USD vs. SPY

Last updated Jun 3, 2026

USD (ProShares Ultra Semiconductors) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, USD returned 62.35%/yr vs 15.57%/yr for SPY. A 0.75 correlation means they provide meaningful diversification when combined. USD charges 0.95%/yr vs 0.09%/yr for SPY.

Performance

USD vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Semiconductors (USD) and State Street SPDR S&P 500 ETF (SPY). 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 higher than SPY's 11.69% return. Over the past 10 years, USD has outperformed SPY with an annualized return of 62.35%, while SPY has yielded a comparatively lower 15.57% annualized return.

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%

SPY

• 1D: 0.14%
• 1M: 5.40%
• YTD: 11.69%
• 6M: 12.09%
• 1Y: 29.62%
• 3Y*: 22.64%
• 5Y*: 14.20%
• 10Y*: 15.57%

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

USD vs. SPY - 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%
SPY State Street SPDR S&P 500 ETF	11.69%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between USD and SPY is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007	0.75

The correlation between USD and SPY has been stable across timeframes, ranging from 0.71 to 0.78 - a consistent structural relationship.

USD vs. SPY - Sectors Allocation Comparison

Sectors	USD	SPY
Financial Services	27.8%	11.8%
Technology	27.4%	35.9%
Energy	0.0%	3.6%
Basic Materials	-	1.8%
Communication Services	-	11.3%
Consumer Cyclical	-	10.3%
Consumer Defensive	-	4.8%
Healthcare	-	8.4%
Industrials	-	7.8%
Real Estate	-	1.9%
Utilities	-	2.4%

Return for Risk

USD vs. SPY — 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

SPY

SPY Risk / Return Rank: 75
SPY Sharpe Ratio Rank: 77
SPY Sortino Ratio Rank: 75
SPY Omega Ratio Rank: 76
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 80

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio Return per unit of total volatility	4.94	2.52	+2.42
Sortino ratio Return per unit of downside risk	3.98	3.42	+0.56
Omega ratio Gain probability vs. loss probability	1.54	1.46	+0.08
Calmar ratio Return relative to maximum drawdown	9.93	3.42	+6.51
Martin ratio Return relative to average drawdown	28.78	15.93	+12.85
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. SPY - Sharpe Ratio Comparison

The current USD Sharpe Ratio is 4.94, which is higher than the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of USD and SPY, 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	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.94	2.52	+2.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	0.84	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.90	0.87	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.59	-0.10

Drawdowns

USD vs. SPY - Drawdown Comparison

The maximum USD drawdown since its inception was -88.63%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for USD and SPY.

Drawdown Indicators

	USD	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-88.63%	-55.19%	-33.44%
Max Drawdown (1Y) Largest decline over 1 year	-31.80%	-8.88%	-22.92%
Max Drawdown (3Y) Largest decline over 3 years	-64.46%	-18.76%	-45.70%
Max Drawdown (5Y) Largest decline over 5 years	-77.85%	-24.50%	-53.35%
Max Drawdown (10Y) Largest decline over 10 years	-77.85%	-33.72%	-44.13%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-32.36%	-9.05%	-23.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.97%	1.91%	+9.06%

Volatility

USD vs. SPY - Volatility Comparison

ProShares Ultra Semiconductors (USD) has a higher volatility of 20.29% compared to State Street SPDR S&P 500 ETF (SPY) at 2.75%. This indicates that USD's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USD	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.29%	2.75%	+17.54%
Volatility (6M) Calculated over the trailing 6-month period	46.37%	8.89%	+37.48%
Volatility (1Y) Calculated over the trailing 1-year period	61.29%	11.81%	+49.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	76.56%	17.05%	+59.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.24%	17.94%	+51.30%

USD vs. SPY - Expense Ratio Comparison

USD has a 0.95% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

USD vs. SPY - Dividend Comparison

USD's dividend yield for the trailing twelve months is around 0.21%, less than SPY's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	0.97%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
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 SPY in my portfolio?

USD and SPY have a correlation of 0.71, 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 SPY?

USD has higher volatility (20.29%) compared to SPY (2.75%). In terms of maximum drawdown, USD dropped -88.63% vs SPY's -55.19%.

Which ETF is better, USD or SPY?

On 10-year performance, USD leads with 62.35% vs 15.57% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USD or SPY?

Over the 10-year period, USD has performed better with a 62.35% return vs 15.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USD or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.95% for USD.

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

SPY has the higher dividend yield at 0.97%, compared with 0.21% for USD.

What is the main difference between USD and SPY?

USD is categorized as Leveraged Equities, while SPY is S&P 500. USD tracks Dow Jones U.S. Semiconductors Index (200%), while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for USD and 0.09% for SPY.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (4.94 vs 2.52), 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.