USD vs. IFED
USD (ProShares Ultra Semiconductors) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both Leveraged Equities funds - USD tracks the Dow Jones U.S. Semiconductors Index (200%) while IFED tracks the IFED Large-Cap US Equity Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, USD returned 104.08%/yr vs 14.90%/yr for IFED. A 0.61 correlation means they provide meaningful diversification when combined. USD charges 0.95%/yr vs 0.45%/yr for IFED.
Performance
USD vs. IFED - Performance Comparison
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Returns By Period
In the year-to-date period, USD achieves a 81.18% return, which is significantly higher than IFED's -3.70% return.
USD
- 1D
- 6.38%
- 1M
- -3.04%
- 6M
- 68.72%
- YTD
- 81.18%
- 1Y
- 145.11%
- 3Y*
- 104.08%
- 5Y*
- 63.45%
- 10Y*
- 58.18%
IFED
- 1D
- 0.00%
- 1M
- -0.71%
- 6M
- -4.12%
- YTD
- -3.70%
- 1Y
- -0.46%
- 3Y*
- 14.90%
- 5Y*
- —
- 10Y*
- —
USD vs. IFED - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 81.18% | 62.08% | 139.64% | 228.79% | -68.57% | 38.96% |
IFED ETRACS IFED Invest with the Fed TR Index ETN | -3.70% | 15.02% | 23.04% | 20.78% | -1.46% | 8.46% |
Correlation
The correlation between USD and IFED is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2021 | 0.61 |
Over the past year, the correlation between USD and IFED has dropped to 0.28 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.
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Return for Risk
USD vs. IFED — Risk / Return Rank
USD
IFED
USD vs. IFED - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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 | IFED | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.09 | ||
| Sortino ratioReturn per unit of downside risk | +2.26 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.01 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 4.59 | -0.03 | +4.62 |
| Martin ratioReturn relative to average drawdown | 11.97 | -0.08 | +12.05 |
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Drawdowns
USD vs. IFED - Drawdown Comparison
The maximum USD drawdown since its inception was -88.63%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for USD and IFED.
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Drawdown Indicators
| USD | IFED | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.63% | -22.36% | -66.27% |
Max Drawdown (1Y)Largest decline over 1 year | -31.80% | -14.65% | -17.15% |
Max Drawdown (3Y)Largest decline over 3 years | -64.46% | -22.36% | -42.10% |
Max Drawdown (5Y)Largest decline over 5 years | -77.85% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -77.85% | — | — |
Current DrawdownCurrent decline from peak | -16.30% | -5.67% | -10.63% |
Average DrawdownAverage peak-to-trough decline | -32.25% | -5.83% | -26.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.17% | 6.02% | +6.15% |
Volatility
USD vs. IFED - Volatility Comparison
ProShares Ultra Semiconductors (USD) has a higher volatility of 31.36% compared to ETRACS IFED Invest with the Fed TR Index ETN (IFED) at 7.00%. This indicates that USD's price experiences larger fluctuations and is considered to be riskier than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USD | IFED | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 31.36% | 7.00% | +24.36% |
Volatility (6M)Calculated over the trailing 6-month period | 57.84% | 15.09% | +42.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.75% | 17.76% | +52.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 78.26% | 20.01% | +58.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.08% | 20.01% | +50.07% |
USD vs. IFED - Expense Ratio Comparison
USD has a 0.95% expense ratio, which is higher than IFED's 0.45% expense ratio.
Dividends
USD vs. IFED - Dividend Comparison
USD's dividend yield for the trailing twelve months is around 0.32%, while IFED has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IFED ETRACS IFED Invest with the Fed TR Index 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 | 0.32% | 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 IFED have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (31.36%) compared to IFED (7.00%). In terms of maximum drawdown, USD dropped -88.63% vs IFED's -22.36%.
On 3-year performance, USD leads with 104.08% vs 14.90% for IFED. On fees, IFED is cheaper at 0.45% per year. On volatility, IFED has been the lower-risk option at 7.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USD has performed better with a 104.08% return vs 14.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IFED is cheaper with a 0.45% expense ratio, compared with 0.95% for USD.
USD has the higher dividend yield at 0.32%, compared with 0.00% for IFED.
USD tracks Dow Jones U.S. Semiconductors Index (200%), while IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross. They also come from different issuers: ProShares and UBS. Their fees differ too: 0.95% for USD and 0.45% for IFED.
USD currently has the higher Sharpe Ratio (2.06 vs -0.03), 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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