UXI vs. USD

Last updated Aug 2, 2026

UXI (ProShares Ultra Industrials) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds from ProShares - UXI tracks the Dow Jones U.S. Industrials Index (200%) while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, UXI returned 19.45%/yr vs 54.19%/yr for USD. Their 0.63 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.

Performance

UXI vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Industrials (UXI) 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, UXI achieves a 28.57% return, which is significantly lower than USD's 50.25% return. Over the past 10 years, UXI has underperformed USD with an annualized return of 19.45%, while USD has yielded a comparatively higher 54.19% annualized return.

UXI

• 1D: 1.77%
• 1M: -4.74%
• 6M: 14.00%
• YTD: 28.57%
• 1Y: 35.83%
• 3Y*: 29.57%
• 5Y*: 12.67%
• 10Y*: 19.45%
• ALL TIME*: 13.24%

USD

• 1D: 1.44%
• 1M: -10.08%
• 6M: 34.80%
• YTD: 50.25%
• 1Y: 92.29%
• 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
UXI ProShares Ultra Industrials	$192.00K	$302.67K	$285.62K

UXI vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UXI ProShares Ultra Industrials	28.57%	28.84%	26.48%	27.34%	-32.90%	34.64%	16.37%	67.44%	-28.13%	51.81%
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 UXI and USD is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.47
Correlation (3Y) Balances recent behavior with more history.	0.46
Correlation (5Y) Shows whether the relationship held over a longer period.	0.58
Correlation (10Y) Provides a long-term view across more market conditions.	0.58
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	0.63

The correlation between UXI and USD shifts across timeframes, from 0.46 (3 years) to 0.63 (all time), reflecting how their relationship changes across market environments.

UXI vs. USD - Sectors Allocation Comparison

Sectors	UXI	USD
Industrials	55.2%	-
Technology	3.8%	32.6%
Utilities	2.8%	-
Basic Materials	1.2%	-
Consumer Cyclical	0.2%	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	0.0%
Financial Services	-	32.1%
Healthcare	-	-
Real Estate	-	-

Return for Risk

UXI vs. USD — Risk / Return Rank

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

UXI

UXI Risk / Return Rank: 39
UXI Sharpe Ratio Rank: 39
UXI Sortino Ratio Rank: 39
UXI Omega Ratio Rank: 37
UXI Calmar Ratio Rank: 39
UXI Martin Ratio Rank: 43

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.

UXI vs. USD - Risk-Adjusted Trends Comparison

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

	UXI	USD	Difference
Sharpe ratio: Return per unit of total volatility	0.95	1.15	-0.20
Sortino ratio: Return per unit of downside risk	1.46	1.73	-0.26
Omega ratio: Gain probability vs. loss probability	1.17	1.22	-0.05
Calmar ratio: Return relative to maximum drawdown	1.36	2.16	-0.79
Martin ratio: Return relative to average drawdown	4.85	6.21	-1.36

UXI vs. USD - Sharpe Ratio Comparison

The current UXI Sharpe Ratio is 0.95, which is comparable to the USD Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of UXI 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

UXI vs. USD - Drawdown Comparison

The maximum UXI drawdown since its inception was -89.01%, roughly equal to the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for UXI and USD.

Drawdown Indicators

	UXI	USD	Difference
Max Drawdown Largest peak-to-trough decline	-89.01%	-88.63%	-0.38%
Max Drawdown (1Y) Largest decline over 1 year	-23.59%	-39.33%	+15.74%
Max Drawdown (3Y) Largest decline over 3 years	-36.42%	-64.46%	+28.04%
Max Drawdown (5Y) Largest decline over 5 years	-48.25%	-77.85%	+29.60%
Max Drawdown (10Y) Largest decline over 10 years	-66.48%	-77.85%	+11.37%
Current Drawdown Current decline from peak	-6.42%	-30.59%	+24.17%
Average Drawdown Average peak-to-trough decline	-22.46%	-32.23%	+9.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.62%	13.62%	-7.00%

Volatility

UXI vs. USD - Volatility Comparison

The current volatility for ProShares Ultra Industrials (UXI) is 9.93%, while ProShares Ultra Semiconductors (USD) has a volatility of 28.19%. This indicates that UXI 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

	UXI	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.93%	28.19%	-18.26%
Volatility (6M) Calculated over the trailing 6-month period	27.91%	61.13%	-33.22%
Volatility (1Y) Calculated over the trailing 1-year period	33.76%	73.80%	-40.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.24%	78.73%	-42.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.50%	70.38%	-30.88%

UXI vs. USD - Expense Ratio Comparison

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

Dividends

UXI vs. USD - Dividend Comparison

UXI's dividend yield for the trailing twelve months is around 0.51%, 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%
UXI ProShares Ultra Industrials	0.51%	0.90%	0.18%	0.21%	0.24%	0.03%	0.29%	0.58%	0.37%	0.24%	0.38%	0.41%

Frequently Asked Questions

Can I hold both UXI and USD in my portfolio?

UXI 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.

Which is riskier, UXI or USD?

USD has higher volatility (28.19%) compared to UXI (9.93%). In terms of maximum drawdown, UXI dropped -89.01% vs USD's -88.63%.

Which ETF is better, UXI or USD?

On 10-year performance, USD leads with 54.19% vs 19.45% for UXI. Both ETFs have the same 0.95% expense ratio. On volatility, UXI has been the lower-risk option at 9.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UXI or USD?

Over the 10-year period, USD has performed better with a 54.19% return vs 19.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UXI or USD?

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

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

UXI has the higher dividend yield at 0.51%, compared with 0.39% for USD.

What is the main difference between UXI and USD?

UXI tracks Dow Jones U.S. Industrials 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 (1.15 vs 0.95), 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.