USD vs. UST
USD (ProShares Ultra Semiconductors) and UST (ProShares Ultra 7-10 Year Treasury) are both exchange-traded funds - USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%), while UST is a Leveraged Bonds fund tracking the Barclays Capital U.S. 7-10 Year Treasury Index (200%). Both are passively managed. Over the past 10 years, USD returned 56.23%/yr vs -2.37%/yr for UST. At a correlation of -0.20, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
USD vs. UST - Performance Comparison
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Returns By Period
In the year-to-date period, USD achieves a 63.25% return, which is significantly higher than UST's -3.41% return. Over the past 10 years, USD has outperformed UST with an annualized return of 56.23%, while UST has yielded a comparatively lower -2.37% annualized return.
USD
- 1D
- -7.37%
- 1M
- -12.52%
- 6M
- 51.62%
- YTD
- 63.25%
- 1Y
- 108.17%
- 3Y*
- 94.08%
- 5Y*
- 61.69%
- 10Y*
- 56.23%
UST
- 1D
- -0.31%
- 1M
- -1.53%
- 6M
- -3.67%
- YTD
- -3.41%
- 1Y
- 2.40%
- 3Y*
- -0.19%
- 5Y*
- -7.58%
- 10Y*
- -2.37%
USD vs. UST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 63.25% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
UST ProShares Ultra 7-10 Year Treasury | -3.41% | 10.26% | -6.19% | 0.16% | -30.19% | -7.81% | 18.83% | 13.34% | -1.09% | 3.21% |
Correlation
The correlation between USD and UST is 0.03, 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 | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2010 | -0.20 |
The correlation between USD and UST shifts across timeframes, from -0.20 (all time) to 0.03 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
USD vs. UST — Risk / Return Rank
USD
UST
USD vs. UST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) and ProShares Ultra 7-10 Year Treasury (UST). 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 | UST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.27 | ||
| Sortino ratioReturn per unit of downside risk | +1.55 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.05 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 3.42 | 0.28 | +3.15 |
| Martin ratioReturn relative to average drawdown | 8.81 | 0.65 | +8.16 |
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Drawdowns
USD vs. UST - Drawdown Comparison
The maximum USD drawdown since its inception was -88.63%, which is greater than UST's maximum drawdown of -47.99%. Use the drawdown chart below to compare losses from any high point for USD and UST.
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Drawdown Indicators
| USD | UST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.63% | -47.99% | -40.64% |
Max Drawdown (1Y)Largest decline over 1 year | -31.80% | -8.75% | -23.05% |
Max Drawdown (3Y)Largest decline over 3 years | -64.46% | -16.35% | -48.11% |
Max Drawdown (5Y)Largest decline over 5 years | -77.85% | -43.97% | -33.88% |
Max Drawdown (10Y)Largest decline over 10 years | -77.85% | -47.99% | -29.86% |
Current DrawdownCurrent decline from peak | -24.58% | -38.66% | +14.08% |
Average DrawdownAverage peak-to-trough decline | -32.25% | -15.29% | -16.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.32% | 3.68% | +8.64% |
Volatility
USD vs. UST - Volatility Comparison
ProShares Ultra Semiconductors (USD) has a higher volatility of 30.75% compared to ProShares Ultra 7-10 Year Treasury (UST) at 2.91%. This indicates that USD's price experiences larger fluctuations and is considered to be riskier than UST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USD | UST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 30.75% | 2.91% | +27.84% |
Volatility (6M)Calculated over the trailing 6-month period | 58.47% | 7.10% | +51.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 71.05% | 9.31% | +61.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 78.28% | 15.47% | +62.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.10% | 13.14% | +56.96% |
USD vs. UST - Expense Ratio Comparison
Both USD and UST have an expense ratio of 0.95%.
Dividends
USD vs. UST - Dividend Comparison
USD's dividend yield for the trailing twelve months is around 0.35%, less than UST's 3.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 0.35% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
UST ProShares Ultra 7-10 Year Treasury | 3.58% | 3.65% | 4.09% | 3.49% | 0.47% | 0.27% | 0.53% | 1.42% | 1.71% | 0.84% | 0.64% | 0.75% |
Frequently Asked Questions
USD and UST have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (30.75%) compared to UST (2.91%). In terms of maximum drawdown, USD dropped -88.63% vs UST's -47.99%.
On 10-year performance, USD leads with 56.23% vs -2.37% for UST. Both ETFs have the same 0.95% expense ratio. On volatility, UST has been the lower-risk option at 2.91%. 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 56.23% return vs -2.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USD and UST have the same expense ratio: 0.95% per year.
UST has the higher dividend yield at 3.58%, compared with 0.35% for USD.
USD is categorized as Leveraged Equities, while UST is Leveraged Bonds. USD tracks Dow Jones U.S. Semiconductors Index (200%), while UST tracks Barclays Capital U.S. 7-10 Year Treasury Index (200%).
USD currently has the higher Sharpe Ratio (1.53 vs 0.26), 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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