SHNY vs. USD

Last updated Jun 5, 2026

SHNY (MicroSectors Gold 3X Leveraged ETN) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - SHNY is a Leveraged Commodities fund managed by BMO, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Over the past 3 years, SHNY returned 60.05%/yr vs 125.78%/yr for USD. At a 0.06 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

SHNY vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold 3X Leveraged ETN (SHNY) 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, SHNY achieves a -12.24% return, which is significantly lower than USD's 103.32% return.

SHNY

• 1D: 2.59%
• 1M: -7.28%
• YTD: -12.24%
• 6M: -8.19%
• 1Y: 50.54%
• 3Y*: 60.05%
• 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%

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

SHNY vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHNY MicroSectors Gold 3X Leveraged ETN	-12.24%	214.54%	50.30%	12.52%
USD ProShares Ultra Semiconductors	103.32%	62.08%	139.64%	151.95%

Correlation

The correlation between SHNY and USD is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (All Time) Calculated using the full available price history since Feb 23, 2023	0.06

Return for Risk

SHNY vs. USD — Risk / Return Rank

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

SHNY

SHNY Risk / Return Rank: 23
SHNY Sharpe Ratio Rank: 20
SHNY Sortino Ratio Rank: 24
SHNY Omega Ratio Rank: 28
SHNY Calmar Ratio Rank: 22
SHNY Martin Ratio Rank: 19

USD

USD Risk / Return Rank: 89
USD Sharpe Ratio Rank: 96
USD Sortino Ratio Rank: 82
USD Omega Ratio Rank: 81
USD Calmar Ratio Rank: 95
USD Martin Ratio Rank: 92

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.

SHNY vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold 3X Leveraged ETN (SHNY) 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.

	SHNY	USD	Difference
Sharpe ratio: Return per unit of total volatility	0.64	4.12	-3.48
Sortino ratio: Return per unit of downside risk	1.25	3.62	-2.36
Omega ratio: Gain probability vs. loss probability	1.19	1.48	-0.30
Calmar ratio: Return relative to maximum drawdown	0.92	7.94	-7.02
Martin ratio: Return relative to average drawdown	1.96	22.96	-21.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHNY vs. USD - Sharpe Ratio Comparison

The current SHNY Sharpe Ratio is 0.64, which is lower than the USD Sharpe Ratio of 4.12. The chart below compares the historical Sharpe Ratios of SHNY 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.

Sharpe Ratios by Period

	SHNY	USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.64	4.12	-3.48
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	1.03	0.49	+0.55

Drawdowns

SHNY vs. USD - Drawdown Comparison

The maximum SHNY drawdown since its inception was -54.99%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for SHNY and USD.

Drawdown Indicators

	SHNY	USD	Difference
Max Drawdown Largest peak-to-trough decline	-54.99%	-88.63%	+33.64%
Max Drawdown (1Y) Largest decline over 1 year	-54.99%	-31.80%	-23.19%
Max Drawdown (3Y) Largest decline over 3 years	-54.99%	-64.46%	+9.47%
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	-53.82%	-6.07%	-47.75%
Average Drawdown Average peak-to-trough decline	-14.99%	-32.35%	+17.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.89%	10.98%	+14.91%

Volatility

SHNY vs. USD - Volatility Comparison

The current volatility for MicroSectors Gold 3X Leveraged ETN (SHNY) is 16.42%, while ProShares Ultra Semiconductors (USD) has a volatility of 21.29%. This indicates that SHNY 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

	SHNY	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.42%	21.29%	-4.87%
Volatility (6M) Calculated over the trailing 6-month period	70.90%	46.74%	+24.16%
Volatility (1Y) Calculated over the trailing 1-year period	78.78%	61.28%	+17.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.33%	76.56%	-18.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.33%	69.24%	-10.91%

SHNY vs. USD - Expense Ratio Comparison

Both SHNY and USD have an expense ratio of 0.95%.

Dividends

SHNY vs. USD - Dividend Comparison

SHNY has not paid dividends to shareholders, while USD's dividend yield for the trailing twelve months is around 0.23%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SHNY MicroSectors Gold 3X Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USD ProShares Ultra Semiconductors	0.23%	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

Can I hold both SHNY and USD in my portfolio?

SHNY and USD have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHNY or USD?

USD has higher volatility (21.29%) compared to SHNY (16.42%). In terms of maximum drawdown, SHNY dropped -54.99% vs USD's -88.63%.

Which ETF is better, SHNY or USD?

On 3-year performance, USD leads with 125.78% vs 60.05% for SHNY. Both ETFs have the same 0.95% expense ratio. On volatility, SHNY has been the lower-risk option at 16.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHNY or USD?

Over the 3-year period, USD has performed better with a 125.78% return vs 60.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHNY or USD?

SHNY and USD have the same expense ratio: 0.95% per year.

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

USD has the higher dividend yield at 0.23%, compared with 0.00% for SHNY.

What is the main difference between SHNY and USD?

SHNY is categorized as Leveraged Commodities, while USD is Leveraged Equities. They also come from different issuers: BMO and ProShares.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (4.12 vs 0.64), 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.