SKYU vs. FCLD

Last updated Jun 3, 2026

SKYU (ProShares Ultra Nasdaq Cloud Computing ETF) and FCLD (Fidelity Cloud Computing ETF) are both exchange-traded funds - SKYU is a Leveraged Equities fund tracking the ISE Cloud Computing Index (200%), while FCLD is a Technology Equities fund tracking the Fidelity Cloud Computing Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, SKYU returned 41.36%/yr vs 29.38%/yr for FCLD. Their correlation of 0.92 suggests significant overlap in exposure. SKYU charges 0.95%/yr vs 0.39%/yr for FCLD.

Performance

SKYU vs. FCLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) and Fidelity Cloud Computing ETF (FCLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SKYU achieves a 29.06% return, which is significantly lower than FCLD's 38.17% return.

SKYU

• 1D: -2.86%
• 1M: 48.96%
• YTD: 29.06%
• 6M: 26.06%
• 1Y: 54.01%
• 3Y*: 41.36%
• 5Y*: 4.20%
• 10Y*: —

FCLD

• 1D: -1.43%
• 1M: 26.07%
• YTD: 38.17%
• 6M: 38.86%
• 1Y: 51.11%
• 3Y*: 29.38%
• 5Y*: —
• 10Y*: —

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

SKYU vs. FCLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SKYU ProShares Ultra Nasdaq Cloud Computing ETF	29.06%	2.76%	65.79%	105.76%	-75.95%	-7.08%
FCLD Fidelity Cloud Computing ETF	38.17%	8.19%	21.80%	53.05%	-41.32%	-1.32%

Correlation

The correlation between SKYU and FCLD is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (All Time) Calculated using the full available price history since Oct 8, 2021	0.92

The correlation between SKYU and FCLD has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

SKYU vs. FCLD - Sectors Allocation Comparison

Sectors	SKYU	FCLD
Technology	51.5%	86.1%
Communication Services	4.7%	3.7%
Industrials	2.5%	-
Consumer Cyclical	2.4%	2.3%
Healthcare	0.3%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Real Estate	-	7.9%
Utilities	-	-

Return for Risk

SKYU vs. FCLD — Risk / Return Rank

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

SKYU

SKYU Risk / Return Rank: 26
SKYU Sharpe Ratio Rank: 27
SKYU Sortino Ratio Rank: 30
SKYU Omega Ratio Rank: 29
SKYU Calmar Ratio Rank: 24
SKYU Martin Ratio Rank: 20

FCLD

FCLD Risk / Return Rank: 52
FCLD Sharpe Ratio Rank: 54
FCLD Sortino Ratio Rank: 51
FCLD Omega Ratio Rank: 49
FCLD Calmar Ratio Rank: 59
FCLD Martin Ratio Rank: 46

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.

SKYU vs. FCLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) and Fidelity Cloud Computing ETF (FCLD). 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.

	SKYU	FCLD	Difference
Sharpe ratio Return per unit of total volatility	0.98	1.88	-0.91
Sortino ratio Return per unit of downside risk	1.61	2.52	-0.91
Omega ratio Gain probability vs. loss probability	1.20	1.31	-0.11
Calmar ratio Return relative to maximum drawdown	1.11	2.95	-1.84
Martin ratio Return relative to average drawdown	2.34	7.77	-5.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SKYU vs. FCLD - Sharpe Ratio Comparison

The current SKYU Sharpe Ratio is 0.98, which is lower than the FCLD Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of SKYU and FCLD, 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

	SKYU	FCLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.98	1.88	-0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.07	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.36	-0.31

Drawdowns

SKYU vs. FCLD - Drawdown Comparison

The maximum SKYU drawdown since its inception was -83.01%, which is greater than FCLD's maximum drawdown of -50.85%. Use the drawdown chart below to compare losses from any high point for SKYU and FCLD.

Drawdown Indicators

	SKYU	FCLD	Difference
Max Drawdown Largest peak-to-trough decline	-83.01%	-50.85%	-32.16%
Max Drawdown (1Y) Largest decline over 1 year	-50.23%	-17.48%	-32.75%
Max Drawdown (3Y) Largest decline over 3 years	-55.71%	-34.80%	-20.91%
Max Drawdown (5Y) Largest decline over 5 years	-83.01%	—	—
Current Drawdown Current decline from peak	-16.89%	-1.43%	-15.46%
Average Drawdown Average peak-to-trough decline	-49.20%	-20.52%	-28.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.87%	6.64%	+17.23%

Volatility

SKYU vs. FCLD - Volatility Comparison

ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) has a higher volatility of 21.37% compared to Fidelity Cloud Computing ETF (FCLD) at 9.87%. This indicates that SKYU's price experiences larger fluctuations and is considered to be riskier than FCLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SKYU	FCLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.37%	9.87%	+11.50%
Volatility (6M) Calculated over the trailing 6-month period	46.22%	21.91%	+24.31%
Volatility (1Y) Calculated over the trailing 1-year period	55.51%	27.26%	+28.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.82%	30.49%	+31.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.09%	30.49%	+30.60%

SKYU vs. FCLD - Expense Ratio Comparison

SKYU has a 0.95% expense ratio, which is higher than FCLD's 0.39% expense ratio.

Dividends

SKYU vs. FCLD - Dividend Comparison

SKYU's dividend yield for the trailing twelve months is around 0.54%, more than FCLD's 0.02% yield.

Position	TTM	2025	2024	2023	2022	2021
FCLD Fidelity Cloud Computing ETF	0.02%	0.03%	0.13%	0.17%	0.26%	0.13%
SKYU ProShares Ultra Nasdaq Cloud Computing ETF	0.54%	0.56%	0.21%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SKYU and FCLD in my portfolio?

SKYU and FCLD have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SKYU or FCLD?

SKYU has higher volatility (21.37%) compared to FCLD (9.87%). In terms of maximum drawdown, SKYU dropped -83.01% vs FCLD's -50.85%.

Which ETF is better, SKYU or FCLD?

On 3-year performance, SKYU leads with 41.36% vs 29.38% for FCLD. On fees, FCLD is cheaper at 0.39% per year. On volatility, FCLD has been the lower-risk option at 9.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SKYU or FCLD?

Over the 3-year period, SKYU has performed better with a 41.36% return vs 29.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SKYU or FCLD?

FCLD is cheaper with a 0.39% expense ratio, compared with 0.95% for SKYU.

Which ETF pays a higher dividend yield, SKYU or FCLD?

SKYU has the higher dividend yield at 0.54%, compared with 0.02% for FCLD.

What is the main difference between SKYU and FCLD?

SKYU is categorized as Leveraged Equities, while FCLD is Technology Equities. SKYU tracks ISE Cloud Computing Index (200%), while FCLD tracks Fidelity Cloud Computing Index - Benchmark TR Gross. They also come from different issuers: ProShares and Fidelity. Their fees differ too: 0.95% for SKYU and 0.39% for FCLD.

Which has better risk-adjusted returns?

FCLD currently has the higher Sharpe Ratio (1.88 vs 0.98), 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.