USD vs. FBGX

Last updated Jun 16, 2026

USD (ProShares Ultra Semiconductors) and FBGX (UBS AG FI Enhanced Large Cap Growth ETN) are both Leveraged Equities funds - USD tracks the Dow Jones U.S. Semiconductors Index (200%) while FBGX tracks the Russell 1000 Growth Index (200%). Both are passively managed. A 0.68 correlation means they provide meaningful diversification when combined. USD charges 0.95%/yr vs 1.29%/yr for FBGX.

Performance

USD vs. FBGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Semiconductors (USD) and UBS AG FI Enhanced Large Cap Growth ETN (FBGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

USD

• 1D: 9.00%
• 1M: 11.71%
• YTD: 103.68%
• 6M: 118.16%
• 1Y: 251.95%
• 3Y*: 115.80%
• 5Y*: 68.08%
• 10Y*: 61.82%

FBGX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USD vs. FBGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USD ProShares Ultra Semiconductors	103.68%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%
FBGX UBS AG FI Enhanced Large Cap Growth ETN	0.00%	0.00%	35.73%	83.74%	-56.41%	57.04%	65.79%	75.84%	-16.58%	64.01%

Correlation

The correlation between USD and FBGX is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jun 11, 2014	0.68

The correlation between USD and FBGX shifts across timeframes, from 0.36 (3 years) to 0.68 (all time), reflecting how their relationship changes across market environments.

USD vs. FBGX - Sectors Allocation Comparison

Sectors	USD	FBGX
Financial Services	32.1%	0.0%
Technology	29.1%	0.0%
Energy	0.0%	0.0%
Basic Materials	-	0.0%
Communication Services	-	0.0%
Consumer Cyclical	-	0.0%
Consumer Defensive	-	0.0%
Healthcare	-	0.0%
Industrials	-	0.0%
Real Estate	-	0.0%
Utilities	-	0.0%

Return for Risk

USD vs. FBGX — Risk / Return Rank

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

USD

USD Risk / Return Rank: 91
USD Sharpe Ratio Rank: 96
USD Sortino Ratio Rank: 85
USD Omega Ratio Rank: 86
USD Calmar Ratio Rank: 96
USD Martin Ratio Rank: 93

FBGX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

USD vs. FBGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) and UBS AG FI Enhanced Large Cap Growth ETN (FBGX). 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	FBGX	Difference
Sharpe ratio: Return per unit of total volatility	3.86	—	—
Sortino ratio: Return per unit of downside risk	3.38	—	—
Omega ratio: Gain probability vs. loss probability	1.46	—	—
Calmar ratio: Return relative to maximum drawdown	7.98	—	—
Martin ratio: Return relative to average drawdown	22.33	—	—

Drawdowns

Drawdown Indicators

	USD	FBGX	Difference
Max Drawdown Largest peak-to-trough decline	-88.63%	—	—
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 Drawdown Current decline from peak	-5.90%	—	—
Average Drawdown Average peak-to-trough decline	-32.32%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	11.34%	—	—

Volatility

Volatility by Period

	USD	FBGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.47%	—	—
Volatility (6M) Calculated over the trailing 6-month period	52.98%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	65.79%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	77.31%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.69%	—	—

USD vs. FBGX - Expense Ratio Comparison

USD has a 0.95% expense ratio, which is lower than FBGX's 1.29% expense ratio.

Dividends

USD vs. FBGX - Dividend Comparison

USD's dividend yield for the trailing twelve months is around 0.23%, while FBGX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBGX UBS AG FI Enhanced Large Cap Growth ETN	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	0.23%	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 FBGX in my portfolio?

USD and FBGX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USD or FBGX?

On fees, USD is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, USD or FBGX?

USD is cheaper with a 0.95% expense ratio, compared with 1.29% for FBGX.

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

USD has the higher dividend yield at 0.23%, compared with 0.00% for FBGX.

What is the main difference between USD and FBGX?

USD tracks Dow Jones U.S. Semiconductors Index (200%), while FBGX tracks Russell 1000 Growth Index (200%). They also come from different issuers: ProShares and UBS. Their fees differ too: 0.95% for USD and 1.29% for FBGX.