USRD vs. AFOS

Last updated Jun 4, 2026

USRD (Themes US R&D Champions ETF) and AFOS (ARS Focused Opportunities Strategy ETF) are both Large Cap Blend Equities funds. A 0.73 correlation means they provide meaningful diversification when combined. USRD charges 0.29%/yr vs 0.45%/yr for AFOS.

Performance

USRD vs. AFOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes US R&D Champions ETF (USRD) and ARS Focused Opportunities Strategy ETF (AFOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USRD achieves a 19.83% return, which is significantly lower than AFOS's 32.04% return.

USRD

• 1D: -1.22%
• 1M: 13.66%
• YTD: 19.83%
• 6M: 18.09%
• 1Y: 31.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AFOS

• 1D: -0.29%
• 1M: 8.94%
• YTD: 32.04%
• 6M: 37.37%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USRD vs. AFOS - Yearly Performance Comparison

	2026 (YTD)	2025
USRD Themes US R&D Champions ETF	19.83%	4.85%
AFOS ARS Focused Opportunities Strategy ETF	32.04%	36.15%

Correlation

The correlation between USRD and AFOS is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 27, 2025	0.73

Return for Risk

USRD vs. AFOS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

USRD

USRD Risk / Return Rank: 52
USRD Sharpe Ratio Rank: 56
USRD Sortino Ratio Rank: 55
USRD Omega Ratio Rank: 53
USRD Calmar Ratio Rank: 48
USRD Martin Ratio Rank: 45

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.

USRD vs. AFOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes US R&D Champions ETF (USRD) and ARS Focused Opportunities Strategy ETF (AFOS). 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.

	USRD	AFOS	Difference
Sharpe ratio: Return per unit of total volatility	1.89	—	—
Sortino ratio: Return per unit of downside risk	2.63	—	—
Omega ratio: Gain probability vs. loss probability	1.33	—	—
Calmar ratio: Return relative to maximum drawdown	2.35	—	—
Martin ratio: Return relative to average drawdown	7.30	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	USRD	AFOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	4.35	-3.23

Drawdowns

USRD vs. AFOS - Drawdown Comparison

The maximum USRD drawdown since its inception was -23.79%, which is greater than AFOS's maximum drawdown of -11.52%. Use the drawdown chart below to compare losses from any high point for USRD and AFOS.

Drawdown Indicators

	USRD	AFOS	Difference
Max Drawdown Largest peak-to-trough decline	-23.79%	-11.52%	-12.27%
Max Drawdown (1Y) Largest decline over 1 year	-13.49%	—	—
Current Drawdown Current decline from peak	-1.22%	-0.29%	-0.93%
Average Drawdown Average peak-to-trough decline	-3.70%	-1.37%	-2.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.33%	—	—

Volatility

Volatility by Period

	USRD	AFOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.55%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.33%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	16.79%	20.19%	-3.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.24%	20.19%	-0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.24%	20.19%	-0.95%

USRD vs. AFOS - Expense Ratio Comparison

USRD has a 0.29% expense ratio, which is lower than AFOS's 0.45% expense ratio.

Dividends

USRD vs. AFOS - Dividend Comparison

USRD's dividend yield for the trailing twelve months is around 0.35%, more than AFOS's 0.22% yield.

Position	TTM	2025	2024
AFOS ARS Focused Opportunities Strategy ETF	0.22%	0.30%	0.00%
USRD Themes US R&D Champions ETF	0.35%	0.42%	2.44%

Frequently Asked Questions

Can I hold both USRD and AFOS in my portfolio?

USRD and AFOS have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USRD or AFOS?

On fees, USRD is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, USRD or AFOS?

USRD is cheaper with a 0.29% expense ratio, compared with 0.45% for AFOS.

Which ETF pays a higher dividend yield, USRD or AFOS?

USRD has the higher dividend yield at 0.35%, compared with 0.22% for AFOS.

What is the main difference between USRD and AFOS?

They also come from different issuers: Themes and ARS Investment Partners. Their fees differ too: 0.29% for USRD and 0.45% for AFOS.