USD vs. UPW
USD (ProShares Ultra Semiconductors) and UPW (ProShares Ultra Utilities) are both Leveraged Equities funds from ProShares - USD tracks the Dow Jones U.S. Semiconductors Index (200%) while UPW tracks the Dow Jones U.S. Utilities Index (200%). Both are passively managed. Over the past 10 years, USD returned 55.50%/yr vs 9.28%/yr for UPW. At a 0.25 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
USD vs. UPW - Performance Comparison
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Returns By Period
In the year-to-date period, USD achieves a 58.94% return, which is significantly higher than UPW's 8.42% return. Over the past 10 years, USD has outperformed UPW with an annualized return of 55.50%, while UPW has yielded a comparatively lower 9.28% annualized return.
USD
- 1D
- 1.19%
- 1M
- -23.32%
- 6M
- 44.94%
- YTD
- 58.94%
- 1Y
- 100.99%
- 3Y*
- 97.07%
- 5Y*
- 57.89%
- 10Y*
- 55.50%
- ALL TIME*
- 28.48%
UPW
- 1D
- -0.82%
- 1M
- 1.80%
- 6M
- 5.55%
- YTD
- 8.42%
- 1Y
- 12.23%
- 3Y*
- 15.69%
- 5Y*
- 11.00%
- 10Y*
- 9.28%
- ALL TIME*
- 9.70%
USD vs. UPW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 58.94% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
UPW ProShares Ultra Utilities | 8.42% | 23.61% | 37.67% | -22.37% | -4.59% | 32.57% | -17.15% | 48.59% | 2.36% | 22.53% |
Correlation
The correlation between USD and UPW is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007 | 0.25 |
Over the past year, the correlation between USD and UPW has dropped to 0.02 - well below their long-term average of 0.25, suggesting their price drivers have been diverging.
USD vs. UPW - Sectors Allocation Comparison
Sectors
USD
UPW
Technology
-
Financial Services
-
Energy
-
Basic Materials
-
-
Communication Services
-
-
Consumer Cyclical
-
-
Consumer Defensive
-
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Utilities
-
Technology
USD
UPW
-
Financial Services
USD
UPW
-
Energy
USD
UPW
-
Basic Materials
USD
-
UPW
-
Communication Services
USD
-
UPW
-
Consumer Cyclical
USD
-
UPW
-
Consumer Defensive
USD
-
UPW
-
Healthcare
USD
-
UPW
-
Industrials
USD
-
UPW
-
Real Estate
USD
-
UPW
-
Utilities
USD
-
UPW
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Return for Risk
USD vs. UPW — Risk / Return Rank
USD
UPW
USD vs. UPW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) and ProShares Ultra Utilities (UPW). 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 | UPW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.01 | ||
| Sortino ratioReturn per unit of downside risk | +1.17 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.09 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 3.19 | 0.64 | +2.55 |
| Martin ratioReturn relative to average drawdown | 8.07 | 1.26 | +6.81 |
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Drawdowns
USD vs. UPW - Drawdown Comparison
The maximum USD drawdown since its inception was -88.63%, which is greater than UPW's maximum drawdown of -77.75%. Use the drawdown chart below to compare losses from any high point for USD and UPW.
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Drawdown Indicators
| USD | UPW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.63% | -77.75% | -10.88% |
Max Drawdown (1Y)Largest decline over 1 year | -31.80% | -19.15% | -12.65% |
Max Drawdown (3Y)Largest decline over 3 years | -64.46% | -33.16% | -31.30% |
Max Drawdown (5Y)Largest decline over 5 years | -77.85% | -49.42% | -28.43% |
Max Drawdown (10Y)Largest decline over 10 years | -77.85% | -62.67% | -15.18% |
Current DrawdownCurrent decline from peak | -26.57% | -12.07% | -14.50% |
Average DrawdownAverage peak-to-trough decline | -32.24% | -22.52% | -9.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.55% | 9.70% | +2.85% |
Volatility
USD vs. UPW - Volatility Comparison
ProShares Ultra Semiconductors (USD) has a higher volatility of 29.84% compared to ProShares Ultra Utilities (UPW) at 9.08%. This indicates that USD's price experiences larger fluctuations and is considered to be riskier than UPW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USD | UPW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.84% | 9.08% | +20.76% |
Volatility (6M)Calculated over the trailing 6-month period | 58.46% | 23.84% | +34.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 71.29% | 29.83% | +41.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 78.30% | 34.45% | +43.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.12% | 37.27% | +32.85% |
USD vs. UPW - Expense Ratio Comparison
Both USD and UPW have an expense ratio of 0.95%.
Dividends
USD vs. UPW - Dividend Comparison
USD's dividend yield for the trailing twelve months is around 0.36%, less than UPW's 1.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UPW ProShares Ultra Utilities | 1.44% | 1.67% | 1.83% | 2.40% | 1.55% | 1.30% | 0.83% | 0.83% | 1.98% | 1.51% | 1.70% | 2.16% |
USD ProShares Ultra Semiconductors | 0.36% | 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 UPW have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (29.84%) compared to UPW (9.08%). In terms of maximum drawdown, USD dropped -88.63% vs UPW's -77.75%.
On 10-year performance, USD leads with 55.50% vs 9.28% for UPW. Both ETFs have the same 0.95% expense ratio. On volatility, UPW has been the lower-risk option at 9.08%. 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 55.50% return vs 9.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USD and UPW have the same expense ratio: 0.95% per year.
UPW has the higher dividend yield at 1.44%, compared with 0.36% for USD.
USD tracks Dow Jones U.S. Semiconductors Index (200%), while UPW tracks Dow Jones U.S. Utilities Index (200%).
USD currently has the higher Sharpe Ratio (1.43 vs 0.41), 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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