USD vs. NVO
USD (ProShares Ultra Semiconductors) is Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%), while NVO (Novo Nordisk A/S) is a stock. Over the past 10 years, USD returned 59.63%/yr vs 6.20%/yr for NVO. At a 0.32 correlation, their price movements are largely independent.
Performance
USD vs. NVO - Performance Comparison
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Returns By Period
In the year-to-date period, USD achieves a 81.60% return, which is significantly higher than NVO's -16.56% return. Over the past 10 years, USD has outperformed NVO with an annualized return of 59.63%, while NVO has yielded a comparatively lower 6.20% annualized return.
USD
- 1D
- 7.41%
- 1M
- -0.05%
- YTD
- 81.60%
- 6M
- 69.12%
- 1Y
- 218.18%
- 3Y*
- 115.96%
- 5Y*
- 65.20%
- 10Y*
- 59.63%
NVO
- 1D
- -4.52%
- 1M
- -10.96%
- YTD
- -16.56%
- 6M
- -9.23%
- 1Y
- -42.47%
- 3Y*
- -17.53%
- 5Y*
- 1.78%
- 10Y*
- 6.20%
USD vs. NVO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 81.60% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
NVO Novo Nordisk A/S | -16.56% | -39.22% | -15.93% | 54.84% | 22.66% | 63.52% | 23.33% | 28.70% | -12.98% | 52.92% |
Correlation
The correlation between USD and NVO is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007 | 0.32 |
The correlation between USD and NVO shifts across timeframes, from 0.17 (1 year) to 0.32 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
USD vs. NVO — Risk / Return Rank
USD
NVO
USD vs. NVO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) and Novo Nordisk A/S (NVO). 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 | NVO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.25 | ||
| Sortino ratioReturn per unit of downside risk | +4.16 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 0.86 | +0.58 |
| Calmar ratioReturn relative to maximum drawdown | 6.91 | -0.77 | +7.68 |
| Martin ratioReturn relative to average drawdown | 19.73 | -1.14 | +20.87 |
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 | NVO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.43 | -0.82 | +4.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.85 | 0.05 | +0.81 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.86 | 0.19 | +0.67 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | 0.47 | 0.00 |
Drawdowns
USD vs. NVO - Drawdown Comparison
The maximum USD drawdown since its inception was -88.63%, which is greater than NVO's maximum drawdown of -74.70%. Use the drawdown chart below to compare losses from any high point for USD and NVO.
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Drawdown Indicators
| USD | NVO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.63% | -74.70% | -13.93% |
Max Drawdown (1Y)Largest decline over 1 year | -31.80% | -55.03% | +23.23% |
Max Drawdown (3Y)Largest decline over 3 years | -64.46% | -74.70% | +10.24% |
Max Drawdown (5Y)Largest decline over 5 years | -77.85% | -74.70% | -3.15% |
Max Drawdown (10Y)Largest decline over 10 years | -77.85% | -74.70% | -3.15% |
Current DrawdownCurrent decline from peak | -16.10% | -70.19% | +54.09% |
Average DrawdownAverage peak-to-trough decline | -32.34% | -17.77% | -14.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.11% | 37.21% | -26.10% |
Volatility
USD vs. NVO - Volatility Comparison
ProShares Ultra Semiconductors (USD) has a higher volatility of 28.47% compared to Novo Nordisk A/S (NVO) at 9.75%. This indicates that USD's price experiences larger fluctuations and is considered to be riskier than NVO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USD | NVO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.47% | 9.75% | +18.72% |
Volatility (6M)Calculated over the trailing 6-month period | 50.89% | 38.30% | +12.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 64.16% | 52.08% | +12.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 77.00% | 38.31% | +38.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.51% | 32.56% | +36.95% |
Dividends
USD vs. NVO - Dividend Comparison
USD's dividend yield for the trailing twelve months is around 0.25%, less than NVO's 4.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NVO Novo Nordisk A/S | 4.39% | 3.31% | 1.68% | 1.00% | 1.20% | 1.35% | 1.87% | 2.14% | 1.45% | 1.52% | 2.87% | 0.92% |
USD ProShares Ultra Semiconductors | 0.25% | 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 NVO have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (28.47%) compared to NVO (9.75%). In terms of maximum drawdown, USD dropped -88.63% vs NVO's -74.70%.
USD currently has the higher Sharpe Ratio (3.43 vs -0.82), 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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