USD vs. FDL

Last updated Jun 25, 2026

USD (ProShares Ultra Semiconductors) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%), while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. Both are passively managed. Over the past 10 years, USD returned 60.90%/yr vs 11.09%/yr for FDL. At a 0.45 correlation, their price movements are largely independent. USD charges 0.95%/yr vs 0.43%/yr for FDL.

Performance

USD vs. FDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Semiconductors (USD) and First Trust Morningstar Dividend Leaders Index Fund (FDL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USD achieves a 83.22% return, which is significantly higher than FDL's 12.30% return. Over the past 10 years, USD has outperformed FDL with an annualized return of 60.90%, while FDL has yielded a comparatively lower 11.09% annualized return.

USD

• 1D: -0.77%
• 1M: 0.95%
• YTD: 83.22%
• 6M: 78.17%
• 1Y: 185.84%
• 3Y*: 113.73%
• 5Y*: 63.17%
• 10Y*: 60.90%

FDL

• 1D: -0.32%
• 1M: -3.06%
• YTD: 12.30%
• 6M: 12.10%
• 1Y: 21.91%
• 3Y*: 18.97%
• 5Y*: 12.94%
• 10Y*: 11.09%

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

USD vs. FDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USD ProShares Ultra Semiconductors	83.22%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%
FDL First Trust Morningstar Dividend Leaders Index Fund	12.30%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%

Correlation

The correlation between USD and FDL is -0.22, 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	-0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.00
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	0.45

The correlation between USD and FDL shifts across timeframes, from -0.22 (1 year) to 0.45 (all time), reflecting how their relationship changes across market environments.

USD vs. FDL - Sectors Allocation Comparison

Sectors	USD	FDL
Technology	26.3%	1.4%
Financial Services	26.0%	15.2%
Energy	0.0%	25.7%
Basic Materials	-	0.3%
Communication Services	-	10.6%
Consumer Cyclical	-	4.7%
Consumer Defensive	-	14.4%
Healthcare	-	17.6%
Industrials	-	3.9%
Real Estate	-	-
Utilities	-	6.5%

Return for Risk

USD vs. FDL — Risk / Return Rank

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

USD

USD Risk / Return Rank: 82
USD Sharpe Ratio Rank: 91
USD Sortino Ratio Rank: 68
USD Omega Ratio Rank: 72
USD Calmar Ratio Rank: 93
USD Martin Ratio Rank: 86

FDL

FDL Risk / Return Rank: 72
FDL Sharpe Ratio Rank: 65
FDL Sortino Ratio Rank: 72
FDL Omega Ratio Rank: 60
FDL Calmar Ratio Rank: 91
FDL Martin Ratio Rank: 72

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. FDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) and First Trust Morningstar Dividend Leaders Index Fund (FDL). 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	FDL	Difference
Sharpe ratio: Return per unit of total volatility	2.76	1.91	+0.86
Sortino ratio: Return per unit of downside risk	2.78	2.90	-0.12
Omega ratio: Gain probability vs. loss probability	1.38	1.33	+0.05
Calmar ratio: Return relative to maximum drawdown	5.88	5.15	+0.73
Martin ratio: Return relative to average drawdown	16.26	12.05	+4.20

USD vs. FDL - Sharpe Ratio Comparison

The current USD Sharpe Ratio is 2.76, which is higher than the FDL Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of USD and FDL, 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. FDL - Drawdown Comparison

The maximum USD drawdown since its inception was -88.63%, which is greater than FDL's maximum drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for USD and FDL.

Drawdown Indicators

	USD	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-88.63%	-65.93%	-22.70%
Max Drawdown (1Y) Largest decline over 1 year	-31.80%	-4.27%	-27.53%
Max Drawdown (3Y) Largest decline over 3 years	-64.46%	-12.24%	-52.22%
Max Drawdown (5Y) Largest decline over 5 years	-77.85%	-16.46%	-61.39%
Max Drawdown (10Y) Largest decline over 10 years	-77.85%	-41.40%	-36.45%
Current Drawdown Current decline from peak	-15.35%	-3.40%	-11.95%
Average Drawdown Average peak-to-trough decline	-32.29%	-9.63%	-22.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.48%	1.82%	+9.66%

Volatility

USD vs. FDL - Volatility Comparison

ProShares Ultra Semiconductors (USD) has a higher volatility of 34.08% compared to First Trust Morningstar Dividend Leaders Index Fund (FDL) at 3.54%. This indicates that USD's price experiences larger fluctuations and is considered to be riskier than FDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USD	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	34.08%	3.54%	+30.54%
Volatility (6M) Calculated over the trailing 6-month period	53.79%	8.10%	+45.69%
Volatility (1Y) Calculated over the trailing 1-year period	67.97%	11.55%	+56.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	77.72%	14.31%	+63.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.82%	17.11%	+52.71%

USD vs. FDL - Expense Ratio Comparison

USD has a 0.95% expense ratio, which is higher than FDL's 0.43% expense ratio.

Dividends

USD vs. FDL - Dividend Comparison

USD's dividend yield for the trailing twelve months is around 0.25%, less than FDL's 3.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.71%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
USD ProShares Ultra Semiconductors	0.25%	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 FDL in my portfolio?

USD and FDL have a correlation of -0.22, 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 FDL?

USD has higher volatility (34.08%) compared to FDL (3.54%). In terms of maximum drawdown, USD dropped -88.63% vs FDL's -65.93%.

Which ETF is better, USD or FDL?

On 10-year performance, USD leads with 60.90% vs 11.09% for FDL. On fees, FDL is cheaper at 0.43% per year. On volatility, FDL has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USD or FDL?

Over the 10-year period, USD has performed better with a 60.90% return vs 11.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USD or FDL?

FDL is cheaper with a 0.43% expense ratio, compared with 0.95% for USD.

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

FDL has the higher dividend yield at 3.71%, compared with 0.25% for USD.

What is the main difference between USD and FDL?

USD is categorized as Leveraged Equities, while FDL is Large Cap Value Equities. USD tracks Dow Jones U.S. Semiconductors Index (200%), while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.95% for USD and 0.43% for FDL.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (2.76 vs 1.91), 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.