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USD vs. UWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

USD vs. UWM

Last updated Jun 13, 2026

USD (ProShares Ultra Semiconductors) and UWM (ProShares Ultra Russell2000) are both Leveraged Equities funds from ProShares - USD tracks the Dow Jones U.S. Semiconductors Index (200%) while UWM tracks the Russell 2000 Index (200%). Both are passively managed. Over the past 10 years, USD returned 60.21%/yr vs 12.82%/yr for UWM. A 0.67 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

USD vs. UWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Semiconductors (USD) and ProShares Ultra Russell2000 (UWM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, USD achieves a 86.87% return, which is significantly higher than UWM's 36.19% return. Over the past 10 years, USD has outperformed UWM with an annualized return of 60.21%, while UWM has yielded a comparatively lower 12.82% annualized return.

USD

1D
2.08%
1M
-1.66%
YTD
86.87%
6M
97.77%
1Y
207.86%
3Y*
111.11%
5Y*
65.02%
10Y*
60.21%

UWM

1D
1.73%
1M
6.41%
YTD
36.19%
6M
28.56%
1Y
76.29%
3Y*
23.58%
5Y*
1.55%
10Y*
12.82%
*Multi-year figures are annualized to reflect compound growth (CAGR)

USD vs. UWM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
USD
ProShares Ultra Semiconductors		86.87%62.08%139.64%228.79%-68.57%104.27%68.16%110.37%-26.88%81.72%
UWM
ProShares Ultra Russell2000		36.19%13.59%11.32%22.62%-43.69%23.91%16.57%48.62%-25.89%26.92%

Correlation

The correlation between USD and UWM is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.51

Correlation (3Y)
Calculated over the trailing 3-year period

0.50

Correlation (5Y)
Calculated over the trailing 5-year period

0.61

Correlation (10Y)
Calculated over the trailing 10-year period

0.61

Correlation (All Time)
Calculated using the full available price history since Feb 1, 2007

0.67

The correlation between USD and UWM shifts across timeframes, from 0.50 (3 years) to 0.67 (all time), reflecting how their relationship changes across market environments.

USD vs. UWM - Sectors Allocation Comparison

Sectors
USD
UWM

Financial Services

28.0%
15.8%

Technology

26.7%
17.0%

Energy

0.0%
6.1%

Basic Materials

-

4.8%

Communication Services

-

2.4%

Consumer Cyclical

-

8.4%

Consumer Defensive

-

2.4%

Healthcare

-

16.5%

Industrials

-

17.7%

Real Estate

-

6.1%

Utilities

-

2.9%

Financial Services

USD
28.0%
UWM
15.8%

Technology

USD
26.7%
UWM
17.0%

Energy

USD
0.0%
UWM
6.1%

Basic Materials

USD

-

UWM
4.8%

Communication Services

USD

-

UWM
2.4%

Consumer Cyclical

USD

-

UWM
8.4%

Consumer Defensive

USD

-

UWM
2.4%

Healthcare

USD

-

UWM
16.5%

Industrials

USD

-

UWM
17.7%

Real Estate

USD

-

UWM
6.1%

Utilities

USD

-

UWM
2.9%

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ProShares Ultra Semiconductors

ProShares Ultra Russell2000

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Return for Risk

USD vs. UWM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
USD
USD Risk / Return Rank: 8888
Overall Rank
USD Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
USD Sortino Ratio Rank: 7979
Sortino Ratio Rank
USD Omega Ratio Rank: 8181
Omega Ratio Rank
USD Calmar Ratio Rank: 9595
Calmar Ratio Rank
USD Martin Ratio Rank: 9191
Martin Ratio Rank
UWM
UWM Risk / Return Rank: 6767
Overall Rank
UWM Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
UWM Sortino Ratio Rank: 6262
Sortino Ratio Rank
UWM Omega Ratio Rank: 5555
Omega Ratio Rank
UWM Calmar Ratio Rank: 7676
Calmar Ratio Rank
UWM Martin Ratio Rank: 7272
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

USD vs. UWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) and ProShares Ultra Russell2000 (UWM). 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.

USDUWMDifference
Sharpe ratioReturn per unit of total volatility
3.20
1.96

+1.24

Sortino ratioReturn per unit of downside risk
3.05
2.53

+0.52

Omega ratioGain probability vs. loss probability

1.41

1.30

+0.11

Calmar ratioReturn relative to maximum drawdown

6.58

3.44

+3.14

Martin ratioReturn relative to average drawdown

18.43

11.74

+6.68

USD vs. UWM - Sharpe Ratio Comparison

The current USD Sharpe Ratio is 3.20, which is higher than the UWM Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of USD and UWM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

USD vs. UWM - Drawdown Comparison

The maximum USD drawdown since its inception was -88.63%, roughly equal to the maximum UWM drawdown of -88.21%. Use the drawdown chart below to compare losses from any high point for USD and UWM.

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Drawdown Indicators

USDUWMDifference

Max Drawdown

Largest peak-to-trough decline

-88.63%

-88.21%

-0.42%

Max Drawdown (1Y)

Largest decline over 1 year

-31.80%

-22.28%

-9.52%

Max Drawdown (3Y)

Largest decline over 3 years

-64.46%

-49.79%

-14.67%

Max Drawdown (5Y)

Largest decline over 5 years

-77.85%

-61.62%

-16.23%

Max Drawdown (10Y)

Largest decline over 10 years

-77.85%

-71.46%

-6.39%

Current Drawdown

Current decline from peak

-13.67%

-0.39%

-13.28%

Average Drawdown

Average peak-to-trough decline

-32.32%

-30.84%

-1.48%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.34%

6.53%

+4.81%

Volatility

USD vs. UWM - Volatility Comparison

ProShares Ultra Semiconductors (USD) has a higher volatility of 29.56% compared to ProShares Ultra Russell2000 (UWM) at 14.29%. This indicates that USD's price experiences larger fluctuations and is considered to be riskier than UWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

USDUWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

29.56%

14.29%

+15.27%

Volatility (6M)

Calculated over the trailing 6-month period

52.44%

28.35%

+24.09%

Volatility (1Y)

Calculated over the trailing 1-year period

65.34%

39.11%

+26.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

77.19%

45.18%

+32.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

69.61%

46.16%

+23.45%

USD vs. UWM - Expense Ratio Comparison

Both USD and UWM have an expense ratio of 0.95%.

Dividends

USD vs. UWM - Dividend Comparison

USD's dividend yield for the trailing twelve months is around 0.25%, less than UWM's 0.76% yield.

PositionTTM20252024202320222021202020192018201720162015
USD
ProShares Ultra Semiconductors		0.25%0.39%0.10%0.05%0.30%0.00%0.14%0.72%0.93%0.32%0.46%0.39%
UWM
ProShares Ultra Russell2000		0.76%1.05%1.16%0.34%0.40%0.00%0.07%0.55%0.41%0.11%0.27%0.23%

Frequently Asked Questions

USD and UWM have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USD has higher volatility (29.56%) compared to UWM (14.29%). In terms of maximum drawdown, USD dropped -88.63% vs UWM's -88.21%.

On 10-year performance, USD leads with 60.21% vs 12.82% for UWM. Both ETFs have the same 0.95% expense ratio. On volatility, UWM has been the lower-risk option at 14.29%. 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 60.21% return vs 12.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

USD and UWM have the same expense ratio: 0.95% per year.

UWM has the higher dividend yield at 0.76%, compared with 0.25% for USD.

USD tracks Dow Jones U.S. Semiconductors Index (200%), while UWM tracks Russell 2000 Index (200%).

USD currently has the higher Sharpe Ratio (3.20 vs 1.96), 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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