USD vs. GOVT
USD (ProShares Ultra Semiconductors) and GOVT (iShares U.S. Treasury Bond ETF) are both exchange-traded funds - USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%), while GOVT is a Government Bonds fund tracking the ICE U.S. Treasury Core Bond Index. Both are passively managed. Over the past 10 years, USD returned 58.18%/yr vs 0.86%/yr for GOVT. At a correlation of -0.15, they often move in opposite directions. USD charges 0.95%/yr vs 0.05%/yr for GOVT.
Performance
USD vs. GOVT - 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 GOVT's -0.33% return. Over the past 10 years, USD has outperformed GOVT with an annualized return of 58.18%, while GOVT has yielded a comparatively lower 0.86% 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%
GOVT
- 1D
- -0.35%
- 1M
- -0.59%
- YTD
- -0.33%
- 6M
- -0.22%
- 1Y
- 3.74%
- 3Y*
- 2.73%
- 5Y*
- -0.50%
- 10Y*
- 0.86%
USD vs. GOVT - 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% |
GOVT iShares U.S. Treasury Bond ETF | -0.33% | 3.77% | 2.95% | 4.17% | -13.39% | -1.11% | 7.28% | 7.36% | 0.26% | 2.19% |
Correlation
The correlation between USD and GOVT is 0.02, 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 | 0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Feb 27, 2012 | -0.15 |
The correlation between USD and GOVT shifts across timeframes, from -0.15 (all time) to 0.02 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
USD vs. GOVT — Risk / Return Rank
USD
GOVT
USD vs. GOVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) and iShares U.S. Treasury Bond ETF (GOVT). 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 | GOVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.21 | ||
| Sortino ratioReturn per unit of downside risk | +1.65 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.15 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 6.21 | 1.12 | +5.09 |
| Martin ratioReturn relative to average drawdown | 17.82 | 3.25 | +14.56 |
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 | GOVT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.10 | 0.89 | +2.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.81 | -0.08 | +0.89 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.84 | 0.16 | +0.68 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 0.26 | +0.21 |
Drawdowns
USD vs. GOVT - Drawdown Comparison
The maximum USD drawdown since its inception was -88.63%, which is greater than GOVT's maximum drawdown of -19.07%. Use the drawdown chart below to compare losses from any high point for USD and GOVT.
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Drawdown Indicators
| USD | GOVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.63% | -19.07% | -69.56% |
Max Drawdown (1Y)Largest decline over 1 year | -31.80% | -2.85% | -28.95% |
Max Drawdown (3Y)Largest decline over 3 years | -64.46% | -5.43% | -59.03% |
Max Drawdown (5Y)Largest decline over 5 years | -77.85% | -16.60% | -61.25% |
Max Drawdown (10Y)Largest decline over 10 years | -77.85% | -19.07% | -58.78% |
Current DrawdownCurrent decline from peak | -21.89% | -7.38% | -14.51% |
Average DrawdownAverage peak-to-trough decline | -32.34% | -5.25% | -27.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.06% | 0.98% | +10.08% |
Volatility
USD vs. GOVT - Volatility Comparison
ProShares Ultra Semiconductors (USD) has a higher volatility of 27.63% compared to iShares U.S. Treasury Bond ETF (GOVT) at 1.06%. This indicates that USD's price experiences larger fluctuations and is considered to be riskier than GOVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USD | GOVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 27.63% | 1.06% | +26.57% |
Volatility (6M)Calculated over the trailing 6-month period | 50.45% | 2.54% | +47.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 63.70% | 3.60% | +60.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.91% | 6.04% | +70.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.45% | 5.22% | +64.23% |
USD vs. GOVT - Expense Ratio Comparison
USD has a 0.95% expense ratio, which is higher than GOVT's 0.05% expense ratio.
Dividends
USD vs. GOVT - Dividend Comparison
USD's dividend yield for the trailing twelve months is around 0.27%, less than GOVT's 3.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOVT iShares U.S. Treasury Bond ETF | 3.59% | 3.49% | 3.14% | 2.65% | 1.77% | 0.96% | 2.17% | 1.98% | 1.97% | 1.57% | 1.40% | 1.25% |
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 GOVT have a correlation of 0.02, 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 GOVT (1.06%). In terms of maximum drawdown, USD dropped -88.63% vs GOVT's -19.07%.
On 10-year performance, USD leads with 58.18% vs 0.86% for GOVT. On fees, GOVT is cheaper at 0.05% per year. On volatility, GOVT has been the lower-risk option at 1.06%. 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 0.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GOVT is cheaper with a 0.05% expense ratio, compared with 0.95% for USD.
GOVT has the higher dividend yield at 3.59%, compared with 0.27% for USD.
USD is categorized as Leveraged Equities, while GOVT is Government Bonds. USD tracks Dow Jones U.S. Semiconductors Index (200%), while GOVT tracks ICE U.S. Treasury Core Bond Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for USD and 0.05% for GOVT.
USD currently has the higher Sharpe Ratio (3.10 vs 0.89), 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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