VIXY vs. USD
VIXY (ProShares VIX Short-Term Futures ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - VIXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index, 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, VIXY returned -47.17%/yr vs 57.21%/yr for USD. At a correlation of -0.60, they often move in opposite directions. VIXY charges 0.85%/yr vs 0.95%/yr for USD.
Performance
VIXY vs. USD - Performance Comparison
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Returns By Period
In the year-to-date period, VIXY achieves a -18.02% return, which is significantly lower than USD's 70.32% return. Over the past 10 years, VIXY has underperformed USD with an annualized return of -47.17%, while USD has yielded a comparatively higher 57.21% annualized return.
VIXY
- 1D
- 3.34%
- 1M
- -9.75%
- 6M
- -16.02%
- YTD
- -18.02%
- 1Y
- -52.30%
- 3Y*
- -39.72%
- 5Y*
- -46.37%
- 10Y*
- -47.17%
USD
- 1D
- -8.00%
- 1M
- -8.85%
- 6M
- 60.45%
- YTD
- 70.32%
- 1Y
- 127.92%
- 3Y*
- 99.92%
- 5Y*
- 59.89%
- 10Y*
- 57.21%
VIXY vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXY ProShares VIX Short-Term Futures ETF | -18.02% | -43.05% | -27.43% | -72.74% | -24.98% | -72.40% | 10.54% | -67.81% | 66.78% | -72.78% |
USD ProShares Ultra Semiconductors | 70.32% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between VIXY and USD is -0.50, 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 | -0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.60 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011 | -0.60 |
The correlation between VIXY and USD shifts across timeframes, from -0.60 (all time) to -0.50 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VIXY vs. USD — Risk / Return Rank
VIXY
USD
VIXY vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Short-Term Futures ETF (VIXY) 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.
| VIXY | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.76 | ||
| Sortino ratioReturn per unit of downside risk | -3.67 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.29 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 4.05 | -5.01 |
| Martin ratioReturn relative to average drawdown | -1.54 | 10.59 | -12.13 |
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Drawdowns
VIXY vs. USD - Drawdown Comparison
The maximum VIXY 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 VIXY and USD.
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Drawdown Indicators
| VIXY | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -88.63% | -11.37% |
Max Drawdown (1Y)Largest decline over 1 year | -54.62% | -31.80% | -22.82% |
Max Drawdown (3Y)Largest decline over 3 years | -81.19% | -64.46% | -16.73% |
Max Drawdown (5Y)Largest decline over 5 years | -96.44% | -77.85% | -18.59% |
Max Drawdown (10Y)Largest decline over 10 years | -99.84% | -77.85% | -21.99% |
Current DrawdownCurrent decline from peak | -100.00% | -21.31% | -78.69% |
Average DrawdownAverage peak-to-trough decline | -92.21% | -32.25% | -59.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.02% | 12.13% | +21.89% |
Volatility
VIXY vs. USD - Volatility Comparison
The current volatility for ProShares VIX Short-Term Futures ETF (VIXY) is 14.22%, while ProShares Ultra Semiconductors (USD) has a volatility of 32.41%. This indicates that VIXY 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
| VIXY | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.22% | 32.41% | -18.19% |
Volatility (6M)Calculated over the trailing 6-month period | 44.20% | 57.60% | -13.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.45% | 70.64% | -14.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 70.29% | 78.22% | -7.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.84% | 70.05% | +1.79% |
VIXY vs. USD - Expense Ratio Comparison
VIXY has a 0.85% expense ratio, which is lower than USD's 0.95% expense ratio.
Dividends
VIXY vs. USD - Dividend Comparison
VIXY has not paid dividends to shareholders, while USD's dividend yield for the trailing twelve months is around 0.34%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 0.34% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
VIXY ProShares 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
VIXY and USD have a correlation of -0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (32.41%) compared to VIXY (14.22%). In terms of maximum drawdown, VIXY dropped -100.00% vs USD's -88.63%.
On 10-year performance, USD leads with 57.21% vs -47.17% for VIXY. On fees, VIXY is cheaper at 0.85% per year. On volatility, VIXY has been the lower-risk option at 14.22%. 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 57.21% return vs -47.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VIXY is cheaper with a 0.85% expense ratio, compared with 0.95% for USD.
USD has the higher dividend yield at 0.34%, compared with 0.00% for VIXY.
VIXY is categorized as Volatility, while USD is Leveraged Equities. VIXY tracks S&P 500 VIX Short-Term Futures Index, while USD tracks Dow Jones U.S. Semiconductors Index (200%). Their fees differ too: 0.85% for VIXY and 0.95% for USD.
USD currently has the higher Sharpe Ratio (1.83 vs -0.93), 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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