USD vs. XPP
USD (ProShares Ultra Semiconductors) and XPP (ProShares Ultra FTSE China 50) are both exchange-traded funds - USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%), while XPP is a China Equities fund tracking the FTSE/Xinhua China 25 Index (200%). Both are passively managed. Over the past 10 years, USD returned 60.36%/yr vs -7.80%/yr for XPP. At a 0.49 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
USD vs. XPP - Performance Comparison
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Returns By Period
In the year-to-date period, USD achieves a 87.20% return, which is significantly higher than XPP's -33.90% return. Over the past 10 years, USD has outperformed XPP with an annualized return of 60.36%, while XPP has yielded a comparatively lower -7.80% annualized return.
USD
- 1D
- 5.92%
- 1M
- -3.85%
- YTD
- 87.20%
- 6M
- 82.98%
- 1Y
- 168.18%
- 3Y*
- 110.86%
- 5Y*
- 61.50%
- 10Y*
- 60.36%
XPP
- 1D
- 0.62%
- 1M
- -17.76%
- YTD
- -33.90%
- 6M
- -34.31%
- 1Y
- -30.38%
- 3Y*
- 0.24%
- 5Y*
- -23.34%
- 10Y*
- -7.80%
USD vs. XPP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 87.20% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
XPP ProShares Ultra FTSE China 50 | -33.90% | 45.84% | 38.18% | -34.77% | -50.06% | -40.45% | 7.07% | 24.88% | -31.36% | 80.21% |
Correlation
The correlation between USD and XPP is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2009 | 0.49 |
The correlation between USD and XPP shifts across timeframes, from 0.32 (3 years) to 0.49 (all time), reflecting how their relationship changes across market environments.
USD vs. XPP - Sectors Allocation Comparison
Sectors
USD
XPP
Financial Services
Technology
-
Energy
-
Basic Materials
-
-
Communication Services
-
-
Consumer Cyclical
-
-
Consumer Defensive
-
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Utilities
-
-
Financial Services
USD
XPP
Technology
USD
XPP
-
Energy
USD
XPP
-
Basic Materials
USD
-
XPP
-
Communication Services
USD
-
XPP
-
Consumer Cyclical
USD
-
XPP
-
Consumer Defensive
USD
-
XPP
-
Healthcare
USD
-
XPP
-
Industrials
USD
-
XPP
-
Real Estate
USD
-
XPP
-
Utilities
USD
-
XPP
-
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Return for Risk
USD vs. XPP — Risk / Return Rank
USD
XPP
USD vs. XPP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) and ProShares Ultra FTSE China 50 (XPP). 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 | XPP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.25 | ||
| Sortino ratioReturn per unit of downside risk | +3.61 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 0.89 | +0.47 |
| Calmar ratioReturn relative to maximum drawdown | 5.32 | -0.68 | +6.00 |
| Martin ratioReturn relative to average drawdown | 14.57 | -1.63 | +16.20 |
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Drawdowns
USD vs. XPP - Drawdown Comparison
The maximum USD drawdown since its inception was -88.63%, roughly equal to the maximum XPP drawdown of -89.90%. Use the drawdown chart below to compare losses from any high point for USD and XPP.
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Drawdown Indicators
| USD | XPP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.63% | -89.90% | +1.27% |
Max Drawdown (1Y)Largest decline over 1 year | -31.80% | -44.71% | +12.91% |
Max Drawdown (3Y)Largest decline over 3 years | -64.46% | -52.95% | -11.51% |
Max Drawdown (5Y)Largest decline over 5 years | -77.85% | -84.55% | +6.70% |
Max Drawdown (10Y)Largest decline over 10 years | -77.85% | -89.90% | +12.05% |
Current DrawdownCurrent decline from peak | -13.52% | -82.51% | +68.99% |
Average DrawdownAverage peak-to-trough decline | -32.28% | -47.94% | +15.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.59% | 18.62% | -7.03% |
Volatility
USD vs. XPP - Volatility Comparison
ProShares Ultra Semiconductors (USD) has a higher volatility of 35.28% compared to ProShares Ultra FTSE China 50 (XPP) at 13.13%. This indicates that USD's price experiences larger fluctuations and is considered to be riskier than XPP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USD | XPP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 35.28% | 13.13% | +22.15% |
Volatility (6M)Calculated over the trailing 6-month period | 54.78% | 29.88% | +24.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.54% | 39.42% | +29.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 77.83% | 62.86% | +14.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.85% | 54.78% | +15.07% |
USD vs. XPP - Expense Ratio Comparison
Both USD and XPP have an expense ratio of 0.95%.
Dividends
USD vs. XPP - Dividend Comparison
USD's dividend yield for the trailing twelve months is around 0.31%, less than XPP's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 0.31% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
XPP ProShares Ultra FTSE China 50 | 3.17% | 2.32% | 2.96% | 2.87% | 0.00% | 0.00% | 0.00% | 3.81% | 1.47% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
USD and XPP 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.
USD has higher volatility (35.28%) compared to XPP (13.13%). In terms of maximum drawdown, USD dropped -88.63% vs XPP's -89.90%.
On 10-year performance, USD leads with 60.36% vs -7.80% for XPP. Both ETFs have the same 0.95% expense ratio. On volatility, XPP has been the lower-risk option at 13.13%. 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 60.36% return vs -7.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USD and XPP have the same expense ratio: 0.95% per year.
XPP has the higher dividend yield at 3.17%, compared with 0.31% for USD.
USD is categorized as Leveraged Equities, while XPP is China Equities. USD tracks Dow Jones U.S. Semiconductors Index (200%), while XPP tracks FTSE/Xinhua China 25 Index (200%).
USD currently has the higher Sharpe Ratio (2.47 vs -0.77), 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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