USD vs. IREG

Last updated Jun 5, 2026

USD (ProShares Ultra Semiconductors) and IREG (Leverage Shares 2X Long IREN Daily ETF) are both Leveraged Equities funds. USD is passively managed, while IREG is actively managed. A 0.52 correlation means they provide meaningful diversification when combined. USD charges 0.95%/yr vs 0.75%/yr for IREG.

Performance

USD vs. IREG - Performance Comparison

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

Returns By Period

In the year-to-date period, USD achieves a 103.32% return, which is significantly higher than IREG's 56.37% return.

USD

• 1D: -4.99%
• 1M: 31.62%
• YTD: 103.32%
• 6M: 97.79%
• 1Y: 250.81%
• 3Y*: 125.78%
• 5Y*: 67.80%
• 10Y*: 61.24%

IREG

• 1D: -11.36%
• 1M: 14.10%
• YTD: 56.37%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USD vs. IREG - Yearly Performance Comparison

	2026 (YTD)	2025
USD ProShares Ultra Semiconductors	103.32%	6.80%
IREG Leverage Shares 2X Long IREN Daily ETF	56.37%	3.65%

Correlation

The correlation between USD and IREG is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 17, 2025	0.52

Return for Risk

USD vs. IREG — Risk / Return Rank

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

USD

USD Risk / Return Rank: 89
USD Sharpe Ratio Rank: 96
USD Sortino Ratio Rank: 82
USD Omega Ratio Rank: 81
USD Calmar Ratio Rank: 95
USD Martin Ratio Rank: 92

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. IREG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) and Leverage Shares 2X Long IREN Daily ETF (IREG). 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	IREG	Difference
Sharpe ratio: Return per unit of total volatility	4.12	—	—
Sortino ratio: Return per unit of downside risk	3.62	—	—
Omega ratio: Gain probability vs. loss probability	1.48	—	—
Calmar ratio: Return relative to maximum drawdown	7.94	—	—
Martin ratio: Return relative to average drawdown	22.96	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	USD	IREG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.12	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.89	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.90	-0.41

Drawdowns

USD vs. IREG - Drawdown Comparison

The maximum USD drawdown since its inception was -88.63%, which is greater than IREG's maximum drawdown of -80.08%. Use the drawdown chart below to compare losses from any high point for USD and IREG.

Drawdown Indicators

	USD	IREG	Difference
Max Drawdown Largest peak-to-trough decline	-88.63%	-80.08%	-8.55%
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	-6.07%	-37.68%	+31.61%
Average Drawdown Average peak-to-trough decline	-32.35%	-44.04%	+11.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.98%	—	—

Volatility

Volatility by Period

	USD	IREG	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.29%	—	—
Volatility (6M) Calculated over the trailing 6-month period	46.74%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	61.28%	207.94%	-146.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	76.56%	207.94%	-131.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.24%	207.94%	-138.70%

USD vs. IREG - Expense Ratio Comparison

USD has a 0.95% expense ratio, which is higher than IREG's 0.75% expense ratio.

Dividends

USD vs. IREG - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IREG Leverage Shares 2X Long IREN 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	0.23%	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 IREG in my portfolio?

USD and IREG have a correlation of 0.52, 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 IREG?

On fees, IREG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, USD or IREG?

IREG is cheaper with a 0.75% expense ratio, compared with 0.95% for USD.

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

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

What is the main difference between USD and IREG?

They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.95% for USD and 0.75% for IREG.