UDOW vs. USD

Last updated Jun 4, 2026

UDOW (ProShares UltraPro Dow30) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds from ProShares - UDOW tracks the Dow Jones Industrial Average (300%) while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, UDOW returned 23.30%/yr vs 62.16%/yr for USD. A 0.62 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

UDOW vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Dow30 (UDOW) 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, UDOW achieves a 12.27% return, which is significantly lower than USD's 114.00% return. Over the past 10 years, UDOW has underperformed USD with an annualized return of 23.30%, while USD has yielded a comparatively higher 62.16% annualized return.

UDOW

• 1D: -3.38%
• 1M: 10.84%
• YTD: 12.27%
• 6M: 12.78%
• 1Y: 53.13%
• 3Y*: 33.01%
• 5Y*: 12.75%
• 10Y*: 23.30%

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)

UDOW vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UDOW ProShares UltraPro Dow30	12.27%	24.46%	28.47%	32.72%	-32.39%	65.67%	-17.15%	75.24%	-23.86%	99.07%
USD ProShares Ultra Semiconductors	114.00%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%

Correlation

The correlation between UDOW and USD is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010	0.62

Over the past year, the correlation between UDOW and USD has dropped to 0.40 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.

UDOW vs. USD - Sectors Allocation Comparison

Sectors	UDOW	USD
Financial Services	27.2%	27.8%
Industrials	18.4%	-
Technology	17.1%	27.4%
Healthcare	13.1%	-
Consumer Cyclical	11.6%	-
Consumer Defensive	4.4%	-
Basic Materials	4.0%	-
Energy	2.4%	0.0%
Communication Services	1.9%	-
Real Estate	-	-
Utilities	-	-

Return for Risk

UDOW vs. USD — Risk / Return Rank

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

UDOW

UDOW Risk / Return Rank: 40
UDOW Sharpe Ratio Rank: 41
UDOW Sortino Ratio Rank: 40
UDOW Omega Ratio Rank: 38
UDOW Calmar Ratio Rank: 38
UDOW 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.

UDOW vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Dow30 (UDOW) 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.

	UDOW	USD	Difference
Sharpe ratio: Return per unit of total volatility	1.48	4.53	-3.05
Sortino ratio: Return per unit of downside risk	2.09	3.81	-1.72
Omega ratio: Gain probability vs. loss probability	1.25	1.51	-0.26
Calmar ratio: Return relative to maximum drawdown	1.90	8.70	-6.80
Martin ratio: Return relative to average drawdown	6.75	25.16	-18.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UDOW vs. USD - Sharpe Ratio Comparison

The current UDOW Sharpe Ratio is 1.48, which is lower than the USD Sharpe Ratio of 4.53. The chart below compares the historical Sharpe Ratios of UDOW 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

	UDOW	USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.48	4.53	-3.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.91	-0.62
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.90	-0.45
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.49	+0.04

Drawdowns

UDOW vs. USD - Drawdown Comparison

The maximum UDOW drawdown since its inception was -80.29%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for UDOW and USD.

Drawdown Indicators

	UDOW	USD	Difference
Max Drawdown Largest peak-to-trough decline	-80.29%	-88.63%	+8.34%
Max Drawdown (1Y) Largest decline over 1 year	-28.07%	-31.80%	+3.73%
Max Drawdown (3Y) Largest decline over 3 years	-44.83%	-64.46%	+19.63%
Max Drawdown (5Y) Largest decline over 5 years	-55.79%	-77.85%	+22.06%
Max Drawdown (10Y) Largest decline over 10 years	-80.29%	-77.85%	-2.44%
Current Drawdown Current decline from peak	-3.38%	-1.14%	-2.24%
Average Drawdown Average peak-to-trough decline	-14.39%	-32.35%	+17.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.90%	10.97%	-3.07%

Volatility

UDOW vs. USD - Volatility Comparison

The current volatility for ProShares UltraPro Dow30 (UDOW) is 8.80%, while ProShares Ultra Semiconductors (USD) has a volatility of 20.36%. This indicates that UDOW 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

	UDOW	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.80%	20.36%	-11.56%
Volatility (6M) Calculated over the trailing 6-month period	27.61%	46.39%	-18.78%
Volatility (1Y) Calculated over the trailing 1-year period	36.12%	61.22%	-25.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.19%	76.55%	-32.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.76%	69.23%	-17.47%

UDOW vs. USD - Expense Ratio Comparison

Both UDOW and USD have an expense ratio of 0.95%.

Dividends

UDOW vs. USD - Dividend Comparison

UDOW's dividend yield for the trailing twelve months is around 1.21%, more than USD's 0.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UDOW ProShares UltraPro Dow30	1.21%	1.38%	0.95%	0.95%	0.83%	0.26%	0.19%	0.61%	0.73%	0.13%	0.26%	0.21%
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 UDOW and USD in my portfolio?

UDOW and USD have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UDOW or USD?

USD has higher volatility (20.36%) compared to UDOW (8.80%). In terms of maximum drawdown, UDOW dropped -80.29% vs USD's -88.63%.

Which ETF is better, UDOW or USD?

On 10-year performance, USD leads with 62.16% vs 23.30% for UDOW. Both ETFs have the same 0.95% expense ratio. On volatility, UDOW has been the lower-risk option at 8.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UDOW or USD?

Over the 10-year period, USD has performed better with a 62.16% return vs 23.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UDOW or USD?

UDOW and USD have the same expense ratio: 0.95% per year.

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

UDOW has the higher dividend yield at 1.21%, compared with 0.21% for USD.

What is the main difference between UDOW and USD?

UDOW tracks Dow Jones Industrial Average (300%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (4.53 vs 1.48), 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.