UTES vs. USD

Last updated Aug 1, 2026

UTES (Virtus Reaves Utilities ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - UTES is a Utilities Equities fund actively managed by Virtus, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). UTES is actively managed, while USD is passively managed. Over the past 10 years, UTES returned 11.78%/yr vs 54.19%/yr for USD. Their 0.20 correlation means their historical movements had little consistent relationship. UTES charges 0.49%/yr vs 0.95%/yr for USD.

Performance

UTES vs. USD - Performance Comparison

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

Returns By Period

In the year-to-date period, UTES achieves a -1.07% return, which is significantly lower than USD's 50.25% return. Over the past 10 years, UTES has underperformed USD with an annualized return of 11.78%, while USD has yielded a comparatively higher 54.19% annualized return.

UTES

• 1D: -0.03%
• 1M: -2.93%
• 6M: 0.59%
• YTD: -1.07%
• 1Y: -4.33%
• 3Y*: 21.10%
• 5Y*: 14.97%
• 10Y*: 11.78%
• ALL TIME*: 13.50%

USD

• 1D: 1.44%
• 1M: -16.99%
• 6M: 34.80%
• YTD: 50.25%
• 1Y: 84.35%
• 3Y*: 87.71%
• 5Y*: 55.02%
• 10Y*: 54.19%
• ALL TIME*: 28.07%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
USD ProShares Ultra Semiconductors	$68.86M	$72.62M	$95.81M
UTES Virtus Reaves Utilities ETF	$11.16M	$10.04M	$13.72M

UTES vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UTES Virtus Reaves Utilities ETF	-1.07%	25.71%	45.35%	-2.46%	0.80%	20.74%	-0.30%	25.48%	5.14%	14.21%
USD ProShares Ultra Semiconductors	50.25%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%

Correlation

The correlation between UTES and USD is 0.39, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.39
Correlation (3Y) Balances recent behavior with more history.	0.29
Correlation (5Y) Shows whether the relationship held over a longer period.	0.28
Correlation (10Y) Provides a long-term view across more market conditions.	0.21
Correlation (All Time) Calculated using the full available price history since Sep 24, 2015	0.20

The correlation between UTES and USD shifts across timeframes, from 0.20 (all time) to 0.39 (1 year), reflecting how their relationship changes across market environments.

UTES vs. USD - Sectors Allocation Comparison

Sectors	UTES	USD
Utilities	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.0%
Financial Services	-	29.8%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	31.1%

Return for Risk

UTES vs. USD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UTES

UTES Risk / Return Rank: 7
UTES Sharpe Ratio Rank: 8
UTES Sortino Ratio Rank: 8
UTES Omega Ratio Rank: 8
UTES Calmar Ratio Rank: 7
UTES Martin Ratio Rank: 7

USD

USD Risk / Return Rank: 52
USD Sharpe Ratio Rank: 47
USD Sortino Ratio Rank: 49
USD Omega Ratio Rank: 49
USD Calmar Ratio Rank: 62
USD Martin Ratio Rank: 53

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UTES vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Reaves Utilities ETF (UTES) 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.

	UTES	USD	Difference
Sharpe ratio: Return per unit of total volatility	-0.20	1.15	-1.35
Sortino ratio: Return per unit of downside risk	-0.14	1.73	-1.86
Omega ratio: Gain probability vs. loss probability	0.98	1.22	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.31	2.16	-2.47
Martin ratio: Return relative to average drawdown	-0.65	6.21	-6.86

UTES vs. USD - Sharpe Ratio Comparison

The current UTES Sharpe Ratio is -0.20, which is lower than the USD Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of UTES and USD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UTES vs. USD - Drawdown Comparison

The maximum UTES drawdown since its inception was -35.39%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for UTES and USD.

Drawdown Indicators

	UTES	USD	Difference
Max Drawdown Largest peak-to-trough decline	-35.39%	-88.63%	+53.24%
Max Drawdown (1Y) Largest decline over 1 year	-13.88%	-39.33%	+25.45%
Max Drawdown (3Y) Largest decline over 3 years	-17.62%	-64.46%	+46.84%
Max Drawdown (5Y) Largest decline over 5 years	-20.40%	-77.85%	+57.45%
Max Drawdown (10Y) Largest decline over 10 years	-35.39%	-77.85%	+42.46%
Current Drawdown Current decline from peak	-10.30%	-30.59%	+20.29%
Average Drawdown Average peak-to-trough decline	-5.54%	-32.23%	+26.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.72%	13.62%	-6.90%

Volatility

UTES vs. USD - Volatility Comparison

The current volatility for Virtus Reaves Utilities ETF (UTES) is 5.50%, while ProShares Ultra Semiconductors (USD) has a volatility of 28.19%. This indicates that UTES 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.

Volatility by Period

	UTES	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.50%	28.19%	-22.69%
Volatility (6M) Calculated over the trailing 6-month period	16.19%	61.13%	-44.94%
Volatility (1Y) Calculated over the trailing 1-year period	21.39%	73.80%	-52.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.74%	78.73%	-57.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.26%	70.38%	-50.12%

UTES vs. USD - Expense Ratio Comparison

UTES has a 0.49% expense ratio, which is lower than USD's 0.95% expense ratio.

Dividends

UTES vs. USD - Dividend Comparison

UTES's dividend yield for the trailing twelve months is around 1.53%, more than USD's 0.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USD ProShares Ultra Semiconductors	0.39%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%
UTES Virtus Reaves Utilities ETF	1.53%	1.42%	1.51%	2.44%	2.13%	1.94%	2.09%	1.84%	2.09%	3.44%	3.53%	0.61%

Frequently Asked Questions

Can I hold both UTES and USD in my portfolio?

UTES and USD 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.

Which is riskier, UTES or USD?

USD has higher volatility (28.19%) compared to UTES (5.50%). In terms of maximum drawdown, UTES dropped -35.39% vs USD's -88.63%.

Which ETF is better, UTES or USD?

On 10-year performance, USD leads with 54.19% vs 11.78% for UTES. On fees, UTES is cheaper at 0.49% per year. On volatility, UTES has been the lower-risk option at 5.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UTES or USD?

Over the 10-year period, USD has performed better with a 54.19% return vs 11.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UTES or USD?

UTES is cheaper with a 0.49% expense ratio, compared with 0.95% for USD.

Which ETF pays a higher dividend yield, UTES or USD?

UTES has the higher dividend yield at 1.53%, compared with 0.39% for USD.

What is the main difference between UTES and USD?

UTES is categorized as Utilities Equities, while USD is Leveraged Equities. They also come from different issuers: Virtus and ProShares. Their fees differ too: 0.49% for UTES and 0.95% for USD.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (1.15 vs -0.20), 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.