SPXV vs. USD

Last updated Jun 5, 2026

SPXV (ProShares S&P 500 Ex-Health Care ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - SPXV is a S&P 500 fund tracking the S&P 500 Ex-Health Care 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, SPXV returned 16.39%/yr vs 61.24%/yr for USD. A 0.66 correlation means they provide meaningful diversification when combined. SPXV charges 0.09%/yr vs 0.95%/yr for USD.

Performance

SPXV vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Health Care ETF (SPXV) 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, SPXV achieves a 12.48% return, which is significantly lower than USD's 103.32% return. Over the past 10 years, SPXV has underperformed USD with an annualized return of 16.39%, while USD has yielded a comparatively higher 61.24% annualized return.

SPXV

• 1D: 0.12%
• 1M: 4.66%
• YTD: 12.48%
• 6M: 12.54%
• 1Y: 29.74%
• 3Y*: 24.64%
• 5Y*: 14.83%
• 10Y*: 16.39%

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)

SPXV vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXV ProShares S&P 500 Ex-Health Care ETF	12.48%	18.40%	28.02%	30.71%	-20.47%	28.37%	18.99%	33.58%	-3.81%	17.01%
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 SPXV and USD is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Sep 25, 2015	0.66

The correlation between SPXV and USD shifts across timeframes, from 0.66 (all time) to 0.80 (5 years), reflecting how their relationship changes across market environments.

SPXV vs. USD - Sectors Allocation Comparison

Sectors	SPXV	USD
Technology	38.9%	27.4%
Financial Services	12.9%	27.8%
Communication Services	12.3%	-
Consumer Cyclical	11.1%	-
Industrials	9.1%	-
Consumer Defensive	5.4%	-
Energy	3.8%	0.0%
Utilities	2.6%	-
Real Estate	2.1%	-
Basic Materials	1.9%	-
Healthcare	-	-

Return for Risk

SPXV vs. USD — Risk / Return Rank

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

SPXV

SPXV Risk / Return Rank: 72
SPXV Sharpe Ratio Rank: 74
SPXV Sortino Ratio Rank: 72
SPXV Omega Ratio Rank: 72
SPXV Calmar Ratio Rank: 66
SPXV Martin Ratio Rank: 76

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.

SPXV vs. USD - Risk-Adjusted Trends Comparison

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

	SPXV	USD	Difference
Sharpe ratio: Return per unit of total volatility	2.36	4.12	-1.76
Sortino ratio: Return per unit of downside risk	3.19	3.62	-0.42
Omega ratio: Gain probability vs. loss probability	1.42	1.48	-0.06
Calmar ratio: Return relative to maximum drawdown	3.26	7.94	-4.68
Martin ratio: Return relative to average drawdown	14.42	22.96	-8.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXV vs. USD - Sharpe Ratio Comparison

The current SPXV Sharpe Ratio is 2.36, which is lower than the USD Sharpe Ratio of 4.12. The chart below compares the historical Sharpe Ratios of SPXV 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

	SPXV	USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.36	4.12	-1.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	0.89	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.91	0.89	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.49	+0.43

Drawdowns

SPXV vs. USD - Drawdown Comparison

The maximum SPXV drawdown since its inception was -34.34%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for SPXV and USD.

Drawdown Indicators

	SPXV	USD	Difference
Max Drawdown Largest peak-to-trough decline	-34.34%	-88.63%	+54.29%
Max Drawdown (1Y) Largest decline over 1 year	-9.15%	-31.80%	+22.65%
Max Drawdown (3Y) Largest decline over 3 years	-19.89%	-64.46%	+44.57%
Max Drawdown (5Y) Largest decline over 5 years	-26.58%	-77.85%	+51.27%
Max Drawdown (10Y) Largest decline over 10 years	-34.34%	-77.85%	+43.51%
Current Drawdown Current decline from peak	-0.65%	-6.07%	+5.42%
Average Drawdown Average peak-to-trough decline	-4.52%	-32.35%	+27.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	10.98%	-8.91%

Volatility

SPXV vs. USD - Volatility Comparison

The current volatility for ProShares S&P 500 Ex-Health Care ETF (SPXV) is 3.10%, while ProShares Ultra Semiconductors (USD) has a volatility of 21.29%. This indicates that SPXV 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

	SPXV	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.10%	21.29%	-18.19%
Volatility (6M) Calculated over the trailing 6-month period	9.65%	46.74%	-37.09%
Volatility (1Y) Calculated over the trailing 1-year period	12.67%	61.28%	-48.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.78%	76.56%	-58.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.00%	69.24%	-51.24%

SPXV vs. USD - Expense Ratio Comparison

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

Dividends

SPXV vs. USD - Dividend Comparison

SPXV's dividend yield for the trailing twelve months is around 0.89%, more than USD's 0.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXV ProShares S&P 500 Ex-Health Care ETF	0.89%	0.97%	1.12%	1.27%	1.67%	1.11%	1.45%	1.58%	1.89%	1.57%	2.66%	0.56%
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 SPXV and USD in my portfolio?

SPXV and USD have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXV or USD?

USD has higher volatility (21.29%) compared to SPXV (3.10%). In terms of maximum drawdown, SPXV dropped -34.34% vs USD's -88.63%.

Which ETF is better, SPXV or USD?

On 10-year performance, USD leads with 61.24% vs 16.39% for SPXV. On fees, SPXV is cheaper at 0.09% per year. On volatility, SPXV has been the lower-risk option at 3.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXV or USD?

Over the 10-year period, USD has performed better with a 61.24% return vs 16.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXV or USD?

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

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

SPXV has the higher dividend yield at 0.89%, compared with 0.23% for USD.

What is the main difference between SPXV and USD?

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

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (4.12 vs 2.36), 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.