UPAL vs. USD
UPAL (ProShares Ultra Palladium K-1 Free ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - UPAL is a Leveraged Commodities fund actively managed by ProShares, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). UPAL is actively managed, while USD is passively managed. At a 0.32 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
UPAL vs. USD - Performance Comparison
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Returns By Period
UPAL
- 1D
- 0.78%
- 1M
- -22.27%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USD
- 1D
- 5.92%
- 1M
- -3.85%
- YTD
- 87.20%
- 6M
- 82.98%
- 1Y
- 168.18%
- 3Y*
- 110.86%
- 5Y*
- 61.50%
- 10Y*
- 60.36%
UPAL vs. USD - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
UPAL ProShares Ultra Palladium K-1 Free ETF | -43.92% |
USD ProShares Ultra Semiconductors | 38.66% |
Correlation
The correlation between UPAL and USD is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Apr 21, 2026 | 0.32 |
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Return for Risk
UPAL vs. USD — Risk / Return Rank
UPAL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
USD
UPAL vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Palladium K-1 Free ETF (UPAL) 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.
| UPAL | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.35 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 5.32 | — |
| Martin ratioReturn relative to average drawdown | — | 14.57 | — |
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Drawdowns
UPAL vs. USD - Drawdown Comparison
The maximum UPAL drawdown since its inception was -48.54%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for UPAL and USD.
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Drawdown Indicators
| UPAL | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.54% | -88.63% | +40.09% |
Max Drawdown (1Y)Largest decline over 1 year | — | -31.80% | — |
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 DrawdownCurrent decline from peak | -43.92% | -13.52% | -30.40% |
Average DrawdownAverage peak-to-trough decline | -24.97% | -32.28% | +7.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 11.59% | — |
Volatility
UPAL vs. USD - Volatility Comparison
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Volatility by Period
| UPAL | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 35.28% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 54.78% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 80.57% | 68.54% | +12.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.57% | 77.83% | +2.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.57% | 69.85% | +10.72% |
UPAL vs. USD - Expense Ratio Comparison
Both UPAL and USD have an expense ratio of 0.95%.
Dividends
UPAL vs. USD - Dividend Comparison
UPAL's dividend yield for the trailing twelve months is around 0.27%, less than USD's 0.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UPAL ProShares Ultra Palladium K-1 Free ETF | 0.27% | 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 | 0.31% | 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
UPAL and USD have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.95% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
UPAL and USD have the same expense ratio: 0.95% per year.
USD has the higher dividend yield at 0.31%, compared with 0.27% for UPAL.
UPAL is categorized as Leveraged Commodities, while USD is Leveraged Equities.
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