SLON vs. USD

Last updated Aug 2, 2026

SLON (ProShares Ultra Solana ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - SLON is a Cryptocurrency fund tracking the Bloomberg Solana Index, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past year, SLON returned -90.71% vs 98.72% for USD. Their 0.37 correlation means their historical movements had little consistent relationship. SLON charges 2.14%/yr vs 0.95%/yr for USD.

Performance

SLON vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Solana ETF (SLON) 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, SLON achieves a -75.40% return, which is significantly lower than USD's 55.27% return.

SLON

• 1D: -3.99%
• 1M: -18.94%
• 6M: -70.99%
• YTD: -75.40%
• 1Y: -90.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -89.92%

USD

• 1D: 3.34%
• 1M: -7.07%
• 6M: 41.04%
• YTD: 55.27%
• 1Y: 98.72%
• 3Y*: 95.45%
• 5Y*: 54.39%
• 10Y*: 53.94%
• ALL TIME*: 28.27%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SLON ProShares Ultra Solana ETF	$682.69K	$868.60K	$1.20M
USD ProShares Ultra Semiconductors	$71.31M	$70.59M	$96.20M

SLON vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025
SLON ProShares Ultra Solana ETF	-75.40%	-62.89%
USD ProShares Ultra Semiconductors	55.27%	35.28%

Correlation

The correlation between SLON and USD is 0.39, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.39
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.37

Return for Risk

SLON vs. USD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SLON

SLON Risk / Return Rank: 3
SLON Sharpe Ratio Rank: 4
SLON Sortino Ratio Rank: 2
SLON Omega Ratio Rank: 3
SLON Calmar Ratio Rank: 1
SLON Martin Ratio Rank: 3

USD

USD Risk / Return Rank: 58
USD Sharpe Ratio Rank: 55
USD Sortino Ratio Rank: 52
USD Omega Ratio Rank: 53
USD Calmar Ratio Rank: 71
USD Martin Ratio Rank: 59

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SLON vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Solana ETF (SLON) 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.

	SLON	USD	Difference
Sharpe ratio: Return per unit of total volatility	-0.63	1.35	-1.98
Sortino ratio: Return per unit of downside risk	-1.36	1.88	-3.24
Omega ratio: Gain probability vs. loss probability	0.85	1.24	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.95	2.52	-3.48
Martin ratio: Return relative to average drawdown	-1.19	7.21	-8.40

SLON vs. USD - Sharpe Ratio Comparison

The current SLON Sharpe Ratio is -0.63, which is lower than the USD Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of SLON 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.

Drawdowns

SLON vs. USD - Drawdown Comparison

The maximum SLON drawdown since its inception was -96.31%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for SLON and USD.

Drawdown Indicators

	SLON	USD	Difference
Max Drawdown Largest peak-to-trough decline	-96.31%	-88.63%	-7.68%
Max Drawdown (1Y) Largest decline over 1 year	-96.31%	-39.33%	-56.98%
Max Drawdown (3Y) Largest decline over 3 years	—	-64.46%	—
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	-95.38%	-28.27%	-67.11%
Average Drawdown Average peak-to-trough decline	-68.35%	-32.23%	-36.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	77.06%	13.74%	+63.32%

Volatility

SLON vs. USD - Volatility Comparison

The current volatility for ProShares Ultra Solana ETF (SLON) is 23.28%, while ProShares Ultra Semiconductors (USD) has a volatility of 27.45%. This indicates that SLON 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

	SLON	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.28%	27.45%	-4.17%
Volatility (6M) Calculated over the trailing 6-month period	100.99%	61.08%	+39.91%
Volatility (1Y) Calculated over the trailing 1-year period	144.72%	73.76%	+70.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	144.74%	78.77%	+65.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	144.74%	70.41%	+74.33%

SLON vs. USD - Expense Ratio Comparison

SLON has a 2.14% expense ratio, which is higher than USD's 0.95% expense ratio.

Dividends

SLON vs. USD - Dividend Comparison

SLON's dividend yield for the trailing twelve months is around 23.34%, more than USD's 0.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SLON ProShares Ultra Solana ETF	23.34%	5.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USD ProShares Ultra Semiconductors	0.37%	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 SLON and USD in my portfolio?

SLON and USD have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLON or USD?

USD has higher volatility (27.45%) compared to SLON (23.28%). In terms of maximum drawdown, SLON dropped -96.31% vs USD's -88.63%.

Which ETF is better, SLON or USD?

On 1-year performance, USD leads with 98.72% vs -90.71% for SLON. On fees, USD is cheaper at 0.95% per year. On volatility, SLON has been the lower-risk option at 23.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLON or USD?

Over the 1-year period, USD has performed better with a 98.72% return vs -90.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLON or USD?

USD is cheaper with a 0.95% expense ratio, compared with 2.14% for SLON.

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

SLON has the higher dividend yield at 23.34%, compared with 0.37% for USD.

What is the main difference between SLON and USD?

SLON is categorized as Cryptocurrency, while USD is Leveraged Equities. SLON tracks Bloomberg Solana Index, while USD tracks Dow Jones U.S. Semiconductors Index (200%). Their fees differ too: 2.14% for SLON and 0.95% for USD.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (1.35 vs -0.63), 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.