UST vs. USD
UST (ProShares Ultra 7-10 Year Treasury) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - UST is a Leveraged Bonds fund tracking the Barclays Capital U.S. 7-10 Year Treasury Index (200%), while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, UST returned -2.25%/yr vs 60.21%/yr for USD. At a correlation of -0.21, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
UST vs. USD - Performance Comparison
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Returns By Period
In the year-to-date period, UST achieves a -2.66% return, which is significantly lower than USD's 86.87% return. Over the past 10 years, UST has underperformed USD with an annualized return of -2.25%, while USD has yielded a comparatively higher 60.21% annualized return.
UST
- 1D
- -0.42%
- 1M
- 1.78%
- YTD
- -2.66%
- 6M
- -2.37%
- 1Y
- 3.24%
- 3Y*
- 0.27%
- 5Y*
- -6.96%
- 10Y*
- -2.25%
USD
- 1D
- 2.08%
- 1M
- 2.49%
- YTD
- 86.87%
- 6M
- 97.77%
- 1Y
- 222.89%
- 3Y*
- 111.11%
- 5Y*
- 65.02%
- 10Y*
- 60.21%
UST vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UST ProShares Ultra 7-10 Year Treasury | -2.66% | 10.26% | -6.19% | 0.16% | -30.19% | -7.81% | 18.83% | 13.34% | -1.09% | 3.21% |
USD ProShares Ultra Semiconductors | 86.87% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between UST and USD is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2010 | -0.21 |
The correlation between UST and USD shifts across timeframes, from -0.21 (all time) to 0.02 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UST vs. USD — Risk / Return Rank
UST
USD
UST vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 7-10 Year Treasury (UST) and ProShares Ultra Semiconductors (USD). 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.
| UST | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.94 | ||
| Sortino ratioReturn per unit of downside risk | -2.60 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.41 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | 0.28 | 6.58 | -6.30 |
| Martin ratioReturn relative to average drawdown | 0.77 | 18.43 | -17.66 |
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Drawdowns
UST vs. USD - Drawdown Comparison
The maximum UST drawdown since its inception was -47.99%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for UST and USD.
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Drawdown Indicators
| UST | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.99% | -88.63% | +40.64% |
Max Drawdown (1Y)Largest decline over 1 year | -8.75% | -31.80% | +23.05% |
Max Drawdown (3Y)Largest decline over 3 years | -16.66% | -64.46% | +47.80% |
Max Drawdown (5Y)Largest decline over 5 years | -43.97% | -77.85% | +33.88% |
Max Drawdown (10Y)Largest decline over 10 years | -47.99% | -77.85% | +29.86% |
Current DrawdownCurrent decline from peak | -38.19% | -13.67% | -24.52% |
Average DrawdownAverage peak-to-trough decline | -15.16% | -32.32% | +17.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.22% | 11.34% | -8.12% |
Volatility
UST vs. USD - Volatility Comparison
The current volatility for ProShares Ultra 7-10 Year Treasury (UST) is 3.25%, while ProShares Ultra Semiconductors (USD) has a volatility of 29.56%. This indicates that UST experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UST | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.25% | 29.56% | -26.31% |
Volatility (6M)Calculated over the trailing 6-month period | 6.75% | 52.44% | -45.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.35% | 65.34% | -55.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.47% | 77.19% | -61.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.18% | 69.61% | -56.43% |
UST vs. USD - Expense Ratio Comparison
Both UST and USD have an expense ratio of 0.95%.
Dividends
UST vs. USD - Dividend Comparison
UST's dividend yield for the trailing twelve months is around 3.48%, more than USD's 0.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
UST ProShares Ultra 7-10 Year Treasury | 3.48% | 3.65% | 4.09% | 3.49% | 0.47% | 0.27% | 0.53% | 1.42% | 1.71% | 0.84% | 0.64% | 0.75% |
Frequently Asked Questions
UST and USD have a correlation of 0.02, 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 UST (3.25%). In terms of maximum drawdown, UST dropped -47.99% vs USD's -88.63%.
On 10-year performance, USD leads with 60.21% vs -2.25% for UST. Both ETFs have the same 0.95% expense ratio. On volatility, UST has been the lower-risk option at 3.25%. 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 -2.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UST and USD have the same expense ratio: 0.95% per year.
UST has the higher dividend yield at 3.48%, compared with 0.25% for USD.
UST is categorized as Leveraged Bonds, while USD is Leveraged Equities. UST tracks Barclays Capital U.S. 7-10 Year Treasury Index (200%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).
USD currently has the higher Sharpe Ratio (3.20 vs 0.27), 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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