USD vs. SHLD

Last updated Jun 13, 2026

USD (ProShares Ultra Semiconductors) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%), while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, USD returned 222.89% vs 8.26% for SHLD. At a 0.28 correlation, their price movements are largely independent. USD charges 0.95%/yr vs 0.50%/yr for SHLD.

Performance

USD vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Semiconductors (USD) and Global X Defense Tech ETF (SHLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USD achieves a 86.87% return, which is significantly higher than SHLD's -1.50% return.

USD

• 1D: 2.08%
• 1M: -6.17%
• YTD: 86.87%
• 6M: 97.77%
• 1Y: 222.89%
• 3Y*: 111.11%
• 5Y*: 65.02%
• 10Y*: 60.21%

SHLD

• 1D: -2.04%
• 1M: -0.44%
• YTD: -1.50%
• 6M: -1.03%
• 1Y: 8.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USD vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USD ProShares Ultra Semiconductors	86.87%	62.08%	139.64%	32.54%
SHLD Global X Defense Tech ETF	-1.50%	74.16%	35.03%	12.89%

Correlation

The correlation between USD and SHLD is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.28

USD vs. SHLD - Sectors Allocation Comparison

Sectors	USD	SHLD
Financial Services	28.0%	-
Technology	26.7%	11.8%
Energy	0.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	88.2%
Real Estate	-	-
Utilities	-	-

Return for Risk

USD vs. SHLD — Risk / Return Rank

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

USD

USD Risk / Return Rank: 88
USD Sharpe Ratio Rank: 94
USD Sortino Ratio Rank: 79
USD Omega Ratio Rank: 81
USD Calmar Ratio Rank: 95
USD Martin Ratio Rank: 91

SHLD

SHLD Risk / Return Rank: 16
SHLD Sharpe Ratio Rank: 17
SHLD Sortino Ratio Rank: 17
SHLD Omega Ratio Rank: 16
SHLD Calmar Ratio Rank: 16
SHLD Martin Ratio Rank: 16

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. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) and Global X Defense Tech ETF (SHLD). 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	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	3.20	0.43	+2.78
Sortino ratio: Return per unit of downside risk	3.05	0.78	+2.27
Omega ratio: Gain probability vs. loss probability	1.41	1.09	+0.33
Calmar ratio: Return relative to maximum drawdown	6.58	0.52	+6.06
Martin ratio: Return relative to average drawdown	18.43	1.28	+17.14

USD vs. SHLD - Sharpe Ratio Comparison

The current USD Sharpe Ratio is 3.20, which is higher than the SHLD Sharpe Ratio of 0.43. The chart below compares the historical Sharpe Ratios of USD and SHLD, 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. SHLD - Drawdown Comparison

The maximum USD drawdown since its inception was -88.63%, which is greater than SHLD's maximum drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for USD and SHLD.

Drawdown Indicators

	USD	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-88.63%	-20.10%	-68.53%
Max Drawdown (1Y) Largest decline over 1 year	-31.80%	-20.10%	-11.70%
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	-13.67%	-18.20%	+4.53%
Average Drawdown Average peak-to-trough decline	-32.32%	-3.34%	-28.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.34%	8.12%	+3.22%

Volatility

USD vs. SHLD - Volatility Comparison

ProShares Ultra Semiconductors (USD) has a higher volatility of 29.56% compared to Global X Defense Tech ETF (SHLD) at 9.05%. This indicates that USD's price experiences larger fluctuations and is considered to be riskier than SHLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USD	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.56%	9.05%	+20.51%
Volatility (6M) Calculated over the trailing 6-month period	52.44%	19.94%	+32.50%
Volatility (1Y) Calculated over the trailing 1-year period	65.34%	24.55%	+40.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	77.19%	21.29%	+55.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.61%	21.29%	+48.32%

USD vs. SHLD - Expense Ratio Comparison

USD has a 0.95% expense ratio, which is higher than SHLD's 0.50% expense ratio.

Dividends

USD vs. SHLD - Dividend Comparison

USD's dividend yield for the trailing twelve months is around 0.25%, less than SHLD's 0.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SHLD Global X Defense Tech ETF	0.56%	0.55%	0.53%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both USD and SHLD in my portfolio?

USD and SHLD have a correlation of 0.26, 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 SHLD?

USD has higher volatility (29.56%) compared to SHLD (9.05%). In terms of maximum drawdown, USD dropped -88.63% vs SHLD's -20.10%.

Which ETF is better, USD or SHLD?

On 1-year performance, USD leads with 222.89% vs 8.26% for SHLD. On fees, SHLD is cheaper at 0.50% per year. On volatility, SHLD has been the lower-risk option at 9.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USD or SHLD?

Over the 1-year period, USD has performed better with a 222.89% return vs 8.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USD or SHLD?

SHLD is cheaper with a 0.50% expense ratio, compared with 0.95% for USD.

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

SHLD has the higher dividend yield at 0.56%, compared with 0.25% for USD.

What is the main difference between USD and SHLD?

USD is categorized as Leveraged Equities, while SHLD is Aerospace & Defense. USD tracks Dow Jones U.S. Semiconductors Index (200%), while SHLD tracks Global X Defense Tech Index. They also come from different issuers: ProShares and Global X. Their fees differ too: 0.95% for USD and 0.50% for SHLD.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (3.20 vs 0.43), 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.