USD vs. NVDG

Last updated Aug 6, 2026

USD (ProShares Ultra Semiconductors) and NVDG (Leverage Shares 2X Long NVDA Daily ETF) are both Leveraged Equities funds. USD is passively managed, while NVDG is actively managed. Over the past year, USD returned 112.45% vs 18.71% for NVDG. Their correlation of 0.88 means they have usually moved in the same direction. USD charges 0.95%/yr vs 0.75%/yr for NVDG.

Performance

USD vs. NVDG - Performance Comparison

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

Returns By Period

In the year-to-date period, USD achieves a 73.03% return, which is significantly higher than NVDG's 18.95% return.

USD

• 1D: 0.95%
• 1M: 0.29%
• 6M: 81.72%
• YTD: 73.03%
• 1Y: 112.45%
• 3Y*: 102.64%
• 5Y*: 58.12%
• 10Y*: 55.62%
• ALL TIME*: 28.97%

NVDG

• 1D: 7.27%
• 1M: 23.11%
• 6M: 38.73%
• YTD: 18.95%
• 1Y: 18.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 31.46%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NVDG Leverage Shares 2X Long NVDA Daily ETF	$3.50M	$4.23M	$6.05M
USD ProShares Ultra Semiconductors	$74.30M	$71.34M	$95.45M

USD vs. NVDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USD ProShares Ultra Semiconductors	73.03%	62.08%	2.41%
NVDG Leverage Shares 2X Long NVDA Daily ETF	18.95%	32.45%	-0.52%

Correlation

The correlation between USD and NVDG is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.84
Correlation (All Time) Calculated using the full available price history since Dec 13, 2024	0.88

The correlation between USD and NVDG has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.

Return for Risk

USD vs. NVDG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

USD

USD Risk / Return Rank: 57
USD Sharpe Ratio Rank: 55
USD Sortino Ratio Rank: 49
USD Omega Ratio Rank: 50
USD Calmar Ratio Rank: 72
USD Martin Ratio Rank: 60

NVDG

NVDG Risk / Return Rank: 18
NVDG Sharpe Ratio Rank: 15
NVDG Sortino Ratio Rank: 21
NVDG Omega Ratio Rank: 20
NVDG Calmar Ratio Rank: 17
NVDG Martin Ratio Rank: 16

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

USD vs. NVDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) and Leverage Shares 2X Long NVDA Daily ETF (NVDG). 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	NVDG	Difference
Sharpe ratio: Return per unit of total volatility	1.53	0.26	+1.27
Sortino ratio: Return per unit of downside risk	2.02	0.87	+1.14
Omega ratio: Gain probability vs. loss probability	1.26	1.10	+0.16
Calmar ratio: Return relative to maximum drawdown	2.88	0.44	+2.44
Martin ratio: Return relative to average drawdown	8.14	0.85	+7.30

USD vs. NVDG - Sharpe Ratio Comparison

The current USD Sharpe Ratio is 1.53, which is higher than the NVDG Sharpe Ratio of 0.26. The chart below compares the historical Sharpe Ratios of USD and NVDG, 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. NVDG - Drawdown Comparison

The maximum USD drawdown since its inception was -88.63%, which is greater than NVDG's maximum drawdown of -66.19%. Use the drawdown chart below to compare losses from any high point for USD and NVDG.

Drawdown Indicators

	USD	NVDG	Difference
Max Drawdown Largest peak-to-trough decline	-88.63%	-66.19%	-22.44%
Max Drawdown (1Y) Largest decline over 1 year	-39.33%	-42.72%	+3.39%
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	-20.06%	-18.32%	-1.74%
Average Drawdown Average peak-to-trough decline	-32.23%	-23.52%	-8.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.86%	22.11%	-8.25%

Volatility

USD vs. NVDG - Volatility Comparison

ProShares Ultra Semiconductors (USD) has a higher volatility of 28.60% compared to Leverage Shares 2X Long NVDA Daily ETF (NVDG) at 26.09%. This indicates that USD's price experiences larger fluctuations and is considered to be riskier than NVDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USD	NVDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.60%	26.09%	+2.51%
Volatility (6M) Calculated over the trailing 6-month period	61.51%	56.20%	+5.31%
Volatility (1Y) Calculated over the trailing 1-year period	74.08%	72.44%	+1.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	78.90%	89.79%	-10.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.45%	89.79%	-19.34%

USD vs. NVDG - Expense Ratio Comparison

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

Dividends

USD vs. NVDG - Dividend Comparison

USD's dividend yield for the trailing twelve months is around 0.33%, less than NVDG's 9.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NVDG Leverage Shares 2X Long NVDA Daily ETF	9.93%	11.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USD ProShares Ultra Semiconductors	0.33%	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 NVDG in my portfolio?

USD and NVDG have a correlation of 0.84, 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 NVDG?

USD has higher volatility (28.60%) compared to NVDG (26.09%). In terms of maximum drawdown, USD dropped -88.63% vs NVDG's -66.19%.

Which ETF is better, USD or NVDG?

On 1-year performance, USD leads with 112.45% vs 18.71% for NVDG. On fees, NVDG is cheaper at 0.75% per year. On volatility, NVDG has been the lower-risk option at 26.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USD or NVDG?

Over the 1-year period, USD has performed better with a 112.45% return vs 18.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USD or NVDG?

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

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

NVDG has the higher dividend yield at 9.93%, compared with 0.33% for USD.

What is the main difference between USD and NVDG?

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

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (1.53 vs 0.26), 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.