SKYU vs. IFED

Last updated Jun 5, 2026

SKYU (ProShares Ultra Nasdaq Cloud Computing ETF) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both Leveraged Equities funds - SKYU tracks the ISE Cloud Computing Index (200%) while IFED tracks the IFED Large-Cap US Equity Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, SKYU returned 38.09%/yr vs 16.94%/yr for IFED. A 0.71 correlation means they provide meaningful diversification when combined. SKYU charges 0.95%/yr vs 0.45%/yr for IFED.

Performance

SKYU vs. IFED - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SKYU achieves a 20.72% return, which is significantly higher than IFED's -2.98% return.

SKYU

• 1D: 0.53%
• 1M: 27.03%
• YTD: 20.72%
• 6M: 18.01%
• 1Y: 41.23%
• 3Y*: 38.09%
• 5Y*: 2.14%
• 10Y*: —

IFED

• 1D: 0.56%
• 1M: 5.41%
• YTD: -2.98%
• 6M: -2.59%
• 1Y: 2.46%
• 3Y*: 16.94%
• 5Y*: —
• 10Y*: —

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

SKYU vs. IFED - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SKYU ProShares Ultra Nasdaq Cloud Computing ETF	20.72%	2.76%	65.79%	105.76%	-75.95%	-10.79%
IFED ETRACS IFED Invest with the Fed TR Index ETN	-2.98%	15.02%	23.04%	20.78%	-1.46%	8.46%

Correlation

The correlation between SKYU and IFED is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (All Time) Calculated using the full available price history since Sep 16, 2021	0.71

The correlation between SKYU and IFED has been stable across timeframes, ranging from 0.70 to 0.72 - a consistent structural relationship.

Return for Risk

SKYU vs. IFED — Risk / Return Rank

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

SKYU

SKYU Risk / Return Rank: 22
SKYU Sharpe Ratio Rank: 22
SKYU Sortino Ratio Rank: 25
SKYU Omega Ratio Rank: 25
SKYU Calmar Ratio Rank: 20
SKYU Martin Ratio Rank: 18

IFED

IFED Risk / Return Rank: 11
IFED Sharpe Ratio Rank: 11
IFED Sortino Ratio Rank: 11
IFED Omega Ratio Rank: 11
IFED Calmar Ratio Rank: 11
IFED Martin Ratio Rank: 11

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. IFED - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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	IFED	Difference
Sharpe ratio: Return per unit of total volatility	0.74	0.15	+0.59
Sortino ratio: Return per unit of downside risk	1.35	0.34	+1.01
Omega ratio: Gain probability vs. loss probability	1.16	1.04	+0.12
Calmar ratio: Return relative to maximum drawdown	0.82	0.17	+0.66
Martin ratio: Return relative to average drawdown	1.73	0.43	+1.30
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. IFED - Sharpe Ratio Comparison

The current SKYU Sharpe Ratio is 0.74, which is higher than the IFED Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of SKYU and IFED, 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	IFED	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.74	0.15	+0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.03	0.65	-0.63

Drawdowns

SKYU vs. IFED - Drawdown Comparison

The maximum SKYU drawdown since its inception was -83.01%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for SKYU and IFED.

Drawdown Indicators

	SKYU	IFED	Difference
Max Drawdown Largest peak-to-trough decline	-83.01%	-22.36%	-60.65%
Max Drawdown (1Y) Largest decline over 1 year	-50.23%	-14.65%	-35.58%
Max Drawdown (3Y) Largest decline over 3 years	-55.71%	-22.36%	-33.35%
Max Drawdown (5Y) Largest decline over 5 years	-83.01%	—	—
Current Drawdown Current decline from peak	-22.26%	-4.97%	-17.29%
Average Drawdown Average peak-to-trough decline	-49.16%	-5.84%	-43.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.88%	5.76%	+18.12%

Volatility

SKYU vs. IFED - Volatility Comparison

ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) has a higher volatility of 22.68% compared to ETRACS IFED Invest with the Fed TR Index ETN (IFED) at 4.51%. This indicates that SKYU's price experiences larger fluctuations and is considered to be riskier than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SKYU	IFED	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.68%	4.51%	+18.17%
Volatility (6M) Calculated over the trailing 6-month period	46.60%	12.87%	+33.73%
Volatility (1Y) Calculated over the trailing 1-year period	55.92%	16.18%	+39.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.88%	19.87%	+42.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.12%	19.87%	+41.25%

SKYU vs. IFED - Expense Ratio Comparison

SKYU has a 0.95% expense ratio, which is higher than IFED's 0.45% expense ratio.

Dividends

SKYU vs. IFED - Dividend Comparison

SKYU's dividend yield for the trailing twelve months is around 0.58%, while IFED has not paid dividends to shareholders.

Position	TTM	2025	2024
IFED ETRACS IFED Invest with the Fed TR Index ETN	0.00%	0.00%	0.00%
SKYU ProShares Ultra Nasdaq Cloud Computing ETF	0.58%	0.56%	0.21%

Frequently Asked Questions

Can I hold both SKYU and IFED in my portfolio?

SKYU and IFED have a correlation of 0.70, 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 IFED?

SKYU has higher volatility (22.68%) compared to IFED (4.51%). In terms of maximum drawdown, SKYU dropped -83.01% vs IFED's -22.36%.

Which ETF is better, SKYU or IFED?

On 3-year performance, SKYU leads with 38.09% vs 16.94% for IFED. On fees, IFED is cheaper at 0.45% per year. On volatility, IFED has been the lower-risk option at 4.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SKYU or IFED?

Over the 3-year period, SKYU has performed better with a 38.09% return vs 16.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SKYU or IFED?

IFED is cheaper with a 0.45% expense ratio, compared with 0.95% for SKYU.

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

SKYU has the higher dividend yield at 0.58%, compared with 0.00% for IFED.

What is the main difference between SKYU and IFED?

SKYU tracks ISE Cloud Computing Index (200%), while IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross. They also come from different issuers: ProShares and UBS. Their fees differ too: 0.95% for SKYU and 0.45% for IFED.

Which has better risk-adjusted returns?

SKYU currently has the higher Sharpe Ratio (0.74 vs 0.15), 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.