UCYB vs. USD

Last updated Jun 26, 2026

UCYB (ProShares Ultra Nasdaq Cybersecurity) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds from ProShares - UCYB tracks the Nasdaq CTA Cybersecurity Index (200%) while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 5 years, UCYB returned 10.93%/yr vs 64.73%/yr for USD. A 0.61 correlation means they provide meaningful diversification when combined. UCYB charges 0.97%/yr vs 0.95%/yr for USD.

Performance

UCYB vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Nasdaq Cybersecurity (UCYB) 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, UCYB achieves a 27.14% return, which is significantly lower than USD's 92.18% return.

UCYB

• 1D: -0.13%
• 1M: -3.95%
• YTD: 27.14%
• 6M: 21.84%
• 1Y: 12.91%
• 3Y*: 36.10%
• 5Y*: 10.93%
• 10Y*: —

USD

• 1D: 4.73%
• 1M: -0.57%
• YTD: 92.18%
• 6M: 86.88%
• 1Y: 185.02%
• 3Y*: 118.50%
• 5Y*: 64.73%
• 10Y*: 62.72%

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

UCYB vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UCYB ProShares Ultra Nasdaq Cybersecurity	27.14%	9.41%	28.84%	68.85%	-55.15%	27.53%
USD ProShares Ultra Semiconductors	92.18%	62.08%	139.64%	228.79%	-68.57%	72.98%

Correlation

The correlation between UCYB and USD is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (All Time) Calculated using the full available price history since Jan 21, 2021	0.61

Over the past year, the correlation between UCYB and USD has dropped to 0.38 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.

UCYB vs. USD - Sectors Allocation Comparison

Sectors	UCYB	USD
Technology	95.1%	26.3%
Industrials	4.8%	-
Communication Services	0.1%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.0%
Financial Services	-	26.0%
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

UCYB vs. USD — Risk / Return Rank

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

UCYB

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

USD

USD Risk / Return Rank: 84
USD Sharpe Ratio Rank: 92
USD Sortino Ratio Rank: 71
USD Omega Ratio Rank: 74
USD Calmar Ratio Rank: 93
USD Martin Ratio Rank: 87

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.

UCYB vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Nasdaq Cybersecurity (UCYB) 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.

	UCYB	USD	Difference
Sharpe ratio: Return per unit of total volatility	0.25	2.75	-2.50
Sortino ratio: Return per unit of downside risk	0.71	2.77	-2.07
Omega ratio: Gain probability vs. loss probability	1.09	1.38	-0.29
Calmar ratio: Return relative to maximum drawdown	0.30	5.86	-5.55
Martin ratio: Return relative to average drawdown	0.65	16.16	-15.51

UCYB vs. USD - Sharpe Ratio Comparison

The current UCYB Sharpe Ratio is 0.25, which is lower than the USD Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of UCYB 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.

Drawdowns

UCYB vs. USD - Drawdown Comparison

The maximum UCYB drawdown since its inception was -62.69%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for UCYB and USD.

Drawdown Indicators

	UCYB	USD	Difference
Max Drawdown Largest peak-to-trough decline	-62.69%	-88.63%	+25.94%
Max Drawdown (1Y) Largest decline over 1 year	-43.04%	-31.80%	-11.24%
Max Drawdown (3Y) Largest decline over 3 years	-43.04%	-64.46%	+21.42%
Max Drawdown (5Y) Largest decline over 5 years	-62.69%	-77.85%	+15.16%
Max Drawdown (10Y) Largest decline over 10 years	—	-77.85%	—
Current Drawdown Current decline from peak	-22.60%	-11.21%	-11.39%
Average Drawdown Average peak-to-trough decline	-27.38%	-32.29%	+4.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.92%	11.50%	+8.42%

Volatility

UCYB vs. USD - Volatility Comparison

The current volatility for ProShares Ultra Nasdaq Cybersecurity (UCYB) is 24.42%, while ProShares Ultra Semiconductors (USD) has a volatility of 33.79%. This indicates that UCYB 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

	UCYB	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.42%	33.79%	-9.37%
Volatility (6M) Calculated over the trailing 6-month period	43.72%	53.90%	-10.18%
Volatility (1Y) Calculated over the trailing 1-year period	50.88%	67.84%	-16.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.24%	77.74%	-27.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.71%	69.82%	-20.11%

UCYB vs. USD - Expense Ratio Comparison

UCYB has a 0.97% expense ratio, which is higher than USD's 0.95% expense ratio.

Dividends

UCYB vs. USD - Dividend Comparison

UCYB's dividend yield for the trailing twelve months is around 1.82%, more than USD's 0.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UCYB ProShares Ultra Nasdaq Cybersecurity	1.82%	1.90%	2.16%	0.56%	0.00%	0.91%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USD ProShares Ultra Semiconductors	0.30%	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 UCYB and USD in my portfolio?

UCYB and USD have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UCYB or USD?

USD has higher volatility (33.79%) compared to UCYB (24.42%). In terms of maximum drawdown, UCYB dropped -62.69% vs USD's -88.63%.

Which ETF is better, UCYB or USD?

On 5-year performance, USD leads with 64.73% vs 10.93% for UCYB. On fees, USD is cheaper at 0.95% per year. On volatility, UCYB has been the lower-risk option at 24.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UCYB or USD?

Over the 5-year period, USD has performed better with a 64.73% return vs 10.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UCYB or USD?

USD is cheaper with a 0.95% expense ratio, compared with 0.97% for UCYB.

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

UCYB has the higher dividend yield at 1.82%, compared with 0.30% for USD.

What is the main difference between UCYB and USD?

UCYB tracks Nasdaq CTA Cybersecurity Index (200%), while USD tracks Dow Jones U.S. Semiconductors Index (200%). Their fees differ too: 0.97% for UCYB and 0.95% for USD.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (2.75 vs 0.25), 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.