USD vs. BIL
USD (ProShares Ultra Semiconductors) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%), while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 10 years, USD returned 58.18%/yr vs 2.18%/yr for BIL. At a 0.01 correlation, their price movements are largely independent. USD charges 0.95%/yr vs 0.14%/yr for BIL.
Performance
USD vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, USD achieves a 69.08% return, which is significantly higher than BIL's 1.53% return. Over the past 10 years, USD has outperformed BIL with an annualized return of 58.18%, while BIL has yielded a comparatively lower 2.18% annualized return.
USD
- 1D
- -16.84%
- 1M
- -6.95%
- YTD
- 69.08%
- 6M
- 62.79%
- 1Y
- 196.23%
- 3Y*
- 111.77%
- 5Y*
- 61.72%
- 10Y*
- 58.18%
BIL
- 1D
- 0.04%
- 1M
- 0.28%
- YTD
- 1.53%
- 6M
- 1.78%
- 1Y
- 3.87%
- 3Y*
- 4.64%
- 5Y*
- 3.42%
- 10Y*
- 2.18%
USD vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 69.08% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.53% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
Correlation
The correlation between USD and BIL is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since May 31, 2007 | 0.01 |
The correlation between USD and BIL shifts across timeframes, from -0.10 (1 year) to 0.02 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
USD vs. BIL — Risk / Return Rank
USD
BIL
USD vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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.
| USD | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -16.58 | ||
| Sortino ratioReturn per unit of downside risk | -172.68 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 88.66 | -87.25 |
| Calmar ratioReturn relative to maximum drawdown | 6.21 | 358.48 | -352.27 |
| Martin ratioReturn relative to average drawdown | 17.82 | 2,842.59 | -2,824.77 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| USD | BIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.10 | 19.68 | -16.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.81 | 13.16 | -12.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.84 | 8.52 | -7.68 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 2.78 | -2.32 |
Drawdowns
USD vs. BIL - Drawdown Comparison
The maximum USD drawdown since its inception was -88.63%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for USD and BIL.
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Drawdown Indicators
| USD | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.63% | -0.78% | -87.85% |
Max Drawdown (1Y)Largest decline over 1 year | -31.80% | -0.01% | -31.79% |
Max Drawdown (3Y)Largest decline over 3 years | -64.46% | -0.01% | -64.45% |
Max Drawdown (5Y)Largest decline over 5 years | -77.85% | -0.09% | -77.76% |
Max Drawdown (10Y)Largest decline over 10 years | -77.85% | -0.21% | -77.64% |
Current DrawdownCurrent decline from peak | -21.89% | 0.00% | -21.89% |
Average DrawdownAverage peak-to-trough decline | -32.34% | -0.26% | -32.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.06% | 0.00% | +11.06% |
Volatility
USD vs. BIL - Volatility Comparison
ProShares Ultra Semiconductors (USD) has a higher volatility of 27.63% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.06%. This indicates that USD's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USD | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 27.63% | 0.06% | +27.57% |
Volatility (6M)Calculated over the trailing 6-month period | 50.45% | 0.14% | +50.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 63.70% | 0.20% | +63.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.91% | 0.26% | +76.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.45% | 0.26% | +69.19% |
USD vs. BIL - Expense Ratio Comparison
USD has a 0.95% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
USD vs. BIL - Dividend Comparison
USD's dividend yield for the trailing twelve months is around 0.27%, less than BIL's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.86% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% | 0.00% |
USD ProShares Ultra Semiconductors | 0.27% | 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
USD and BIL have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (27.63%) compared to BIL (0.06%). In terms of maximum drawdown, USD dropped -88.63% vs BIL's -0.78%.
On 10-year performance, USD leads with 58.18% vs 2.18% for BIL. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USD has performed better with a 58.18% return vs 2.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIL is cheaper with a 0.14% expense ratio, compared with 0.95% for USD.
BIL has the higher dividend yield at 3.86%, compared with 0.27% for USD.
USD is categorized as Leveraged Equities, while BIL is Government Bonds. USD tracks Dow Jones U.S. Semiconductors Index (200%), while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for USD and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.68 vs 3.10), 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.
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