USD vs. UVXY
USD (ProShares Ultra Semiconductors) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, USD returned 56.23%/yr vs -72.05%/yr for UVXY. At a correlation of -0.59, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
USD vs. UVXY - 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 UVXY's -34.93% return. Over the past 10 years, USD has outperformed UVXY with an annualized return of 56.23%, while UVXY has yielded a comparatively lower -72.05% 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%
UVXY
- 1D
- 2.95%
- 1M
- -9.52%
- 6M
- -33.79%
- YTD
- -34.93%
- 1Y
- -73.19%
- 3Y*
- -62.17%
- 5Y*
- -68.33%
- 10Y*
- -72.05%
USD vs. UVXY - 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -34.93% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between USD and UVXY is -0.49, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.59 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.59 |
The correlation between USD and UVXY shifts across timeframes, from -0.59 (10 years) to -0.49 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
USD vs. UVXY — Risk / Return Rank
USD
UVXY
USD vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.39 | ||
| Sortino ratioReturn per unit of downside risk | +3.58 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.82 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 3.42 | -0.99 | +4.41 |
| Martin ratioReturn relative to average drawdown | 8.81 | -1.48 | +10.29 |
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Drawdowns
USD vs. UVXY - Drawdown Comparison
The maximum USD drawdown since its inception was -88.63%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for USD and UVXY.
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Drawdown Indicators
| USD | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.63% | -100.00% | +11.37% |
Max Drawdown (1Y)Largest decline over 1 year | -31.80% | -73.88% | +42.08% |
Max Drawdown (3Y)Largest decline over 3 years | -64.46% | -95.42% | +30.96% |
Max Drawdown (5Y)Largest decline over 5 years | -77.85% | -99.75% | +21.90% |
Max Drawdown (10Y)Largest decline over 10 years | -77.85% | -100.00% | +22.15% |
Current DrawdownCurrent decline from peak | -24.58% | -100.00% | +75.42% |
Average DrawdownAverage peak-to-trough decline | -32.25% | -98.76% | +66.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.32% | 49.56% | -37.24% |
Volatility
USD vs. UVXY - Volatility Comparison
ProShares Ultra Semiconductors (USD) has a higher volatility of 30.75% compared to ProShares Ultra VIX Short-Term Futures ETF (UVXY) at 17.16%. This indicates that USD's price experiences larger fluctuations and is considered to be riskier than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USD | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 30.75% | 17.16% | +13.59% |
Volatility (6M)Calculated over the trailing 6-month period | 58.47% | 66.78% | -8.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 71.05% | 85.47% | -14.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 78.28% | 103.82% | -25.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.10% | 112.00% | -41.90% |
USD vs. UVXY - Expense Ratio Comparison
Both USD and UVXY have an expense ratio of 0.95%.
Dividends
USD vs. UVXY - Dividend Comparison
USD's dividend yield for the trailing twelve months is around 0.35%, while UVXY has not paid dividends to shareholders.
| 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
USD and UVXY have a correlation of -0.49, 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 UVXY (17.16%). In terms of maximum drawdown, USD dropped -88.63% vs UVXY's -100.00%.
On 10-year performance, USD leads with 56.23% vs -72.05% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UVXY has been the lower-risk option at 17.16%. 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 -72.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USD and UVXY have the same expense ratio: 0.95% per year.
USD has the higher dividend yield at 0.35%, compared with 0.00% for UVXY.
USD is categorized as Leveraged Equities, while UVXY is Volatility. USD tracks Dow Jones U.S. Semiconductors Index (200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
USD currently has the higher Sharpe Ratio (1.53 vs -0.86), 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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