SVXY vs. USD

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares Short VIX Short-Term Futures ETF (SVXY) and ProShares Ultra Semiconductors (USD).

SVXY and USD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SVXY is a passively managed fund by ProShares that tracks the performance of the S&P 500 VIX Short-Term Futures Index (-100%). It was launched on Oct 3, 2011. USD is a passively managed fund by ProShares that tracks the performance of the Dow Jones U.S. Semiconductors Index (200%). It was launched on Jan 30, 2007. Both SVXY and USD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SVXY vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short VIX Short-Term Futures ETF (SVXY) and ProShares Ultra Semiconductors (USD). The values are adjusted to include any dividend payments, if applicable.

SVXY vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SVXY ProShares Short VIX Short-Term Futures ETF	-16.45%	10.63%	-3.17%	76.21%	-4.66%	48.53%	-36.47%	54.21%	-91.75%	181.84%
USD ProShares Ultra Semiconductors	-4.90%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%

Returns By Period

In the year-to-date period, SVXY achieves a -16.45% return, which is significantly lower than USD's -4.90% return. Over the past 10 years, SVXY has underperformed USD with an annualized return of -1.16%, while USD has yielded a comparatively higher 50.62% annualized return.

SVXY

• 1D: 1.03%
• 1M: -10.83%
• YTD: -16.45%
• 6M: -9.40%
• 1Y: 1.25%
• 3Y*: 13.23%
• 5Y*: 13.97%
• 10Y*: -1.16%

USD

• 1D: 4.03%
• 1M: -7.90%
• YTD: -4.90%
• 6M: -1.21%
• 1Y: 145.25%
• 3Y*: 90.90%
• 5Y*: 44.58%
• 10Y*: 50.62%

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

SVXY vs. USD - Expense Ratio Comparison

SVXY has a 1.38% expense ratio, which is higher than USD's 0.95% expense ratio.

SVXY

ProShares Short VIX Short-Term Futures ETF

USD

ProShares Ultra Semiconductors

Return for Risk

SVXY vs. USD — Risk / Return Rank

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

SVXY

SVXY Risk / Return Rank: 13
SVXY Sharpe Ratio Rank: 12
SVXY Sortino Ratio Rank: 14
SVXY Omega Ratio Rank: 15
SVXY Calmar Ratio Rank: 13
SVXY Martin Ratio Rank: 13

USD

USD Risk / Return Rank: 89
USD Sharpe Ratio Rank: 88
USD Sortino Ratio Rank: 87
USD Omega Ratio Rank: 83
USD Calmar Ratio Rank: 96
USD Martin Ratio Rank: 91

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.

SVXY vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short VIX Short-Term Futures ETF (SVXY) 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.

	SVXY	USD	Difference
Sharpe ratio Return per unit of total volatility	0.03	1.90	-1.86
Sortino ratio Return per unit of downside risk	0.30	2.44	-2.14
Omega ratio Gain probability vs. loss probability	1.05	1.34	-0.29
Calmar ratio Return relative to maximum drawdown	0.04	4.67	-4.63
Martin ratio Return relative to average drawdown	0.11	12.81	-12.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SVXY vs. USD - Sharpe Ratio Comparison

The current SVXY Sharpe Ratio is 0.03, which is lower than the USD Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of SVXY and USD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SVXY	USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.03	1.90	-1.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.59	-0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.02	0.74	-0.76
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.41	-0.22

Correlation

The correlation between SVXY and USD is 0.58, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SVXY vs. USD - Dividend Comparison

SVXY has not paid dividends to shareholders, while USD's dividend yield for the trailing twelve months is around 0.48%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SVXY ProShares Short VIX Short-Term Futures 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	0.48%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%

Drawdowns

SVXY vs. USD - Drawdown Comparison

The maximum SVXY drawdown since its inception was -95.25%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for SVXY and USD.

Drawdown Indicators

	SVXY	USD	Difference
Max Drawdown Largest peak-to-trough decline	-95.25%	-88.63%	-6.62%
Max Drawdown (1Y) Largest decline over 1 year	-26.50%	-31.80%	+5.30%
Max Drawdown (5Y) Largest decline over 5 years	-46.45%	-77.85%	+31.40%
Max Drawdown (10Y) Largest decline over 10 years	-95.25%	-77.85%	-17.40%
Current Drawdown Current decline from peak	-83.26%	-21.24%	-62.02%
Average Drawdown Average peak-to-trough decline	-56.58%	-32.60%	-23.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.82%	11.60%	-1.78%

Volatility

SVXY vs. USD - Volatility Comparison

The current volatility for ProShares Short VIX Short-Term Futures ETF (SVXY) is 15.28%, while ProShares Ultra Semiconductors (USD) has a volatility of 21.67%. This indicates that SVXY 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

	SVXY	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.28%	21.67%	-6.39%
Volatility (6M) Calculated over the trailing 6-month period	24.63%	48.73%	-24.10%
Volatility (1Y) Calculated over the trailing 1-year period	38.21%	77.08%	-38.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.90%	76.24%	-40.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.23%	68.85%	-17.62%