USD vs. UTES

Last updated Aug 1, 2026

USD (ProShares Ultra Semiconductors) and UTES (Virtus Reaves Utilities ETF) are both exchange-traded funds - USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%), while UTES is a Utilities Equities fund actively managed by Virtus. USD is passively managed, while UTES is actively managed. Over the past 10 years, USD returned 54.19%/yr vs 11.78%/yr for UTES. Their 0.20 correlation means their historical movements had little consistent relationship. USD charges 0.95%/yr vs 0.49%/yr for UTES.

Performance

USD vs. UTES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Semiconductors (USD) and Virtus Reaves Utilities ETF (UTES). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USD achieves a 50.25% return, which is significantly higher than UTES's -1.07% return. Over the past 10 years, USD has outperformed UTES with an annualized return of 54.19%, while UTES has yielded a comparatively lower 11.78% annualized return.

USD

• 1D: 1.44%
• 1M: -16.99%
• 6M: 34.80%
• YTD: 50.25%
• 1Y: 84.35%
• 3Y*: 87.71%
• 5Y*: 55.02%
• 10Y*: 54.19%
• ALL TIME*: 28.07%

UTES

• 1D: -0.03%
• 1M: -2.93%
• 6M: 0.59%
• YTD: -1.07%
• 1Y: -4.33%
• 3Y*: 21.10%
• 5Y*: 14.97%
• 10Y*: 11.78%
• ALL TIME*: 13.50%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
USD ProShares Ultra Semiconductors	$68.86M	$72.62M	$95.81M
UTES Virtus Reaves Utilities ETF	$11.16M	$10.04M	$13.72M

USD vs. UTES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USD ProShares Ultra Semiconductors	50.25%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%
UTES Virtus Reaves Utilities ETF	-1.07%	25.71%	45.35%	-2.46%	0.80%	20.74%	-0.30%	25.48%	5.14%	14.21%

Correlation

The correlation between USD and UTES is 0.39, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.39
Correlation (3Y) Balances recent behavior with more history.	0.29
Correlation (5Y) Shows whether the relationship held over a longer period.	0.28
Correlation (10Y) Provides a long-term view across more market conditions.	0.21
Correlation (All Time) Calculated using the full available price history since Sep 24, 2015	0.20

The correlation between USD and UTES shifts across timeframes, from 0.20 (all time) to 0.39 (1 year), reflecting how their relationship changes across market environments.

USD vs. UTES - Sectors Allocation Comparison

Sectors	USD	UTES
Technology	31.1%	-
Financial Services	29.8%	-
Energy	0.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	100.0%

Return for Risk

USD vs. UTES — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

USD

USD Risk / Return Rank: 52
USD Sharpe Ratio Rank: 47
USD Sortino Ratio Rank: 49
USD Omega Ratio Rank: 49
USD Calmar Ratio Rank: 62
USD Martin Ratio Rank: 53

UTES

UTES Risk / Return Rank: 7
UTES Sharpe Ratio Rank: 8
UTES Sortino Ratio Rank: 8
UTES Omega Ratio Rank: 8
UTES Calmar Ratio Rank: 7
UTES Martin Ratio Rank: 7

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

USD vs. UTES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) and Virtus Reaves Utilities ETF (UTES). 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	UTES	Difference
Sharpe ratio: Return per unit of total volatility	1.15	-0.20	+1.35
Sortino ratio: Return per unit of downside risk	1.73	-0.14	+1.86
Omega ratio: Gain probability vs. loss probability	1.22	0.98	+0.24
Calmar ratio: Return relative to maximum drawdown	2.16	-0.31	+2.47
Martin ratio: Return relative to average drawdown	6.21	-0.65	+6.86

USD vs. UTES - Sharpe Ratio Comparison

The current USD Sharpe Ratio is 1.15, which is higher than the UTES Sharpe Ratio of -0.20. The chart below compares the historical Sharpe Ratios of USD and UTES, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

USD vs. UTES - Drawdown Comparison

The maximum USD drawdown since its inception was -88.63%, which is greater than UTES's maximum drawdown of -35.39%. Use the drawdown chart below to compare losses from any high point for USD and UTES.

Drawdown Indicators

	USD	UTES	Difference
Max Drawdown Largest peak-to-trough decline	-88.63%	-35.39%	-53.24%
Max Drawdown (1Y) Largest decline over 1 year	-39.33%	-13.88%	-25.45%
Max Drawdown (3Y) Largest decline over 3 years	-64.46%	-17.62%	-46.84%
Max Drawdown (5Y) Largest decline over 5 years	-77.85%	-20.40%	-57.45%
Max Drawdown (10Y) Largest decline over 10 years	-77.85%	-35.39%	-42.46%
Current Drawdown Current decline from peak	-30.59%	-10.30%	-20.29%
Average Drawdown Average peak-to-trough decline	-32.23%	-5.54%	-26.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.62%	6.72%	+6.90%

Volatility

USD vs. UTES - Volatility Comparison

ProShares Ultra Semiconductors (USD) has a higher volatility of 28.19% compared to Virtus Reaves Utilities ETF (UTES) at 5.50%. This indicates that USD's price experiences larger fluctuations and is considered to be riskier than UTES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USD	UTES	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.19%	5.50%	+22.69%
Volatility (6M) Calculated over the trailing 6-month period	61.13%	16.19%	+44.94%
Volatility (1Y) Calculated over the trailing 1-year period	73.80%	21.39%	+52.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	78.73%	20.74%	+57.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.38%	20.26%	+50.12%

USD vs. UTES - Expense Ratio Comparison

USD has a 0.95% expense ratio, which is higher than UTES's 0.49% expense ratio.

Dividends

USD vs. UTES - Dividend Comparison

USD's dividend yield for the trailing twelve months is around 0.39%, less than UTES's 1.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USD ProShares Ultra Semiconductors	0.39%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%
UTES Virtus Reaves Utilities ETF	1.53%	1.42%	1.51%	2.44%	2.13%	1.94%	2.09%	1.84%	2.09%	3.44%	3.53%	0.61%

Frequently Asked Questions

Can I hold both USD and UTES in my portfolio?

USD and UTES have a correlation of 0.39, 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 UTES?

USD has higher volatility (28.19%) compared to UTES (5.50%). In terms of maximum drawdown, USD dropped -88.63% vs UTES's -35.39%.

Which ETF is better, USD or UTES?

On 10-year performance, USD leads with 54.19% vs 11.78% for UTES. On fees, UTES is cheaper at 0.49% per year. On volatility, UTES has been the lower-risk option at 5.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USD or UTES?

Over the 10-year period, USD has performed better with a 54.19% return vs 11.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USD or UTES?

UTES is cheaper with a 0.49% expense ratio, compared with 0.95% for USD.

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

UTES has the higher dividend yield at 1.53%, compared with 0.39% for USD.

What is the main difference between USD and UTES?

USD is categorized as Leveraged Equities, while UTES is Utilities Equities. They also come from different issuers: ProShares and Virtus. Their fees differ too: 0.95% for USD and 0.49% for UTES.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (1.15 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.