UWM vs. USD

Last updated Jun 24, 2026

UWM (ProShares Ultra Russell2000) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds from ProShares - UWM tracks the Russell 2000 Index (200%) while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, UWM returned 13.44%/yr vs 61.02%/yr for USD. A 0.67 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

UWM vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Russell2000 (UWM) 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, UWM achieves a 38.71% return, which is significantly lower than USD's 84.65% return. Over the past 10 years, UWM has underperformed USD with an annualized return of 13.44%, while USD has yielded a comparatively higher 61.02% annualized return.

UWM

• 1D: -1.93%
• 1M: 6.86%
• YTD: 38.71%
• 6M: 32.01%
• 1Y: 81.03%
• 3Y*: 27.92%
• 5Y*: 1.93%
• 10Y*: 13.44%

USD

• 1D: -12.35%
• 1M: 1.73%
• YTD: 84.65%
• 6M: 79.76%
• 1Y: 206.76%
• 3Y*: 114.28%
• 5Y*: 63.13%
• 10Y*: 61.02%

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

UWM vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UWM ProShares Ultra Russell2000	38.71%	13.59%	11.32%	22.62%	-43.69%	23.91%	16.57%	48.62%	-25.89%	26.92%
USD ProShares Ultra Semiconductors	84.65%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%

Correlation

The correlation between UWM and USD is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	0.67

The correlation between UWM and USD shifts across timeframes, from 0.50 (3 years) to 0.67 (all time), reflecting how their relationship changes across market environments.

UWM vs. USD - Sectors Allocation Comparison

Sectors	UWM	USD
Technology	19.1%	26.3%
Industrials	17.8%	-
Healthcare	16.3%	-
Financial Services	15.5%	26.0%
Consumer Cyclical	7.9%	-
Real Estate	5.9%	-
Energy	5.4%	0.0%
Basic Materials	4.7%	-
Utilities	2.7%	-
Communication Services	2.5%	-
Consumer Defensive	2.2%	-

Return for Risk

UWM vs. USD — Risk / Return Rank

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

UWM

UWM Risk / Return Rank: 65
UWM Sharpe Ratio Rank: 68
UWM Sortino Ratio Rank: 60
UWM Omega Ratio Rank: 53
UWM Calmar Ratio Rank: 75
UWM Martin Ratio Rank: 71

USD

USD Risk / Return Rank: 82
USD Sharpe Ratio Rank: 92
USD Sortino Ratio Rank: 67
USD Omega Ratio Rank: 71
USD Calmar Ratio Rank: 94
USD Martin Ratio Rank: 87

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.

UWM vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Russell2000 (UWM) 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.

	UWM	USD	Difference
Sharpe ratio: Return per unit of total volatility	2.09	3.06	-0.98
Sortino ratio: Return per unit of downside risk	2.65	2.94	-0.28
Omega ratio: Gain probability vs. loss probability	1.31	1.40	-0.09
Calmar ratio: Return relative to maximum drawdown	3.66	6.54	-2.89
Martin ratio: Return relative to average drawdown	12.47	18.16	-5.69

UWM vs. USD - Sharpe Ratio Comparison

The current UWM Sharpe Ratio is 2.09, which is lower than the USD Sharpe Ratio of 3.06. The chart below compares the historical Sharpe Ratios of UWM 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

UWM vs. USD - Drawdown Comparison

The maximum UWM drawdown since its inception was -88.21%, roughly equal to the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for UWM and USD.

Drawdown Indicators

	UWM	USD	Difference
Max Drawdown Largest peak-to-trough decline	-88.21%	-88.63%	+0.42%
Max Drawdown (1Y) Largest decline over 1 year	-22.28%	-31.80%	+9.52%
Max Drawdown (3Y) Largest decline over 3 years	-49.79%	-64.46%	+14.67%
Max Drawdown (5Y) Largest decline over 5 years	-61.62%	-77.85%	+16.23%
Max Drawdown (10Y) Largest decline over 10 years	-71.46%	-77.85%	+6.39%
Current Drawdown Current decline from peak	-1.93%	-14.69%	+12.76%
Average Drawdown Average peak-to-trough decline	-30.80%	-32.29%	+1.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.52%	11.44%	-4.92%

Volatility

UWM vs. USD - Volatility Comparison

The current volatility for ProShares Ultra Russell2000 (UWM) is 13.03%, while ProShares Ultra Semiconductors (USD) has a volatility of 34.07%. This indicates that UWM 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

	UWM	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.03%	34.07%	-21.04%
Volatility (6M) Calculated over the trailing 6-month period	28.39%	54.13%	-25.74%
Volatility (1Y) Calculated over the trailing 1-year period	39.12%	67.96%	-28.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.16%	77.73%	-32.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.13%	69.83%	-23.70%

UWM vs. USD - Expense Ratio Comparison

Both UWM and USD have an expense ratio of 0.95%.

Dividends

UWM vs. USD - Dividend Comparison

UWM's dividend yield for the trailing twelve months is around 0.74%, 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%
UWM ProShares Ultra Russell2000	0.74%	1.05%	1.16%	0.34%	0.40%	0.00%	0.07%	0.55%	0.41%	0.11%	0.27%	0.23%

Frequently Asked Questions

Can I hold both UWM and USD in my portfolio?

UWM and USD have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UWM or USD?

USD has higher volatility (34.07%) compared to UWM (13.03%). In terms of maximum drawdown, UWM dropped -88.21% vs USD's -88.63%.

Which ETF is better, UWM or USD?

On 10-year performance, USD leads with 61.02% vs 13.44% for UWM. Both ETFs have the same 0.95% expense ratio. On volatility, UWM has been the lower-risk option at 13.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UWM or USD?

Over the 10-year period, USD has performed better with a 61.02% return vs 13.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UWM or USD?

UWM and USD have the same expense ratio: 0.95% per year.

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

UWM has the higher dividend yield at 0.74%, compared with 0.25% for USD.

What is the main difference between UWM and USD?

UWM tracks Russell 2000 Index (200%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (3.06 vs 2.09), 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.