USD vs. NIOG

Last updated Jul 17, 2026

USD (ProShares Ultra Semiconductors) and NIOG (Leverage Shares 2X Long NIO Daily ETF) are both Leveraged Equities funds - USD tracks the Dow Jones U.S. Semiconductors Index (200%) while NIOG tracks the NIO Inc. (NIO). Both are passively managed. At a 0.31 correlation, their price movements are largely independent. USD charges 0.95%/yr vs 0.75%/yr for NIOG.

Performance

USD vs. NIOG - Performance Comparison

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

Returns By Period

In the year-to-date period, USD achieves a 63.25% return, which is significantly higher than NIOG's -24.25% return.

USD

• 1D: -7.37%
• 1M: -12.52%
• 6M: 51.62%
• YTD: 63.25%
• 1Y: 108.17%
• 3Y*: 94.08%
• 5Y*: 61.69%
• 10Y*: 56.23%

NIOG

• 1D: -2.68%
• 1M: -3.92%
• 6M: -7.44%
• YTD: -24.25%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USD vs. NIOG - Yearly Performance Comparison

	2026 (YTD)	2025
USD ProShares Ultra Semiconductors	63.25%	15.61%
NIOG Leverage Shares 2X Long NIO Daily ETF	-24.25%	3.25%

Correlation

The correlation between USD and NIOG is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 18, 2025	0.31

Return for Risk

USD vs. NIOG — Risk / Return Rank

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

USD

USD Risk / Return Rank: 60
USD Sharpe Ratio Rank: 56
USD Sortino Ratio Rank: 49
USD Omega Ratio Rank: 50
USD Calmar Ratio Rank: 81
USD Martin Ratio Rank: 62

NIOG

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. NIOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) and Leverage Shares 2X Long NIO Daily ETF (NIOG). 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	NIOG	Difference
Sharpe ratio: Return per unit of total volatility	1.53	—	—
Sortino ratio: Return per unit of downside risk	1.99	—	—
Omega ratio: Gain probability vs. loss probability	1.26	—	—
Calmar ratio: Return relative to maximum drawdown	3.42	—	—
Martin ratio: Return relative to average drawdown	8.81	—	—

Drawdowns

USD vs. NIOG - Drawdown Comparison

The maximum USD drawdown since its inception was -88.63%, which is greater than NIOG's maximum drawdown of -56.27%. Use the drawdown chart below to compare losses from any high point for USD and NIOG.

Drawdown Indicators

	USD	NIOG	Difference
Max Drawdown Largest peak-to-trough decline	-88.63%	-56.27%	-32.36%
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	-24.58%	-52.54%	+27.96%
Average Drawdown Average peak-to-trough decline	-32.25%	-25.73%	-6.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.32%	—	—

Volatility

Volatility by Period

	USD	NIOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.75%	—	—
Volatility (6M) Calculated over the trailing 6-month period	58.47%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	71.05%	112.29%	-41.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	78.28%	112.29%	-34.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.10%	112.29%	-42.19%

USD vs. NIOG - Expense Ratio Comparison

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

Dividends

USD vs. NIOG - Dividend Comparison

USD's dividend yield for the trailing twelve months is around 0.35%, while NIOG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NIOG Leverage Shares 2X Long NIO 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	0.35%	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 NIOG in my portfolio?

USD and NIOG have a correlation of 0.31, 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 NIOG?

On fees, NIOG 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 NIOG?

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

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

USD has the higher dividend yield at 0.35%, compared with 0.00% for NIOG.

What is the main difference between USD and NIOG?

USD tracks Dow Jones U.S. Semiconductors Index (200%), while NIOG tracks NIO Inc. (NIO). They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.95% for USD and 0.75% for NIOG.