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USD vs. SPMO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

USD vs. SPMO

Last updated Jun 13, 2026

USD (ProShares Ultra Semiconductors) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%), while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 10 years, USD returned 60.21%/yr vs 20.86%/yr for SPMO. A 0.68 correlation means they provide meaningful diversification when combined. USD charges 0.95%/yr vs 0.13%/yr for SPMO.

Performance

USD vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Semiconductors (USD) and Invesco S&P 500 Momentum ETF (SPMO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, USD achieves a 86.87% return, which is significantly higher than SPMO's 28.15% return. Over the past 10 years, USD has outperformed SPMO with an annualized return of 60.21%, while SPMO has yielded a comparatively lower 20.86% annualized return.

USD

1D
2.08%
1M
-1.66%
YTD
86.87%
6M
97.77%
1Y
207.86%
3Y*
111.11%
5Y*
65.02%
10Y*
60.21%

SPMO

1D
1.26%
1M
4.23%
YTD
28.15%
6M
28.70%
1Y
43.47%
3Y*
41.53%
5Y*
23.50%
10Y*
20.86%
*Multi-year figures are annualized to reflect compound growth (CAGR)

USD vs. SPMO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
USD
ProShares Ultra Semiconductors		86.87%62.08%139.64%228.79%-68.57%104.27%68.16%110.37%-26.88%81.72%
SPMO
Invesco S&P 500 Momentum ETF		28.15%26.58%45.82%17.56%-10.45%22.64%28.25%25.93%-0.92%27.76%

Correlation

The correlation between USD and SPMO is 0.80, 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

0.80

Correlation (3Y)
Calculated over the trailing 3-year period

0.77

Correlation (5Y)
Calculated over the trailing 5-year period

0.74

Correlation (10Y)
Calculated over the trailing 10-year period

0.69

Correlation (All Time)
Calculated using the full available price history since Oct 12, 2015

0.68

The correlation between USD and SPMO shifts across timeframes, from 0.68 (all time) to 0.80 (1 year), reflecting how their relationship changes across market environments.

USD vs. SPMO - Sectors Allocation Comparison

Sectors
USD
SPMO

Financial Services

28.0%
5.7%

Technology

26.7%
54.8%

Energy

0.0%
3.1%

Basic Materials

-

1.6%

Communication Services

-

8.7%

Consumer Cyclical

-

1.3%

Consumer Defensive

-

4.0%

Healthcare

-

6.2%

Industrials

-

10.9%

Real Estate

-

0.9%

Utilities

-

2.5%

Financial Services

USD
28.0%
SPMO
5.7%

Technology

USD
26.7%
SPMO
54.8%

Energy

USD
0.0%
SPMO
3.1%

Basic Materials

USD

-

SPMO
1.6%

Communication Services

USD

-

SPMO
8.7%

Consumer Cyclical

USD

-

SPMO
1.3%

Consumer Defensive

USD

-

SPMO
4.0%

Healthcare

USD

-

SPMO
6.2%

Industrials

USD

-

SPMO
10.9%

Real Estate

USD

-

SPMO
0.9%

Utilities

USD

-

SPMO
2.5%

Compare stocks, funds, or ETFs

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ProShares Ultra Semiconductors

Invesco S&P 500 Momentum ETF

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USD vs. SOXLUSD vs. SMHUSD vs. TQQQUSD vs. QQQUSD vs. SCHDUSD vs. SPYUSD vs. FNGO
Often compared with SPMO:
SPMO vs. VOOSPMO vs. QQQSPMO vs. SCHGSPMO vs. MTUMSPMO vs. VUGSPMO vs. VFMOSPMO vs. XMMO

Return for Risk

USD vs. SPMO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
USD
USD Risk / Return Rank: 8888
Overall Rank
USD Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
USD Sortino Ratio Rank: 7979
Sortino Ratio Rank
USD Omega Ratio Rank: 8181
Omega Ratio Rank
USD Calmar Ratio Rank: 9595
Calmar Ratio Rank
USD Martin Ratio Rank: 9191
Martin Ratio Rank
SPMO
SPMO Risk / Return Rank: 7979
Overall Rank
SPMO Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
SPMO Sortino Ratio Rank: 7878
Sortino Ratio Rank
SPMO Omega Ratio Rank: 8080
Omega Ratio Rank
SPMO Calmar Ratio Rank: 7777
Calmar Ratio Rank
SPMO Martin Ratio Rank: 7878
Martin Ratio Rank
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. SPMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) and Invesco S&P 500 Momentum ETF (SPMO). 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.

USDSPMODifference
Sharpe ratioReturn per unit of total volatility
3.20
2.24

+0.96

Sortino ratioReturn per unit of downside risk
3.05
2.98

+0.07

Omega ratioGain probability vs. loss probability

1.41

1.41

+0.01

Calmar ratioReturn relative to maximum drawdown

6.58

3.44

+3.14

Martin ratioReturn relative to average drawdown

18.43

13.01

+5.42

USD vs. SPMO - Sharpe Ratio Comparison

The current USD Sharpe Ratio is 3.20, which is higher than the SPMO Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of USD and SPMO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

USD vs. SPMO - Drawdown Comparison

The maximum USD drawdown since its inception was -88.63%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for USD and SPMO.

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Drawdown Indicators

USDSPMODifference

Max Drawdown

Largest peak-to-trough decline

-88.63%

-30.95%

-57.68%

Max Drawdown (1Y)

Largest decline over 1 year

-31.80%

-12.70%

-19.10%

Max Drawdown (3Y)

Largest decline over 3 years

-64.46%

-20.13%

-44.33%

Max Drawdown (5Y)

Largest decline over 5 years

-77.85%

-22.74%

-55.11%

Max Drawdown (10Y)

Largest decline over 10 years

-77.85%

-30.95%

-46.90%

Current Drawdown

Current decline from peak

-13.67%

-1.68%

-11.99%

Average Drawdown

Average peak-to-trough decline

-32.32%

-4.60%

-27.72%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.34%

3.35%

+7.99%

Volatility

USD vs. SPMO - Volatility Comparison

ProShares Ultra Semiconductors (USD) has a higher volatility of 29.56% compared to Invesco S&P 500 Momentum ETF (SPMO) at 10.29%. This indicates that USD's price experiences larger fluctuations and is considered to be riskier than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

USDSPMODifference

Volatility (1M)

Calculated over the trailing 1-month period

29.56%

10.29%

+19.27%

Volatility (6M)

Calculated over the trailing 6-month period

52.44%

16.73%

+35.71%

Volatility (1Y)

Calculated over the trailing 1-year period

65.34%

19.48%

+45.86%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

77.19%

19.65%

+57.54%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

69.61%

20.48%

+49.13%

USD vs. SPMO - Expense Ratio Comparison

USD has a 0.95% expense ratio, which is higher than SPMO's 0.13% expense ratio.

Dividends

USD vs. SPMO - Dividend Comparison

USD's dividend yield for the trailing twelve months is around 0.25%, less than SPMO's 0.67% yield.

PositionTTM20252024202320222021202020192018201720162015
SPMO
Invesco S&P 500 Momentum ETF		0.67%0.73%0.48%1.63%1.66%0.52%1.27%1.39%1.05%0.77%1.94%0.36%
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 SPMO have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USD has higher volatility (29.56%) compared to SPMO (10.29%). In terms of maximum drawdown, USD dropped -88.63% vs SPMO's -30.95%.

On 10-year performance, USD leads with 60.21% vs 20.86% for SPMO. On fees, SPMO is cheaper at 0.13% per year. On volatility, SPMO has been the lower-risk option at 10.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, USD has performed better with a 60.21% return vs 20.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPMO is cheaper with a 0.13% expense ratio, compared with 0.95% for USD.

SPMO has the higher dividend yield at 0.67%, compared with 0.25% for USD.

USD is categorized as Leveraged Equities, while SPMO is Momentum. USD tracks Dow Jones U.S. Semiconductors Index (200%), while SPMO tracks S&P 500 Momentum Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for USD and 0.13% for SPMO.

USD currently has the higher Sharpe Ratio (3.20 vs 2.24), 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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