SPXT vs. USD

Last updated Jun 4, 2026

SPXT (ProShares S&P 500 Ex-Technology ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - SPXT is a S&P 500 fund tracking the S&P 500 Ex-Information Technology Index, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, SPXT returned 11.34%/yr vs 62.16%/yr for USD. At a 0.50 correlation, their price movements are largely independent. SPXT charges 0.09%/yr vs 0.95%/yr for USD.

Performance

SPXT vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Technology ETF (SPXT) 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, SPXT achieves a 2.70% return, which is significantly lower than USD's 114.00% return. Over the past 10 years, SPXT has underperformed USD with an annualized return of 11.34%, while USD has yielded a comparatively higher 62.16% annualized return.

SPXT

• 1D: -0.15%
• 1M: -1.41%
• YTD: 2.70%
• 6M: 3.39%
• 1Y: 15.02%
• 3Y*: 16.34%
• 5Y*: 9.16%
• 10Y*: 11.34%

USD

• 1D: -1.14%
• 1M: 44.53%
• YTD: 114.00%
• 6M: 111.06%
• 1Y: 274.62%
• 3Y*: 127.67%
• 5Y*: 69.52%
• 10Y*: 62.16%

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

SPXT vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXT ProShares S&P 500 Ex-Technology ETF	2.70%	15.10%	19.93%	16.23%	-14.24%	26.36%	10.44%	26.88%	-7.06%	16.99%
USD ProShares Ultra Semiconductors	114.00%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%

Correlation

The correlation between SPXT and USD is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since Sep 25, 2015	0.50

The correlation between SPXT and USD shifts across timeframes, from 0.32 (1 year) to 0.56 (5 years), reflecting how their relationship changes across market environments.

SPXT vs. USD - Sectors Allocation Comparison

Sectors	SPXT	USD
Financial Services	18.0%	27.8%
Communication Services	17.0%	-
Consumer Cyclical	15.9%	-
Healthcare	13.5%	-
Industrials	12.2%	-
Consumer Defensive	7.3%	-
Energy	5.1%	0.0%
Utilities	4.1%	-
Real Estate	2.9%	-
Basic Materials	2.8%	-
Technology	1.0%	27.4%

Return for Risk

SPXT vs. USD — Risk / Return Rank

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

SPXT

SPXT Risk / Return Rank: 41
SPXT Sharpe Ratio Rank: 40
SPXT Sortino Ratio Rank: 41
SPXT Omega Ratio Rank: 38
SPXT Calmar Ratio Rank: 38
SPXT Martin Ratio Rank: 49

USD

USD Risk / Return Rank: 90
USD Sharpe Ratio Rank: 97
USD Sortino Ratio Rank: 83
USD Omega Ratio Rank: 83
USD Calmar Ratio Rank: 95
USD Martin Ratio Rank: 93

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.

SPXT vs. USD - Risk-Adjusted Trends Comparison

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

	SPXT	USD	Difference
Sharpe ratio: Return per unit of total volatility	1.46	4.53	-3.07
Sortino ratio: Return per unit of downside risk	2.11	3.81	-1.70
Omega ratio: Gain probability vs. loss probability	1.26	1.51	-0.26
Calmar ratio: Return relative to maximum drawdown	1.91	8.70	-6.79
Martin ratio: Return relative to average drawdown	8.32	25.16	-16.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXT vs. USD - Sharpe Ratio Comparison

The current SPXT Sharpe Ratio is 1.46, which is lower than the USD Sharpe Ratio of 4.53. The chart below compares the historical Sharpe Ratios of SPXT 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

	SPXT	USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	4.53	-3.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.91	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.90	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.49	+0.23

Drawdowns

SPXT vs. USD - Drawdown Comparison

The maximum SPXT drawdown since its inception was -34.38%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for SPXT and USD.

Drawdown Indicators

	SPXT	USD	Difference
Max Drawdown Largest peak-to-trough decline	-34.38%	-88.63%	+54.25%
Max Drawdown (1Y) Largest decline over 1 year	-7.90%	-31.80%	+23.90%
Max Drawdown (3Y) Largest decline over 3 years	-15.58%	-64.46%	+48.88%
Max Drawdown (5Y) Largest decline over 5 years	-21.47%	-77.85%	+56.38%
Max Drawdown (10Y) Largest decline over 10 years	-34.38%	-77.85%	+43.47%
Current Drawdown Current decline from peak	-2.52%	-1.14%	-1.38%
Average Drawdown Average peak-to-trough decline	-4.14%	-32.35%	+28.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	10.97%	-9.16%

Volatility

SPXT vs. USD - Volatility Comparison

The current volatility for ProShares S&P 500 Ex-Technology ETF (SPXT) is 2.57%, while ProShares Ultra Semiconductors (USD) has a volatility of 20.36%. This indicates that SPXT 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

	SPXT	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.57%	20.36%	-17.79%
Volatility (6M) Calculated over the trailing 6-month period	7.53%	46.39%	-38.86%
Volatility (1Y) Calculated over the trailing 1-year period	10.34%	61.22%	-50.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.71%	76.55%	-61.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.23%	69.23%	-53.00%

SPXT vs. USD - Expense Ratio Comparison

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

Dividends

SPXT vs. USD - Dividend Comparison

SPXT's dividend yield for the trailing twelve months is around 1.39%, more than USD's 0.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXT ProShares S&P 500 Ex-Technology ETF	1.39%	1.38%	1.29%	1.53%	1.86%	1.15%	1.63%	1.63%	2.03%	1.55%	2.67%	0.56%
USD ProShares Ultra Semiconductors	0.21%	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 SPXT and USD in my portfolio?

SPXT and USD have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXT or USD?

USD has higher volatility (20.36%) compared to SPXT (2.57%). In terms of maximum drawdown, SPXT dropped -34.38% vs USD's -88.63%.

Which ETF is better, SPXT or USD?

On 10-year performance, USD leads with 62.16% vs 11.34% for SPXT. On fees, SPXT is cheaper at 0.09% per year. On volatility, SPXT has been the lower-risk option at 2.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXT or USD?

Over the 10-year period, USD has performed better with a 62.16% return vs 11.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXT or USD?

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

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

SPXT has the higher dividend yield at 1.39%, compared with 0.21% for USD.

What is the main difference between SPXT and USD?

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

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (4.53 vs 1.46), 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.