UPW vs. USD

Last updated Jun 4, 2026

UPW (ProShares Ultra Utilities) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds from ProShares - UPW tracks the Dow Jones U.S. Utilities Index (200%) while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, UPW returned 9.80%/yr vs 62.16%/yr for USD. At a 0.26 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

UPW vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Utilities (UPW) 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, UPW achieves a 2.44% return, which is significantly lower than USD's 114.00% return. Over the past 10 years, UPW has underperformed USD with an annualized return of 9.80%, while USD has yielded a comparatively higher 62.16% annualized return.

UPW

• 1D: -0.56%
• 1M: -11.72%
• YTD: 2.44%
• 6M: -1.65%
• 1Y: 9.80%
• 3Y*: 17.51%
• 5Y*: 9.49%
• 10Y*: 9.80%

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)

UPW vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPW ProShares Ultra Utilities	2.44%	23.61%	37.67%	-22.37%	-4.59%	32.57%	-17.15%	48.59%	2.36%	22.53%
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 UPW and USD is 0.07, 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	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007	0.26

The correlation between UPW and USD shifts across timeframes, from 0.02 (3 years) to 0.26 (all time), reflecting how their relationship changes across market environments.

UPW vs. USD - Sectors Allocation Comparison

Sectors	UPW	USD
Utilities	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.0%
Financial Services	-	27.8%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	27.4%

Return for Risk

UPW vs. USD — Risk / Return Rank

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

UPW

UPW Risk / Return Rank: 14
UPW Sharpe Ratio Rank: 14
UPW Sortino Ratio Rank: 14
UPW Omega Ratio Rank: 14
UPW Calmar Ratio Rank: 15
UPW Martin Ratio Rank: 14

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.

UPW vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Utilities (UPW) 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.

	UPW	USD	Difference
Sharpe ratio: Return per unit of total volatility	0.34	4.53	-4.19
Sortino ratio: Return per unit of downside risk	0.65	3.81	-3.16
Omega ratio: Gain probability vs. loss probability	1.08	1.51	-0.43
Calmar ratio: Return relative to maximum drawdown	0.51	8.70	-8.18
Martin ratio: Return relative to average drawdown	1.12	25.16	-24.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UPW vs. USD - Sharpe Ratio Comparison

The current UPW Sharpe Ratio is 0.34, which is lower than the USD Sharpe Ratio of 4.53. The chart below compares the historical Sharpe Ratios of UPW 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

	UPW	USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.34	4.53	-4.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.91	-0.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	0.90	-0.64
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.49	-0.24

Drawdowns

UPW vs. USD - Drawdown Comparison

The maximum UPW drawdown since its inception was -77.75%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for UPW and USD.

Drawdown Indicators

	UPW	USD	Difference
Max Drawdown Largest peak-to-trough decline	-77.75%	-88.63%	+10.88%
Max Drawdown (1Y) Largest decline over 1 year	-19.15%	-31.80%	+12.65%
Max Drawdown (3Y) Largest decline over 3 years	-33.16%	-64.46%	+31.30%
Max Drawdown (5Y) Largest decline over 5 years	-49.42%	-77.85%	+28.43%
Max Drawdown (10Y) Largest decline over 10 years	-62.67%	-77.85%	+15.18%
Current Drawdown Current decline from peak	-16.92%	-1.14%	-15.78%
Average Drawdown Average peak-to-trough decline	-22.59%	-32.35%	+9.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.80%	10.97%	-2.17%

Volatility

UPW vs. USD - Volatility Comparison

The current volatility for ProShares Ultra Utilities (UPW) is 11.15%, while ProShares Ultra Semiconductors (USD) has a volatility of 20.36%. This indicates that UPW 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

	UPW	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.15%	20.36%	-9.21%
Volatility (6M) Calculated over the trailing 6-month period	23.31%	46.39%	-23.08%
Volatility (1Y) Calculated over the trailing 1-year period	29.05%	61.22%	-32.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.41%	76.55%	-42.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.17%	69.23%	-32.06%

UPW vs. USD - Expense Ratio Comparison

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

Dividends

UPW vs. USD - Dividend Comparison

UPW's dividend yield for the trailing twelve months is around 1.56%, more than USD's 0.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UPW ProShares Ultra Utilities	1.56%	1.67%	1.83%	2.40%	1.55%	1.30%	0.83%	0.83%	1.98%	1.51%	1.70%	2.16%
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 UPW and USD in my portfolio?

UPW and USD have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPW or USD?

USD has higher volatility (20.36%) compared to UPW (11.15%). In terms of maximum drawdown, UPW dropped -77.75% vs USD's -88.63%.

Which ETF is better, UPW or USD?

On 10-year performance, USD leads with 62.16% vs 9.80% for UPW. Both ETFs have the same 0.95% expense ratio. On volatility, UPW has been the lower-risk option at 11.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPW or USD?

Over the 10-year period, USD has performed better with a 62.16% return vs 9.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPW or USD?

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

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

UPW has the higher dividend yield at 1.56%, compared with 0.21% for USD.

What is the main difference between UPW and USD?

UPW tracks Dow Jones U.S. Utilities Index (200%), 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 0.34), 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.