SMPIX vs. USD

Last updated Jun 5, 2026

SMPIX (ProFunds Semiconductor UltraSector Fund) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds. Over the past 10 years, SMPIX returned 47.91%/yr vs 61.24%/yr for USD. With a 0.98 correlation, they move nearly in lockstep. SMPIX charges 1.49%/yr vs 0.95%/yr for USD.

Performance

SMPIX vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProFunds Semiconductor UltraSector Fund (SMPIX) 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, SMPIX achieves a 80.61% return, which is significantly lower than USD's 103.32% return. Over the past 10 years, SMPIX has underperformed USD with an annualized return of 47.91%, while USD has yielded a comparatively higher 61.24% annualized return.

SMPIX

• 1D: -0.81%
• 1M: 28.22%
• YTD: 80.61%
• 6M: 78.76%
• 1Y: 179.15%
• 3Y*: 89.40%
• 5Y*: 55.00%
• 10Y*: 47.91%

USD

• 1D: -4.99%
• 1M: 31.62%
• YTD: 103.32%
• 6M: 97.79%
• 1Y: 250.81%
• 3Y*: 125.78%
• 5Y*: 67.80%
• 10Y*: 61.24%

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

SMPIX vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMPIX ProFunds Semiconductor UltraSector Fund	80.61%	56.35%	81.41%	155.37%	-54.31%	80.17%	60.77%	77.97%	-17.56%	42.78%
USD ProShares Ultra Semiconductors	103.32%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%

Correlation

The correlation between SMPIX and USD 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	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007	0.98

The correlation between SMPIX and USD has been stable across timeframes, ranging from 0.98 to 1.00 - a consistent structural relationship.

Return for Risk

SMPIX vs. USD — Risk / Return Rank

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

SMPIX

SMPIX Risk / Return Rank: 90
SMPIX Sharpe Ratio Rank: 98
SMPIX Sortino Ratio Rank: 79
SMPIX Omega Ratio Rank: 77
SMPIX Calmar Ratio Rank: 98
SMPIX Martin Ratio Rank: 96

USD

USD Risk / Return Rank: 89
USD Sharpe Ratio Rank: 96
USD Sortino Ratio Rank: 82
USD Omega Ratio Rank: 81
USD Calmar Ratio Rank: 95
USD Martin Ratio Rank: 92

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.

SMPIX vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProFunds Semiconductor UltraSector Fund (SMPIX) 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.

	SMPIX	USD	Difference
Sharpe ratio: Return per unit of total volatility	3.96	4.12	-0.16
Sortino ratio: Return per unit of downside risk	3.83	3.62	+0.22
Omega ratio: Gain probability vs. loss probability	1.51	1.48	+0.03
Calmar ratio: Return relative to maximum drawdown	8.10	7.94	+0.16
Martin ratio: Return relative to average drawdown	24.45	22.96	+1.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMPIX vs. USD - Sharpe Ratio Comparison

The current SMPIX Sharpe Ratio is 3.96, which is comparable to the USD Sharpe Ratio of 4.12. The chart below compares the historical Sharpe Ratios of SMPIX 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.

Sharpe Ratios by Period

	SMPIX	USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.96	4.12	-0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.89	-0.72
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.20	0.89	-0.68
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	0.49	-0.40

Drawdowns

SMPIX vs. USD - Drawdown Comparison

The maximum SMPIX drawdown since its inception was -94.09%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for SMPIX and USD.

Drawdown Indicators

	SMPIX	USD	Difference
Max Drawdown Largest peak-to-trough decline	-94.09%	-88.63%	-5.46%
Max Drawdown (1Y) Largest decline over 1 year	-22.72%	-31.80%	+9.08%
Max Drawdown (3Y) Largest decline over 3 years	-94.09%	-64.46%	-29.63%
Max Drawdown (5Y) Largest decline over 5 years	-94.09%	-77.85%	-16.24%
Max Drawdown (10Y) Largest decline over 10 years	-94.09%	-77.85%	-16.24%
Current Drawdown Current decline from peak	-70.61%	-6.07%	-64.54%
Average Drawdown Average peak-to-trough decline	-57.56%	-32.35%	-25.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.51%	10.98%	-3.47%

Volatility

SMPIX vs. USD - Volatility Comparison

The current volatility for ProFunds Semiconductor UltraSector Fund (SMPIX) is 15.54%, while ProShares Ultra Semiconductors (USD) has a volatility of 21.29%. This indicates that SMPIX 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

	SMPIX	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.54%	21.29%	-5.75%
Volatility (6M) Calculated over the trailing 6-month period	35.43%	46.74%	-11.31%
Volatility (1Y) Calculated over the trailing 1-year period	46.65%	61.28%	-14.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	332.56%	76.56%	+256.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	237.14%	69.24%	+167.90%

SMPIX vs. USD - Expense Ratio Comparison

SMPIX has a 1.49% expense ratio, which is higher than USD's 0.95% expense ratio.

Dividends

SMPIX vs. USD - Dividend Comparison

SMPIX's dividend yield for the trailing twelve months is around 7.21%, more than USD's 0.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMPIX ProFunds Semiconductor UltraSector Fund	7.21%	13.02%	0.16%	0.00%	0.00%	6.57%	0.00%	2.26%	40.03%	0.11%	0.45%	0.68%
USD ProShares Ultra Semiconductors	0.23%	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 SMPIX and USD in my portfolio?

With a correlation of 1.00, SMPIX and USD 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, SMPIX or USD?

USD has higher volatility (21.29%) compared to SMPIX (15.54%). In terms of maximum drawdown, SMPIX dropped -94.09% vs USD's -88.63%.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (4.12 vs 3.96), 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.