SPXE vs. USD

Last updated Jul 18, 2026

SPXE (ProShares S&P 500 Ex-Energy ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - SPXE is a S&P 500 fund tracking the S&P 500 Ex-Energy Index, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. SPXE charges 0.09%/yr vs 0.95%/yr for USD.

Performance

SPXE vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Energy ETF (SPXE) and ProShares Ultra Semiconductors (USD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPXE

• 1D: 0.00%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

USD

• 1D: -3.79%
• 1M: -16.88%
• 6M: 43.24%
• YTD: 57.07%
• 1Y: 96.75%
• 3Y*: 90.78%
• 5Y*: 60.45%
• 10Y*: 55.77%

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

SPXE vs. USD - Yearly Performance Comparison

	2026 (YTD)
SPXE ProShares S&P 500 Ex-Energy ETF	0.00%
USD ProShares Ultra Semiconductors	-3.79%

SPXE vs. USD - Sectors Allocation Comparison

Sectors	SPXE	USD
Technology	38.6%	30.7%
Financial Services	12.4%	32.0%
Communication Services	10.1%	-
Consumer Cyclical	9.7%	-
Healthcare	9.5%	-
Industrials	8.1%	-
Consumer Defensive	4.8%	-
Utilities	2.8%	-
Basic Materials	1.9%	-
Real Estate	1.9%	-
Energy	0.0%	0.0%

Return for Risk

SPXE vs. USD — Risk / Return Rank

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

SPXE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

USD

USD Risk / Return Rank: 54
USD Sharpe Ratio Rank: 49
USD Sortino Ratio Rank: 44
USD Omega Ratio Rank: 47
USD Calmar Ratio Rank: 75
USD Martin Ratio Rank: 57

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.

SPXE vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Energy ETF (SPXE) 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.

	SPXE	USD	Difference
Sharpe ratio: Return per unit of total volatility	—	1.37	—
Sortino ratio: Return per unit of downside risk	—	1.87	—
Omega ratio: Gain probability vs. loss probability	—	1.24	—
Calmar ratio: Return relative to maximum drawdown	—	3.06	—
Martin ratio: Return relative to average drawdown	—	7.80	—

Drawdowns

SPXE vs. USD - Drawdown Comparison

The maximum SPXE drawdown since its inception was 0.00%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for SPXE and USD.

Drawdown Indicators

	SPXE	USD	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-88.63%	+88.63%
Max Drawdown (1Y) Largest decline over 1 year	—	-31.80%	—
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	0.00%	-27.44%	+27.44%
Average Drawdown Average peak-to-trough decline	0.00%	-32.24%	+32.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	12.44%	—

Volatility

Volatility by Period

	SPXE	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	29.85%	—
Volatility (6M) Calculated over the trailing 6-month period	—	58.53%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	71.17%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	78.27%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	70.11%	—

SPXE vs. USD - Expense Ratio Comparison

SPXE has a 0.09% expense ratio, which is lower than USD's 0.95% expense ratio.

Dividends

SPXE vs. USD - Dividend Comparison

SPXE has not paid dividends to shareholders, while USD's dividend yield for the trailing twelve months is around 0.37%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXE ProShares S&P 500 Ex-Energy ETF	0.00%	0.00%	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

Which ETF is better, SPXE or USD?

On fees, SPXE is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPXE or USD?

SPXE is cheaper with a 0.09% expense ratio, compared with 0.95% for USD.

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

USD has the higher dividend yield at 0.37%, compared with 0.00% for SPXE.

What is the main difference between SPXE and USD?

SPXE is categorized as S&P 500, while USD is Leveraged Equities. SPXE tracks S&P 500 Ex-Energy Index, while USD tracks Dow Jones U.S. Semiconductors Index (200%). Their fees differ too: 0.09% for SPXE and 0.95% for USD.