SKYU vs. USD
SKYU (ProShares Ultra Nasdaq Cloud Computing ETF) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds from ProShares - SKYU tracks the ISE Cloud Computing Index (200%) while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 5 years, SKYU returned -6.58%/yr vs 64.73%/yr for USD. A 0.65 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
SKYU vs. USD - Performance Comparison
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Returns By Period
In the year-to-date period, SKYU achieves a -12.74% return, which is significantly lower than USD's 92.18% return.
SKYU
- 1D
- -3.96%
- 1M
- -12.28%
- YTD
- -12.74%
- 6M
- -15.69%
- 1Y
- 0.09%
- 3Y*
- 26.71%
- 5Y*
- -6.58%
- 10Y*
- —
USD
- 1D
- 4.73%
- 1M
- -0.57%
- YTD
- 92.18%
- 6M
- 86.88%
- 1Y
- 185.02%
- 3Y*
- 118.50%
- 5Y*
- 64.73%
- 10Y*
- 62.72%
SKYU vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SKYU ProShares Ultra Nasdaq Cloud Computing ETF | -12.74% | 2.76% | 65.79% | 105.76% | -75.95% | 6.83% |
USD ProShares Ultra Semiconductors | 92.18% | 62.08% | 139.64% | 228.79% | -68.57% | 72.98% |
Correlation
The correlation between SKYU and USD is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2021 | 0.65 |
Over the past year, the correlation between SKYU and USD has dropped to 0.44 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.
SKYU vs. USD - Sectors Allocation Comparison
Sectors
SKYU
USD
Technology
Communication Services
-
Consumer Cyclical
-
Industrials
-
Healthcare
-
Basic Materials
-
-
Consumer Defensive
-
-
Energy
-
Financial Services
-
Real Estate
-
-
Utilities
-
-
Technology
SKYU
USD
Communication Services
SKYU
USD
-
Consumer Cyclical
SKYU
USD
-
Industrials
SKYU
USD
-
Healthcare
SKYU
USD
-
Basic Materials
SKYU
-
USD
-
Consumer Defensive
SKYU
-
USD
-
Energy
SKYU
-
USD
Financial Services
SKYU
-
USD
Real Estate
SKYU
-
USD
-
Utilities
SKYU
-
USD
-
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Return for Risk
SKYU vs. USD — Risk / Return Rank
SKYU
USD
SKYU vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SKYU | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.75 | ||
| Sortino ratioReturn per unit of downside risk | -2.35 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.38 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | 0.00 | 5.86 | -5.85 |
| Martin ratioReturn relative to average drawdown | 0.00 | 16.16 | -16.15 |
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Drawdowns
SKYU vs. USD - Drawdown Comparison
The maximum SKYU drawdown since its inception was -83.01%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for SKYU and USD.
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Drawdown Indicators
| SKYU | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.01% | -88.63% | +5.62% |
Max Drawdown (1Y)Largest decline over 1 year | -50.23% | -31.80% | -18.43% |
Max Drawdown (3Y)Largest decline over 3 years | -55.71% | -64.46% | +8.75% |
Max Drawdown (5Y)Largest decline over 5 years | -83.01% | -77.85% | -5.16% |
Max Drawdown (10Y)Largest decline over 10 years | — | -77.85% | — |
Current DrawdownCurrent decline from peak | -43.81% | -11.21% | -32.60% |
Average DrawdownAverage peak-to-trough decline | -49.00% | -32.29% | -16.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.70% | 11.50% | +13.20% |
Volatility
SKYU vs. USD - Volatility Comparison
The current volatility for ProShares Ultra Nasdaq Cloud Computing ETF (SKYU) is 26.41%, while ProShares Ultra Semiconductors (USD) has a volatility of 33.79%. This indicates that SKYU 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
| SKYU | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 26.41% | 33.79% | -7.38% |
Volatility (6M)Calculated over the trailing 6-month period | 48.23% | 53.90% | -5.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.35% | 67.84% | -10.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.19% | 77.74% | -15.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.12% | 69.82% | -8.70% |
SKYU vs. USD - Expense Ratio Comparison
Both SKYU and USD have an expense ratio of 0.95%.
Dividends
SKYU vs. USD - Dividend Comparison
SKYU's dividend yield for the trailing twelve months is around 0.94%, more than USD's 0.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SKYU ProShares Ultra Nasdaq Cloud Computing ETF | 0.94% | 0.56% | 0.21% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
USD ProShares Ultra Semiconductors | 0.30% | 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
SKYU and USD have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (33.79%) compared to SKYU (26.41%). In terms of maximum drawdown, SKYU dropped -83.01% vs USD's -88.63%.
On 5-year performance, USD leads with 64.73% vs -6.58% for SKYU. Both ETFs have the same 0.95% expense ratio. On volatility, SKYU has been the lower-risk option at 26.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USD has performed better with a 64.73% return vs -6.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SKYU and USD have the same expense ratio: 0.95% per year.
SKYU has the higher dividend yield at 0.94%, compared with 0.30% for USD.
SKYU tracks ISE Cloud Computing Index (200%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).
USD currently has the higher Sharpe Ratio (2.75 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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