SRS vs. USD
SRS (ProShares UltraShort Real Estate) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - SRS is a REIT fund tracking the Dow Jones U.S. Real Estate Index (-200%), 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, SRS returned -16.09%/yr vs 55.77%/yr for USD. At a correlation of -0.42, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
SRS vs. USD - Performance Comparison
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Returns By Period
In the year-to-date period, SRS achieves a -22.26% return, which is significantly lower than USD's 57.07% return. Over the past 10 years, SRS has underperformed USD with an annualized return of -16.09%, while USD has yielded a comparatively higher 55.77% annualized return.
SRS
- 1D
- 0.03%
- 1M
- -7.86%
- 6M
- -15.07%
- YTD
- -22.26%
- 1Y
- -17.53%
- 3Y*
- -13.28%
- 5Y*
- -6.30%
- 10Y*
- -16.09%
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%
SRS vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SRS ProShares UltraShort Real Estate | -22.26% | -1.45% | -3.55% | -18.78% | 54.68% | -52.22% | -33.05% | -38.97% | 6.01% | -18.03% |
USD ProShares Ultra Semiconductors | 57.07% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between SRS and USD is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.28 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007 | -0.42 |
The correlation between SRS and USD shifts across timeframes, from -0.42 (all time) to 0.11 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SRS vs. USD — Risk / Return Rank
SRS
USD
SRS vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Real Estate (SRS) 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.
| SRS | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.98 | ||
| Sortino ratioReturn per unit of downside risk | -2.64 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.24 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | 3.06 | -3.80 |
| Martin ratioReturn relative to average drawdown | -1.53 | 7.80 | -9.34 |
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Drawdowns
SRS vs. USD - Drawdown Comparison
The maximum SRS drawdown since its inception was -99.96%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for SRS and USD.
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Drawdown Indicators
| SRS | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.96% | -88.63% | -11.33% |
Max Drawdown (1Y)Largest decline over 1 year | -23.80% | -31.80% | +8.00% |
Max Drawdown (3Y)Largest decline over 3 years | -53.55% | -64.46% | +10.91% |
Max Drawdown (5Y)Largest decline over 5 years | -53.55% | -77.85% | +24.30% |
Max Drawdown (10Y)Largest decline over 10 years | -86.41% | -77.85% | -8.56% |
Current DrawdownCurrent decline from peak | -99.96% | -27.44% | -72.52% |
Average DrawdownAverage peak-to-trough decline | -91.26% | -32.24% | -59.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.46% | 12.44% | -0.98% |
Volatility
SRS vs. USD - Volatility Comparison
The current volatility for ProShares UltraShort Real Estate (SRS) is 10.80%, while ProShares Ultra Semiconductors (USD) has a volatility of 29.85%. This indicates that SRS 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.
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Volatility by Period
| SRS | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.80% | 29.85% | -19.05% |
Volatility (6M)Calculated over the trailing 6-month period | 22.37% | 58.53% | -36.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.72% | 71.17% | -42.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.83% | 78.27% | -40.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.79% | 70.11% | -29.32% |
SRS vs. USD - Expense Ratio Comparison
Both SRS and USD have an expense ratio of 0.95%.
Dividends
SRS vs. USD - Dividend Comparison
SRS's dividend yield for the trailing twelve months is around 3.71%, more than USD's 0.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SRS ProShares UltraShort Real Estate | 3.71% | 3.61% | 6.06% | 4.49% | 0.30% | 0.00% | 0.19% | 1.80% | 0.47% | 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
SRS and USD have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (29.85%) compared to SRS (10.80%). In terms of maximum drawdown, SRS dropped -99.96% vs USD's -88.63%.
On 10-year performance, USD leads with 55.77% vs -16.09% for SRS. Both ETFs have the same 0.95% expense ratio. On volatility, SRS has been the lower-risk option at 10.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USD has performed better with a 55.77% return vs -16.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SRS and USD have the same expense ratio: 0.95% per year.
SRS has the higher dividend yield at 3.71%, compared with 0.37% for USD.
SRS is categorized as REIT, while USD is Leveraged Equities. SRS tracks Dow Jones U.S. Real Estate Index (-200%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).
USD currently has the higher Sharpe Ratio (1.37 vs -0.61), 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.
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