UVXY vs. USD
UVXY (ProShares Ultra VIX Short-Term Futures ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%), 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, UVXY returned -72.73%/yr vs 61.24%/yr for USD. At a correlation of -0.59, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
UVXY vs. USD - Performance Comparison
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Returns By Period
In the year-to-date period, UVXY achieves a -23.07% return, which is significantly lower than USD's 103.32% return. Over the past 10 years, UVXY has underperformed USD with an annualized return of -72.73%, while USD has yielded a comparatively higher 61.24% annualized return.
UVXY
- 1D
- -4.95%
- 1M
- -26.21%
- YTD
- -23.07%
- 6M
- -39.47%
- 1Y
- -74.10%
- 3Y*
- -64.78%
- 5Y*
- -68.23%
- 10Y*
- -72.73%
USD
- 1D
- -4.99%
- 1M
- 31.62%
- YTD
- 103.32%
- 6M
- 97.79%
- 1Y
- 250.81%
- 3Y*
- 125.78%
- 5Y*
- 67.80%
- 10Y*
- 61.24%
UVXY vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | -23.07% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
USD ProShares Ultra Semiconductors | 103.32% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between UVXY and USD is -0.47, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.59 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011 | -0.59 |
The correlation between UVXY and USD shifts across timeframes, from -0.59 (10 years) to -0.47 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UVXY vs. USD — Risk / Return Rank
UVXY
USD
UVXY vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra VIX Short-Term Futures ETF (UVXY) 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.
| UVXY | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.00 | ||
| Sortino ratioReturn per unit of downside risk | -5.29 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.48 | -0.67 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 7.94 | -8.92 |
| Martin ratioReturn relative to average drawdown | -1.33 | 22.96 | -24.29 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UVXY | USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.88 | 4.12 | -5.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.66 | 0.89 | -1.55 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.64 | 0.89 | -1.53 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.68 | 0.49 | -1.16 |
Drawdowns
UVXY vs. USD - Drawdown Comparison
The maximum UVXY drawdown since its inception was -100.00%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for UVXY and USD.
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Drawdown Indicators
| UVXY | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -88.63% | -11.37% |
Max Drawdown (1Y)Largest decline over 1 year | -76.19% | -31.80% | -44.39% |
Max Drawdown (3Y)Largest decline over 3 years | -95.25% | -64.46% | -30.79% |
Max Drawdown (5Y)Largest decline over 5 years | -99.69% | -77.85% | -21.84% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -77.85% | -22.15% |
Current DrawdownCurrent decline from peak | -100.00% | -6.07% | -93.93% |
Average DrawdownAverage peak-to-trough decline | -98.55% | -32.35% | -66.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.83% | 10.98% | +44.85% |
Volatility
UVXY vs. USD - Volatility Comparison
The current volatility for ProShares Ultra VIX Short-Term Futures ETF (UVXY) is 12.26%, while ProShares Ultra Semiconductors (USD) has a volatility of 21.29%. This indicates that UVXY 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
| UVXY | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.26% | 21.29% | -9.03% |
Volatility (6M)Calculated over the trailing 6-month period | 62.79% | 46.74% | +16.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 84.51% | 61.28% | +23.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.82% | 76.56% | +27.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 113.81% | 69.24% | +44.57% |
UVXY vs. USD - Expense Ratio Comparison
Both UVXY and USD have an expense ratio of 0.95%.
Dividends
UVXY vs. USD - Dividend Comparison
UVXY has not paid dividends to shareholders, while USD's dividend yield for the trailing twelve months is around 0.23%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 0.23% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UVXY and USD have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (21.29%) compared to UVXY (12.26%). In terms of maximum drawdown, UVXY dropped -100.00% vs USD's -88.63%.
On 10-year performance, USD leads with 61.24% vs -72.73% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UVXY has been the lower-risk option at 12.26%. 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 61.24% return vs -72.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UVXY and USD have the same expense ratio: 0.95% per year.
USD has the higher dividend yield at 0.23%, compared with 0.00% for UVXY.
UVXY is categorized as Volatility, while USD is Leveraged Equities. UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).
USD currently has the higher Sharpe Ratio (4.12 vs -0.88), 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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