USRD vs. USD=X

Last updated Jun 12, 2026

USRD (Themes US R&D Champions ETF) is Large Cap Blend Equities fund tracking the Solactive US R&D Champions Index, while USD=X (USD Cash) is a currency. Over the past year, USRD returned 21.33% vs 0.00% for USD=X.

Performance

USRD vs. USD=X - Performance Comparison

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

Returns By Period

USRD

• 1D: 1.76%
• 1M: 4.18%
• YTD: 12.31%
• 6M: 9.99%
• 1Y: 21.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USD=X

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 0.00%
• 3Y*: 0.00%
• 5Y*: 0.00%
• 10Y*: 0.00%

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

USRD vs. USD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USRD Themes US R&D Champions ETF	12.31%	12.44%	15.53%	5.32%
USD=X USD Cash	0.00%	0.00%	0.00%	0.00%

Return for Risk

USRD vs. USD=X — Risk / Return Rank

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

USRD

USRD Risk / Return Rank: 37
USRD Sharpe Ratio Rank: 39
USRD Sortino Ratio Rank: 37
USRD Omega Ratio Rank: 37
USRD Calmar Ratio Rank: 37
USRD Martin Ratio Rank: 36

USD=X

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. USD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes US R&D Champions ETF (USRD) and USD Cash (USD=X). 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.

	USRD	USD=X	Difference
Sharpe ratio: Return per unit of total volatility	1.21	—	—
Sortino ratio: Return per unit of downside risk	1.72	—	—
Omega ratio: Gain probability vs. loss probability	1.22	—	—
Calmar ratio: Return relative to maximum drawdown	1.59	—	—
Martin ratio: Return relative to average drawdown	4.81	—	—

Drawdowns

USRD vs. USD=X - Drawdown Comparison

The maximum USRD drawdown since its inception was -23.79%, which is greater than USD=X's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for USRD and USD=X.

Drawdown Indicators

	USRD	USD=X	Difference
Max Drawdown Largest peak-to-trough decline	-23.79%	0.00%	-23.79%
Max Drawdown (1Y) Largest decline over 1 year	-13.49%	0.00%	-13.49%
Max Drawdown (3Y) Largest decline over 3 years	—	0.00%	—
Max Drawdown (5Y) Largest decline over 5 years	—	0.00%	—
Max Drawdown (10Y) Largest decline over 10 years	—	0.00%	—
Current Drawdown Current decline from peak	-7.42%	0.00%	-7.42%
Average Drawdown Average peak-to-trough decline	-3.71%	0.00%	-3.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.45%	0.00%	+4.45%

Volatility

USRD vs. USD=X - Volatility Comparison

Themes US R&D Champions ETF (USRD) has a higher volatility of 8.08% compared to USD Cash (USD=X) at 0.00%. This indicates that USRD's price experiences larger fluctuations and is considered to be riskier than USD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USRD	USD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.08%	0.00%	+8.08%
Volatility (6M) Calculated over the trailing 6-month period	14.50%	0.00%	+14.50%
Volatility (1Y) Calculated over the trailing 1-year period	17.70%	0.00%	+17.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.49%	0.00%	+19.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.49%	0.00%	+19.49%

Frequently Asked Questions

Which is riskier, USRD or USD=X?

USRD has higher volatility (8.08%) compared to USD=X (0.00%). In terms of maximum drawdown, USRD dropped -23.79% vs USD=X's 0.00%.