USD vs. DLLL

Last updated Aug 4, 2026

USD (ProShares Ultra Semiconductors) and DLLL (GraniteShares 2x Long DELL Daily ETF) are both Leveraged Equities funds - USD tracks the Dow Jones U.S. Semiconductors Index (200%) while DLLL tracks the Dell Technologies Inc. (DELL). Both are passively managed. Over the past year, USD returned 98.72% vs 599.95% for DLLL. Their 0.54 correlation means they have sometimes moved together and sometimes differently. USD charges 0.95%/yr vs 1.50%/yr for DLLL.

Performance

USD vs. DLLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Semiconductors (USD) and GraniteShares 2x Long DELL Daily ETF (DLLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USD achieves a 55.27% return, which is significantly lower than DLLL's 699.96% return.

USD

• 1D: 3.34%
• 1M: -7.07%
• 6M: 41.04%
• YTD: 55.27%
• 1Y: 98.72%
• 3Y*: 95.45%
• 5Y*: 54.39%
• 10Y*: 53.94%
• ALL TIME*: 28.27%

DLLL

• 1D: 11.79%
• 1M: 11.20%
• 6M: 802.44%
• YTD: 699.96%
• 1Y: 599.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 301.93%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DLLL GraniteShares 2x Long DELL Daily ETF	$23.82M	$34.65M	$52.12M
USD ProShares Ultra Semiconductors	$71.31M	$70.59M	$96.20M

USD vs. DLLL - Yearly Performance Comparison

	2026 (YTD)	2025
USD ProShares Ultra Semiconductors	55.27%	70.48%
DLLL GraniteShares 2x Long DELL Daily ETF	699.96%	-3.72%

Correlation

The correlation between USD and DLLL is 0.49, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.49
Correlation (All Time) Calculated using the full available price history since Feb 13, 2025	0.54

The correlation between USD and DLLL has been stable across timeframes, ranging from 0.49 to 0.54 - a consistent structural relationship.

USD vs. DLLL - Sectors Allocation Comparison

Sectors	USD	DLLL
Technology	32.6%	66.6%
Financial Services	32.1%	-
Energy	0.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

USD vs. DLLL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

USD

USD Risk / Return Rank: 58
USD Sharpe Ratio Rank: 55
USD Sortino Ratio Rank: 52
USD Omega Ratio Rank: 53
USD Calmar Ratio Rank: 71
USD Martin Ratio Rank: 59

DLLL

DLLL Risk / Return Rank: 95
DLLL Sharpe Ratio Rank: 98
DLLL Sortino Ratio Rank: 94
DLLL Omega Ratio Rank: 92
DLLL Calmar Ratio Rank: 98
DLLL Martin Ratio Rank: 95

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

USD vs. DLLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) and GraniteShares 2x Long DELL Daily ETF (DLLL). 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.

	USD	DLLL	Difference
Sharpe ratio: Return per unit of total volatility	1.35	4.30	-2.96
Sortino ratio: Return per unit of downside risk	1.88	3.86	-1.99
Omega ratio: Gain probability vs. loss probability	1.24	1.47	-0.23
Calmar ratio: Return relative to maximum drawdown	2.52	10.59	-8.06
Martin ratio: Return relative to average drawdown	7.21	20.58	-13.37

USD vs. DLLL - Sharpe Ratio Comparison

The current USD Sharpe Ratio is 1.35, which is lower than the DLLL Sharpe Ratio of 4.30. The chart below compares the historical Sharpe Ratios of USD and DLLL, 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

USD vs. DLLL - Drawdown Comparison

The maximum USD drawdown since its inception was -88.63%, which is greater than DLLL's maximum drawdown of -68.58%. Use the drawdown chart below to compare losses from any high point for USD and DLLL.

Drawdown Indicators

	USD	DLLL	Difference
Max Drawdown Largest peak-to-trough decline	-88.63%	-68.58%	-20.05%
Max Drawdown (1Y) Largest decline over 1 year	-39.33%	-57.19%	+17.86%
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 Drawdown Current decline from peak	-28.27%	-24.33%	-3.94%
Average Drawdown Average peak-to-trough decline	-32.23%	-25.80%	-6.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.74%	29.35%	-15.61%

Volatility

USD vs. DLLL - Volatility Comparison

The current volatility for ProShares Ultra Semiconductors (USD) is 27.45%, while GraniteShares 2x Long DELL Daily ETF (DLLL) has a volatility of 50.69%. This indicates that USD experiences smaller price fluctuations and is considered to be less risky than DLLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USD	DLLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.45%	50.69%	-23.24%
Volatility (6M) Calculated over the trailing 6-month period	61.08%	114.42%	-53.34%
Volatility (1Y) Calculated over the trailing 1-year period	73.76%	140.93%	-67.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	78.77%	132.81%	-54.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.41%	132.81%	-62.40%

USD vs. DLLL - Expense Ratio Comparison

USD has a 0.95% expense ratio, which is lower than DLLL's 1.50% expense ratio.

Dividends

USD vs. DLLL - Dividend Comparison

USD's dividend yield for the trailing twelve months is around 0.37%, while DLLL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DLLL GraniteShares 2x Long DELL Daily ETF	0.00%	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	0.37%	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 USD and DLLL in my portfolio?

USD and DLLL have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USD or DLLL?

DLLL has higher volatility (50.69%) compared to USD (27.45%). In terms of maximum drawdown, USD dropped -88.63% vs DLLL's -68.58%.

Which ETF is better, USD or DLLL?

On 1-year performance, DLLL leads with 599.95% vs 98.72% for USD. On fees, USD is cheaper at 0.95% per year. On volatility, USD has been the lower-risk option at 27.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USD or DLLL?

Over the 1-year period, DLLL has performed better with a 599.95% return vs 98.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USD or DLLL?

USD is cheaper with a 0.95% expense ratio, compared with 1.50% for DLLL.

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

USD has the higher dividend yield at 0.37%, compared with 0.00% for DLLL.

What is the main difference between USD and DLLL?

USD tracks Dow Jones U.S. Semiconductors Index (200%), while DLLL tracks Dell Technologies Inc. (DELL). They also come from different issuers: ProShares and GraniteShares. Their fees differ too: 0.95% for USD and 1.50% for DLLL.

Which has better risk-adjusted returns?

DLLL currently has the higher Sharpe Ratio (4.30 vs 1.35), 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.