TMDV vs. USD

Last updated Jun 5, 2026

TMDV (ProShares Russell U.S. Dividend Growers ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - TMDV is a Mid Cap Value Equities fund tracking the Russell 3000 Dividend Elite Index, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 5 years, TMDV returned 2.57%/yr vs 67.80%/yr for USD. At a 0.33 correlation, their price movements are largely independent. TMDV charges 0.35%/yr vs 0.95%/yr for USD.

Performance

TMDV vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Russell U.S. Dividend Growers ETF (TMDV) 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, TMDV achieves a 5.35% return, which is significantly lower than USD's 103.32% return.

TMDV

• 1D: 0.78%
• 1M: -0.16%
• YTD: 5.35%
• 6M: 5.47%
• 1Y: 7.43%
• 3Y*: 5.43%
• 5Y*: 2.57%
• 10Y*: —

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)

TMDV vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
TMDV ProShares Russell U.S. Dividend Growers ETF	5.35%	2.91%	2.64%	2.25%	-5.10%	23.45%	4.82%	3.26%
USD ProShares Ultra Semiconductors	103.32%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	12.44%

Correlation

The correlation between TMDV and USD is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (All Time) Calculated using the full available price history since Nov 8, 2019	0.33

The correlation between TMDV and USD shifts across timeframes, from -0.03 (1 year) to 0.33 (all time), reflecting how their relationship changes across market environments.

TMDV vs. USD - Sectors Allocation Comparison

Sectors	TMDV	USD
Consumer Defensive	23.8%	-
Financial Services	16.0%	27.8%
Industrials	15.9%	-
Utilities	12.3%	-
Basic Materials	11.7%	-
Consumer Cyclical	5.8%	-
Healthcare	5.6%	-
Real Estate	4.6%	-
Energy	3.0%	0.0%
Technology	1.5%	27.4%
Communication Services	-	-

Return for Risk

TMDV vs. USD — Risk / Return Rank

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

TMDV

TMDV Risk / Return Rank: 19
TMDV Sharpe Ratio Rank: 20
TMDV Sortino Ratio Rank: 20
TMDV Omega Ratio Rank: 18
TMDV Calmar Ratio Rank: 19
TMDV Martin Ratio Rank: 18

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.

TMDV vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Russell U.S. Dividend Growers ETF (TMDV) 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.

	TMDV	USD	Difference
Sharpe ratio: Return per unit of total volatility	0.62	4.12	-3.51
Sortino ratio: Return per unit of downside risk	1.00	3.62	-2.62
Omega ratio: Gain probability vs. loss probability	1.11	1.48	-0.37
Calmar ratio: Return relative to maximum drawdown	0.76	7.94	-7.18
Martin ratio: Return relative to average drawdown	1.86	22.96	-21.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TMDV vs. USD - Sharpe Ratio Comparison

The current TMDV Sharpe Ratio is 0.62, which is lower than the USD Sharpe Ratio of 4.12. The chart below compares the historical Sharpe Ratios of TMDV 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

	TMDV	USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.62	4.12	-3.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.89	-0.71
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.49	-0.18

Drawdowns

TMDV vs. USD - Drawdown Comparison

The maximum TMDV drawdown since its inception was -33.42%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for TMDV and USD.

Drawdown Indicators

	TMDV	USD	Difference
Max Drawdown Largest peak-to-trough decline	-33.42%	-88.63%	+55.21%
Max Drawdown (1Y) Largest decline over 1 year	-9.82%	-31.80%	+21.98%
Max Drawdown (3Y) Largest decline over 3 years	-16.02%	-64.46%	+48.44%
Max Drawdown (5Y) Largest decline over 5 years	-17.11%	-77.85%	+60.74%
Max Drawdown (10Y) Largest decline over 10 years	—	-77.85%	—
Current Drawdown Current decline from peak	-5.82%	-6.07%	+0.25%
Average Drawdown Average peak-to-trough decline	-5.43%	-32.35%	+26.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.00%	10.98%	-6.98%

Volatility

TMDV vs. USD - Volatility Comparison

The current volatility for ProShares Russell U.S. Dividend Growers ETF (TMDV) is 2.91%, while ProShares Ultra Semiconductors (USD) has a volatility of 21.29%. This indicates that TMDV 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

	TMDV	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.91%	21.29%	-18.38%
Volatility (6M) Calculated over the trailing 6-month period	8.55%	46.74%	-38.19%
Volatility (1Y) Calculated over the trailing 1-year period	12.11%	61.28%	-49.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.43%	76.56%	-62.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.64%	69.24%	-50.60%

TMDV vs. USD - Expense Ratio Comparison

TMDV has a 0.35% expense ratio, which is lower than USD's 0.95% expense ratio.

Dividends

TMDV vs. USD - Dividend Comparison

TMDV's dividend yield for the trailing twelve months is around 2.60%, more than USD's 0.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TMDV ProShares Russell U.S. Dividend Growers ETF	2.60%	2.65%	2.70%	2.45%	2.46%	2.14%	2.28%	0.16%	0.00%	0.00%	0.00%	0.00%
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 TMDV and USD in my portfolio?

TMDV and USD have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMDV or USD?

USD has higher volatility (21.29%) compared to TMDV (2.91%). In terms of maximum drawdown, TMDV dropped -33.42% vs USD's -88.63%.

Which ETF is better, TMDV or USD?

On 5-year performance, USD leads with 67.80% vs 2.57% for TMDV. On fees, TMDV is cheaper at 0.35% per year. On volatility, TMDV has been the lower-risk option at 2.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TMDV or USD?

Over the 5-year period, USD has performed better with a 67.80% return vs 2.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMDV or USD?

TMDV is cheaper with a 0.35% expense ratio, compared with 0.95% for USD.

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

TMDV has the higher dividend yield at 2.60%, compared with 0.23% for USD.

What is the main difference between TMDV and USD?

TMDV is categorized as Mid Cap Value Equities, while USD is Leveraged Equities. TMDV tracks Russell 3000 Dividend Elite Index, while USD tracks Dow Jones U.S. Semiconductors Index (200%). Their fees differ too: 0.35% for TMDV and 0.95% for USD.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (4.12 vs 0.62), 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.