.49% | 76.56% | -7.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.49% | 69.24% | +0.25% |
SETH vs. USD - Expense Ratio Comparison
Both SETH and USD have an expense ratio of 0.95%.
Dividends
SETH vs. USD - Dividend Comparison
SETH's dividend yield for the trailing twelve months is around 10.75%, more than USD's 0.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SETH ProShares Short Ether Strategy ETF | 10.75% | 7.01% | 3.44% | 0.38% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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
SETH and USD have a correlation of -0.45, 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 SETH (9.63%). In terms of maximum drawdown, SETH dropped -80.74% vs USD's -88.63%.
On 1-year performance, USD leads with 250.81% vs 0.18% for SETH. Both ETFs have the same 0.95% expense ratio. On volatility, SETH has been the lower-risk option at 9.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USD has performed better with a 250.81% return vs 0.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SETH and USD have the same expense ratio: 0.95% per year.
SETH has the higher dividend yield at 10.75%, compared with 0.23% for USD.
SETH is categorized as Cryptocurrency, while USD is Leveraged Equities. SETH tracks Bloomberg Galaxy Ethereum (--100%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).
USD currently has the higher Sharpe Ratio (4.12 vs 0.00), 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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