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USD vs. SPUU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

USD vs. SPUU

Last updated Jul 15, 2026
Documentation

USD (ProShares Ultra Semiconductors) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds - USD tracks the Dow Jones U.S. Semiconductors Index (200%) while SPUU tracks the S&P 500 Index (200% Daily). Both are passively managed. Over the past 10 years, USD returned 58.18%/yr vs 23.96%/yr for SPUU. A 0.74 correlation means they provide meaningful diversification when combined. USD charges 0.95%/yr vs 0.60%/yr for SPUU.

Performance

USD vs. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Semiconductors (USD) and Direxion Daily S&P 500 Bull 2X ETF (SPUU). 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 81.18% return, which is significantly higher than SPUU's 18.57% return. Over the past 10 years, USD has outperformed SPUU with an annualized return of 58.18%, while SPUU has yielded a comparatively lower 23.96% annualized return.

USD

1D
6.38%
1M
-3.04%
6M
68.72%
YTD
81.18%
1Y
145.11%
3Y*
104.08%
5Y*
63.45%
10Y*
58.18%

SPUU

1D
0.61%
1M
2.60%
6M
14.73%
YTD
18.57%
1Y
38.47%
3Y*
33.35%
5Y*
18.49%
10Y*
23.96%
*Multi-year figures are annualized to reflect compound growth (CAGR)

USD vs. SPUU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
USD
ProShares Ultra Semiconductors		81.18%62.08%139.64%228.79%-68.57%104.27%68.16%110.37%-26.88%81.72%
SPUU
Direxion Daily S&P 500 Bull 2X ETF		18.57%26.55%44.25%47.28%-38.72%61.27%21.85%66.84%-14.59%44.33%

Correlation

The correlation between USD and SPUU is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.72

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

0.74

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

0.78

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

0.74

Correlation (All Time)
Calculated using the full available price history since Jun 6, 2014

0.74

The correlation between USD and SPUU has been stable across timeframes, ranging from 0.72 to 0.78 - a consistent structural relationship.

USD vs. SPUU - Sectors Allocation Comparison

Sectors
USD
SPUU

Financial Services

32.0%
11.1%

Technology

30.7%
39.0%

Energy

0.0%
3.1%

Basic Materials

-

1.7%

Communication Services

-

10.6%

Consumer Cyclical

-

9.9%

Consumer Defensive

-

4.5%

Healthcare

-

8.3%

Industrials

-

7.8%

Real Estate

-

1.8%

Utilities

-

2.1%

Financial Services

USD
32.0%
SPUU
11.1%

Technology

USD
30.7%
SPUU
39.0%

Energy

USD
0.0%
SPUU
3.1%

Basic Materials

USD

-

SPUU
1.7%

Communication Services

USD

-

SPUU
10.6%

Consumer Cyclical

USD

-

SPUU
9.9%

Consumer Defensive

USD

-

SPUU
4.5%

Healthcare

USD

-

SPUU
8.3%

Industrials

USD

-

SPUU
7.8%

Real Estate

USD

-

SPUU
1.8%

Utilities

USD

-

SPUU
2.1%

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ProShares Ultra Semiconductors

Direxion Daily S&P 500 Bull 2X ETF

Often compared with USD:
USD vs. SOXLUSD vs. SMHUSD vs. TQQQUSD vs. QQQUSD vs. SCHDUSD vs. SPYUSD vs. FNGO
Often compared with SPUU:
SPUU vs. SSOSPUU vs. SPYSPUU vs. SPXLSPUU vs. VOOSPUU vs. QLDSPUU vs. QQQSPUU vs. DDM

Return for Risk

USD vs. SPUU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
USD
USD Risk / Return Rank: 7676
Overall Rank
USD Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
USD Sortino Ratio Rank: 6464
Sortino Ratio Rank
USD Omega Ratio Rank: 6666
Omega Ratio Rank
USD Calmar Ratio Rank: 9191
Calmar Ratio Rank
USD Martin Ratio Rank: 8080
Martin Ratio Rank
SPUU
SPUU Risk / Return Rank: 5555
Overall Rank
SPUU Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
SPUU Sortino Ratio Rank: 5252
Sortino Ratio Rank
SPUU Omega Ratio Rank: 5353
Omega Ratio Rank
SPUU Calmar Ratio Rank: 5353
Calmar Ratio Rank
SPUU Martin Ratio Rank: 6262
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. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) and Direxion Daily S&P 500 Bull 2X ETF (SPUU). 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.

USDSPUUDifference
Sharpe ratioReturn per unit of total volatility
2.06
1.53

+0.53

Sortino ratioReturn per unit of downside risk
2.35
2.06

+0.29

Omega ratioGain probability vs. loss probability

1.31

1.27

+0.05

Calmar ratioReturn relative to maximum drawdown

4.59

2.13

+2.47

Martin ratioReturn relative to average drawdown

11.97

8.81

+3.17

USD vs. SPUU - Sharpe Ratio Comparison

The current USD Sharpe Ratio is 2.06, which is higher than the SPUU Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of USD and SPUU, 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. SPUU - Drawdown Comparison

The maximum USD drawdown since its inception was -88.63%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for USD and SPUU.

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Drawdown Indicators

USDSPUUDifference

Max Drawdown

Largest peak-to-trough decline

-88.63%

-59.35%

-29.28%

Max Drawdown (1Y)

Largest decline over 1 year

-31.80%

-18.19%

-13.61%

Max Drawdown (3Y)

Largest decline over 3 years

-64.46%

-35.18%

-29.28%

Max Drawdown (5Y)

Largest decline over 5 years

-77.85%

-46.59%

-31.26%

Max Drawdown (10Y)

Largest decline over 10 years

-77.85%

-59.35%

-18.50%

Current Drawdown

Current decline from peak

-16.30%

-2.31%

-13.99%

Average Drawdown

Average peak-to-trough decline

-32.25%

-9.46%

-22.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

12.17%

4.38%

+7.79%

Volatility

USD vs. SPUU - Volatility Comparison

ProShares Ultra Semiconductors (USD) has a higher volatility of 31.36% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 7.57%. This indicates that USD's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

USDSPUUDifference

Volatility (1M)

Calculated over the trailing 1-month period

31.36%

7.57%

+23.79%

Volatility (6M)

Calculated over the trailing 6-month period

57.84%

20.10%

+37.74%

Volatility (1Y)

Calculated over the trailing 1-year period

70.75%

25.25%

+45.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

78.26%

33.69%

+44.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

70.08%

35.76%

+34.32%

USD vs. SPUU - Expense Ratio Comparison

USD has a 0.95% expense ratio, which is higher than SPUU's 0.60% expense ratio.

Dividends

USD vs. SPUU - Dividend Comparison

USD's dividend yield for the trailing twelve months is around 0.32%, less than SPUU's 1.32% yield.

PositionTTM20252024202320222021202020192018201720162015
SPUU
Direxion Daily S&P 500 Bull 2X ETF		1.32%1.63%0.55%0.83%0.88%3.04%8.03%1.80%5.50%6.96%8.08%4.42%
USD
ProShares Ultra Semiconductors		0.32%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 SPUU have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USD has higher volatility (31.36%) compared to SPUU (7.57%). In terms of maximum drawdown, USD dropped -88.63% vs SPUU's -59.35%.

On 10-year performance, USD leads with 58.18% vs 23.96% for SPUU. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 7.57%. 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 58.18% return vs 23.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPUU is cheaper with a 0.60% expense ratio, compared with 0.95% for USD.

SPUU has the higher dividend yield at 1.32%, compared with 0.32% for USD.

USD tracks Dow Jones U.S. Semiconductors Index (200%), while SPUU tracks S&P 500 Index (200% Daily). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for USD and 0.60% for SPUU.

USD currently has the higher Sharpe Ratio (2.06 vs 1.53), 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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