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 ICE U.S. Treasury 7-10 Year Bond Index. Both are passively managed. Over the past 10 years, USD returned 55.62%/yr vs -2.42%/yr for UST. Their -0.20 correlation means they have often moved in opposite directions in the past. 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 73.03% return, which is significantly higher than UST's -3.74% return. Over the past 10 years, USD has outperformed UST with an annualized return of 55.62%, while UST has yielded a comparatively lower -2.42% annualized return.
USD
- 1D
- 0.95%
- 1M
- 0.29%
- 6M
- 81.72%
- YTD
- 73.03%
- 1Y
- 112.45%
- 3Y*
- 102.64%
- 5Y*
- 58.12%
- 10Y*
- 55.62%
- ALL TIME*
- 28.97%
UST
- 1D
- 0.09%
- 1M
- -1.57%
- 6M
- -2.85%
- YTD
- -3.74%
- 1Y
- -1.82%
- 3Y*
- 0.82%
- 5Y*
- -7.65%
- 10Y*
- -2.42%
- ALL TIME*
- 2.43%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $74.30M | $71.34M | $95.45M | |
| $479.50K | $385.03K | $333.72K |
USD vs. UST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 73.03% | 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 | -3.74% | 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 0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.06 |
Correlation (3Y) Balances recent behavior with more history. | -0.01 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.01 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 0.06 (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 | +1.73 | ||
| Sortino ratioReturn per unit of downside risk | +2.23 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.98 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 2.88 | -0.21 | +3.08 |
| Martin ratioReturn relative to average drawdown | 8.14 | -0.44 | +8.59 |
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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 | -39.33% | -8.86% | -30.47% |
Max Drawdown (3Y)Largest decline over 3 years | -64.46% | -14.85% | -49.61% |
Max Drawdown (5Y)Largest decline over 5 years | -77.85% | -43.42% | -34.43% |
Max Drawdown (10Y)Largest decline over 10 years | -77.85% | -47.99% | -29.86% |
Current DrawdownCurrent decline from peak | -20.06% | -38.87% | +18.81% |
Average DrawdownAverage peak-to-trough decline | -32.23% | -15.37% | -16.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.86% | 4.13% | +9.73% |
Volatility
USD vs. UST - Volatility Comparison
ProShares Ultra Semiconductors (USD) has a higher volatility of 28.60% compared to ProShares Ultra 7-10 Year Treasury (UST) at 2.69%. 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 | 28.60% | 2.69% | +25.91% |
Volatility (6M)Calculated over the trailing 6-month period | 61.51% | 7.30% | +54.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 74.08% | 9.05% | +65.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 78.90% | 15.45% | +63.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.45% | 13.15% | +57.30% |
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 0.33%, less than UST's 3.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 0.33% | 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 | 3.59% | 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 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (28.60%) compared to UST (2.69%). In terms of maximum drawdown, USD dropped -88.63% vs UST's -47.99%.
On 10-year performance, USD leads with 55.62% vs -2.42% for UST. Both ETFs have the same 0.95% expense ratio. On volatility, UST has been the lower-risk option at 2.69%. 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 55.62% return vs -2.42%. 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 3.59%, compared with 0.33% 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 ICE U.S. Treasury 7-10 Year Bond Index.
USD currently has the higher Sharpe Ratio (1.53 vs -0.20), 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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