USD vs. SOXL

Last updated Jun 3, 2026

USD (ProShares Ultra Semiconductors) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both Leveraged Equities funds - USD tracks the Dow Jones U.S. Semiconductors Index (200%) while SOXL tracks the ICE Semiconductor Index. Both are passively managed. Over the past 10 years, USD returned 62.35%/yr vs 64.53%/yr for SOXL. Their correlation of 0.95 suggests significant overlap in exposure. USD charges 0.95%/yr vs 0.75%/yr for SOXL.

Performance

USD vs. SOXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Semiconductors (USD) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USD achieves a 116.46% return, which is significantly lower than SOXL's 533.64% return. Both investments have delivered pretty close results over the past 10 years, with USD having a 62.35% annualized return and SOXL not far ahead at 64.53%.

USD

• 1D: 4.76%
• 1M: 45.27%
• YTD: 116.46%
• 6M: 113.25%
• 1Y: 300.04%
• 3Y*: 128.54%
• 5Y*: 71.52%
• 10Y*: 62.35%

SOXL

• 1D: 17.31%
• 1M: 104.23%
• YTD: 533.64%
• 6M: 508.04%
• 1Y: 1,481.30%
• 3Y*: 131.09%
• 5Y*: 49.21%
• 10Y*: 64.53%

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

USD vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USD ProShares Ultra Semiconductors	116.46%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%
SOXL Direxion Daily Semiconductor Bull 3X ETF	533.64%	54.91%	-12.31%	226.98%	-85.66%	118.84%	70.04%	231.83%	-39.07%	141.71%

Correlation

The correlation between USD and SOXL is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Mar 12, 2010	0.95

The correlation between USD and SOXL shifts across timeframes, from 0.82 (1 year) to 0.95 (all time), reflecting how their relationship changes across market environments.

USD vs. SOXL - Sectors Allocation Comparison

Sectors	USD	SOXL
Financial Services	27.8%	-
Technology	27.4%	100.0%
Energy	0.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

USD vs. SOXL — Risk / Return Rank

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

USD

USD Risk / Return Rank: 92
USD Sharpe Ratio Rank: 97
USD Sortino Ratio Rank: 87
USD Omega Ratio Rank: 86
USD Calmar Ratio Rank: 96
USD Martin Ratio Rank: 95

SOXL

SOXL Risk / Return Rank: 98
SOXL Sharpe Ratio Rank: 100
SOXL Sortino Ratio Rank: 95
SOXL Omega Ratio Rank: 95
SOXL Calmar Ratio Rank: 99
SOXL Martin Ratio Rank: 99

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. SOXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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	SOXL	Difference
Sharpe ratio Return per unit of total volatility	4.94	14.69	-9.75
Sortino ratio Return per unit of downside risk	3.98	5.22	-1.24
Omega ratio Gain probability vs. loss probability	1.54	1.73	-0.19
Calmar ratio Return relative to maximum drawdown	9.93	35.72	-25.79
Martin ratio Return relative to average drawdown	28.78	122.73	-93.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USD vs. SOXL - Sharpe Ratio Comparison

The current USD Sharpe Ratio is 4.94, which is lower than the SOXL Sharpe Ratio of 14.69. The chart below compares the historical Sharpe Ratios of USD and SOXL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	USD	SOXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.94	14.69	-9.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	0.46	+0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.90	0.65	+0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.51	-0.02

Drawdowns

USD vs. SOXL - Drawdown Comparison

The maximum USD drawdown since its inception was -88.63%, roughly equal to the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for USD and SOXL.

Drawdown Indicators

	USD	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-88.63%	-90.46%	+1.83%
Max Drawdown (1Y) Largest decline over 1 year	-31.80%	-43.47%	+11.67%
Max Drawdown (3Y) Largest decline over 3 years	-64.46%	-87.88%	+23.42%
Max Drawdown (5Y) Largest decline over 5 years	-77.85%	-90.46%	+12.61%
Max Drawdown (10Y) Largest decline over 10 years	-77.85%	-90.46%	+12.61%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-32.36%	-35.02%	+2.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.97%	12.65%	-1.68%

Volatility

USD vs. SOXL - Volatility Comparison

The current volatility for ProShares Ultra Semiconductors (USD) is 20.29%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 41.22%. This indicates that USD experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USD	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.29%	41.22%	-20.93%
Volatility (6M) Calculated over the trailing 6-month period	46.37%	81.21%	-34.84%
Volatility (1Y) Calculated over the trailing 1-year period	61.29%	102.08%	-40.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	76.56%	107.26%	-30.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.24%	99.05%	-29.81%

USD vs. SOXL - Expense Ratio Comparison

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

Dividends

USD vs. SOXL - Dividend Comparison

USD's dividend yield for the trailing twelve months is around 0.21%, more than SOXL's 0.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SOXL Direxion Daily Semiconductor Bull 3X ETF	0.03%	0.34%	1.18%	0.51%	1.07%	0.04%	0.05%	0.38%	1.30%	0.09%	4.84%	0.00%
USD ProShares Ultra Semiconductors	0.21%	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 SOXL in my portfolio?

USD and SOXL have a correlation of 0.82, 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 SOXL?

SOXL has higher volatility (41.22%) compared to USD (20.29%). In terms of maximum drawdown, USD dropped -88.63% vs SOXL's -90.46%.

Which ETF is better, USD or SOXL?

On 10-year performance, SOXL leads with 64.53% vs 62.35% for USD. On fees, SOXL is cheaper at 0.75% per year. On volatility, USD has been the lower-risk option at 20.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USD or SOXL?

Over the 10-year period, SOXL has performed better with a 64.53% return vs 62.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USD or SOXL?

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

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

USD has the higher dividend yield at 0.21%, compared with 0.03% for SOXL.

What is the main difference between USD and SOXL?

USD tracks Dow Jones U.S. Semiconductors Index (200%), while SOXL tracks ICE Semiconductor Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for USD and 0.75% for SOXL.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (14.69 vs 4.94), 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.