TIME vs. USD

Last updated Jun 4, 2026

TIME (Clockwise Core Equity & Innovation ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - TIME is a Technology Equities fund actively managed by Clockwise Capital, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). TIME is actively managed, while USD is passively managed. Over the past year, TIME returned 23.44% vs 274.62% for USD. A 0.70 correlation means they provide meaningful diversification when combined. TIME charges 1.00%/yr vs 0.95%/yr for USD.

Performance

TIME vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Clockwise Core Equity & Innovation ETF (TIME) 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, TIME achieves a 9.82% return, which is significantly lower than USD's 114.00% return.

TIME

• 1D: -0.73%
• 1M: 5.38%
• YTD: 9.82%
• 6M: 10.85%
• 1Y: 23.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

TIME vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TIME Clockwise Core Equity & Innovation ETF	9.82%	10.17%	6.75%
USD ProShares Ultra Semiconductors	114.00%	62.08%	-1.52%

Correlation

The correlation between TIME and USD is 0.66, 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	0.66
Correlation (All Time) Calculated using the full available price history since Jun 25, 2024	0.71

The correlation between TIME and USD has been stable across timeframes, ranging from 0.66 to 0.70 - a consistent structural relationship.

TIME vs. USD - Sectors Allocation Comparison

Sectors	TIME	USD
Technology	38.5%	27.4%
Communication Services	17.4%	-
Consumer Cyclical	13.8%	-
Consumer Defensive	10.1%	-
Energy	8.4%	0.0%
Utilities	5.1%	-
Financial Services	3.2%	27.8%
Basic Materials	3.0%	-
Industrials	1.0%	-
Healthcare	0.5%	-
Real Estate	-	-

Return for Risk

TIME vs. USD — Risk / Return Rank

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

TIME

TIME Risk / Return Rank: 45
TIME Sharpe Ratio Rank: 51
TIME Sortino Ratio Rank: 48
TIME Omega Ratio Rank: 49
TIME Calmar Ratio Rank: 36
TIME Martin Ratio Rank: 41

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.

TIME vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Clockwise Core Equity & Innovation ETF (TIME) 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.

	TIME	USD	Difference
Sharpe ratio: Return per unit of total volatility	1.78	4.53	-2.76
Sortino ratio: Return per unit of downside risk	2.40	3.81	-1.41
Omega ratio: Gain probability vs. loss probability	1.31	1.51	-0.20
Calmar ratio: Return relative to maximum drawdown	1.80	8.70	-6.90
Martin ratio: Return relative to average drawdown	6.63	25.16	-18.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TIME vs. USD - Sharpe Ratio Comparison

The current TIME Sharpe Ratio is 1.78, which is lower than the USD Sharpe Ratio of 4.53. The chart below compares the historical Sharpe Ratios of TIME 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

	TIME	USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	4.53	-2.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.91	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.90	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.49	+0.31

Drawdowns

TIME vs. USD - Drawdown Comparison

The maximum TIME drawdown since its inception was -24.26%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for TIME and USD.

Drawdown Indicators

	TIME	USD	Difference
Max Drawdown Largest peak-to-trough decline	-24.26%	-88.63%	+64.37%
Max Drawdown (1Y) Largest decline over 1 year	-13.09%	-31.80%	+18.71%
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	-0.74%	-1.14%	+0.40%
Average Drawdown Average peak-to-trough decline	-5.60%	-32.35%	+26.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.55%	10.97%	-7.42%

Volatility

TIME vs. USD - Volatility Comparison

The current volatility for Clockwise Core Equity & Innovation ETF (TIME) is 3.48%, while ProShares Ultra Semiconductors (USD) has a volatility of 20.36%. This indicates that TIME 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

	TIME	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.48%	20.36%	-16.88%
Volatility (6M) Calculated over the trailing 6-month period	10.14%	46.39%	-36.25%
Volatility (1Y) Calculated over the trailing 1-year period	13.27%	61.22%	-47.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.62%	76.55%	-58.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.62%	69.23%	-51.61%

TIME vs. USD - Expense Ratio Comparison

TIME has a 1.00% expense ratio, which is higher than USD's 0.95% expense ratio.

Dividends

TIME vs. USD - Dividend Comparison

TIME's dividend yield for the trailing twelve months is around 9.12%, more than USD's 0.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TIME Clockwise Core Equity & Innovation ETF	9.12%	10.02%	15.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 TIME and USD in my portfolio?

TIME and USD have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TIME or USD?

USD has higher volatility (20.36%) compared to TIME (3.48%). In terms of maximum drawdown, TIME dropped -24.26% vs USD's -88.63%.

Which ETF is better, TIME or USD?

On 1-year performance, USD leads with 274.62% vs 23.44% for TIME. On fees, USD is cheaper at 0.95% per year. On volatility, TIME has been the lower-risk option at 3.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TIME or USD?

Over the 1-year period, USD has performed better with a 274.62% return vs 23.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TIME or USD?

USD is cheaper with a 0.95% expense ratio, compared with 1.00% for TIME.

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

TIME has the higher dividend yield at 9.12%, compared with 0.21% for USD.

What is the main difference between TIME and USD?

TIME is categorized as Technology Equities, while USD is Leveraged Equities. They also come from different issuers: Clockwise Capital and ProShares. Their fees differ too: 1.00% for TIME and 0.95% for USD.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (4.53 vs 1.78), 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.