SKYU vs. SKYY

Last updated Jun 3, 2026

SKYU (ProShares Ultra Nasdaq Cloud Computing ETF) and SKYY (First Trust ISE Cloud Computing Index Fund) are both exchange-traded funds - SKYU is a Leveraged Equities fund tracking the ISE Cloud Computing Index (200%), while SKYY is a Technology Equities fund tracking the ISE Cloud Computing Index. Both are passively managed. Over the past 5 years, SKYU returned 4.20%/yr vs 9.59%/yr for SKYY. With a 0.96 correlation, they move nearly in lockstep. SKYU charges 0.95%/yr vs 0.60%/yr for SKYY.

Performance

SKYU vs. SKYY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) and First Trust ISE Cloud Computing Index Fund (SKYY). 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 higher than SKYY's 17.69% return.

SKYU

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

SKYY

• 1D: -1.34%
• 1M: 23.07%
• YTD: 17.69%
• 6M: 16.67%
• 1Y: 32.42%
• 3Y*: 26.91%
• 5Y*: 9.59%
• 10Y*: 17.62%

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

SKYU vs. SKYY - 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%	7.15%
SKYY First Trust ISE Cloud Computing Index Fund	17.69%	9.20%	35.87%	52.18%	-44.68%	6.19%

Correlation

The correlation between SKYU and SKYY is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jan 22, 2021	0.96

The correlation between SKYU and SKYY has been stable across timeframes, ranging from 0.96 to 1.00 - a consistent structural relationship.

SKYU vs. SKYY - Sectors Allocation Comparison

Sectors	SKYU	SKYY
Technology	51.5%	88.9%
Communication Services	4.7%	4.8%
Industrials	2.5%	1.6%
Consumer Cyclical	2.4%	1.6%
Healthcare	0.3%	1.6%
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

SKYU vs. SKYY — 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

SKYY

SKYY Risk / Return Rank: 29
SKYY Sharpe Ratio Rank: 33
SKYY Sortino Ratio Rank: 33
SKYY Omega Ratio Rank: 31
SKYY Calmar Ratio Rank: 25
SKYY Martin Ratio Rank: 22

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. SKYY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) and First Trust ISE Cloud Computing Index Fund (SKYY). 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	SKYY	Difference
Sharpe ratio Return per unit of total volatility	0.98	1.18	-0.20
Sortino ratio Return per unit of downside risk	1.61	1.77	-0.16
Omega ratio Gain probability vs. loss probability	1.20	1.22	-0.02
Calmar ratio Return relative to maximum drawdown	1.11	1.22	-0.11
Martin ratio Return relative to average drawdown	2.34	2.74	-0.40
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. SKYY - Sharpe Ratio Comparison

The current SKYU Sharpe Ratio is 0.98, which is comparable to the SKYY Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of SKYU and SKYY, 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	SKYY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.98	1.18	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.07	0.32	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.59	-0.55

Drawdowns

SKYU vs. SKYY - Drawdown Comparison

The maximum SKYU drawdown since its inception was -83.01%, which is greater than SKYY's maximum drawdown of -53.20%. Use the drawdown chart below to compare losses from any high point for SKYU and SKYY.

Drawdown Indicators

	SKYU	SKYY	Difference
Max Drawdown Largest peak-to-trough decline	-83.01%	-53.20%	-29.81%
Max Drawdown (1Y) Largest decline over 1 year	-50.23%	-27.39%	-22.84%
Max Drawdown (3Y) Largest decline over 3 years	-55.71%	-31.80%	-23.91%
Max Drawdown (5Y) Largest decline over 5 years	-83.01%	-53.20%	-29.81%
Max Drawdown (10Y) Largest decline over 10 years	—	-53.20%	—
Current Drawdown Current decline from peak	-16.89%	-1.34%	-15.55%
Average Drawdown Average peak-to-trough decline	-49.20%	-10.90%	-38.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.87%	12.19%	+11.68%

Volatility

SKYU vs. SKYY - Volatility Comparison

ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) has a higher volatility of 21.37% compared to First Trust ISE Cloud Computing Index Fund (SKYY) at 10.90%. This indicates that SKYU's price experiences larger fluctuations and is considered to be riskier than SKYY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SKYU	SKYY	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.37%	10.90%	+10.47%
Volatility (6M) Calculated over the trailing 6-month period	46.22%	22.94%	+23.28%
Volatility (1Y) Calculated over the trailing 1-year period	55.51%	27.63%	+27.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.82%	30.54%	+31.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.09%	26.83%	+34.26%

SKYU vs. SKYY - Expense Ratio Comparison

SKYU has a 0.95% expense ratio, which is higher than SKYY's 0.60% expense ratio.

Dividends

SKYU vs. SKYY - Dividend Comparison

SKYU's dividend yield for the trailing twelve months is around 0.54%, while SKYY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SKYU ProShares Ultra Nasdaq Cloud Computing ETF	0.54%	0.56%	0.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SKYY First Trust ISE Cloud Computing Index Fund	0.00%	0.00%	0.00%	0.00%	0.23%	0.78%	0.17%	0.54%	0.37%	0.27%	0.35%	0.41%

Frequently Asked Questions

Can I hold both SKYU and SKYY in my portfolio?

With a correlation of 1.00, SKYU and SKYY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SKYU or SKYY?

SKYU has higher volatility (21.37%) compared to SKYY (10.90%). In terms of maximum drawdown, SKYU dropped -83.01% vs SKYY's -53.20%.

Which ETF is better, SKYU or SKYY?

On 5-year performance, SKYY leads with 9.59% vs 4.20% for SKYU. On fees, SKYY is cheaper at 0.60% per year. On volatility, SKYY has been the lower-risk option at 10.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SKYU or SKYY?

Over the 5-year period, SKYY has performed better with a 9.59% return vs 4.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SKYU or SKYY?

SKYY is cheaper with a 0.60% expense ratio, compared with 0.95% for SKYU.

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

SKYU has the higher dividend yield at 0.54%, compared with 0.00% for SKYY.

What is the main difference between SKYU and SKYY?

SKYU is categorized as Leveraged Equities, while SKYY is Technology Equities. SKYU tracks ISE Cloud Computing Index (200%), while SKYY tracks ISE Cloud Computing Index. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.95% for SKYU and 0.60% for SKYY.

Which has better risk-adjusted returns?

SKYY currently has the higher Sharpe Ratio (1.18 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.