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 -46.69%/yr vs 54.19%/yr for USD. Their -0.60 correlation means they have often moved in opposite directions in the past. 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 -20.01% return, which is significantly lower than USD's 50.25% return. Over the past 10 years, VIXY has underperformed USD with an annualized return of -46.69%, while USD has yielded a comparatively higher 54.19% annualized return.
VIXY
- 1D
- -2.66%
- 1M
- -3.39%
- 6M
- -23.21%
- YTD
- -20.01%
- 1Y
- -54.18%
- 3Y*
- -39.34%
- 5Y*
- -47.11%
- 10Y*
- -46.69%
- ALL TIME*
- -48.52%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $68.86M | $72.62M | $95.81M | |
| $61.09M | $56.74M | $72.28M |
VIXY vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXY ProShares VIX Short-Term Futures ETF | -20.01% | -43.05% | -27.43% | -72.74% | -24.98% | -72.40% | 10.54% | -67.81% | 66.78% | -72.78% |
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 VIXY and USD is -0.51, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.51 |
Correlation (3Y) Balances recent behavior with more history. | -0.54 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.58 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.60 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011 | -0.60 |
The correlation between VIXY and USD has been stable across timeframes, ranging from -0.60 to -0.51 - a consistent structural relationship.
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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 | -2.03 | ||
| Sortino ratioReturn per unit of downside risk | -3.07 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.22 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 2.16 | -3.08 |
| Martin ratioReturn relative to average drawdown | -1.40 | 6.21 | -7.61 |
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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 | -55.18% | -39.33% | -15.85% |
Max Drawdown (3Y)Largest decline over 3 years | -81.45% | -64.46% | -16.99% |
Max Drawdown (5Y)Largest decline over 5 years | -95.91% | -77.85% | -18.06% |
Max Drawdown (10Y)Largest decline over 10 years | -99.82% | -77.85% | -21.97% |
Current DrawdownCurrent decline from peak | -100.00% | -30.59% | -69.41% |
Average DrawdownAverage peak-to-trough decline | -92.24% | -32.23% | -60.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.13% | 13.62% | +22.51% |
Volatility
VIXY vs. USD - Volatility Comparison
The current volatility for ProShares VIX Short-Term Futures ETF (VIXY) is 14.60%, while ProShares Ultra Semiconductors (USD) has a volatility of 28.19%. 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 | 14.60% | 28.19% | -13.59% |
Volatility (6M)Calculated over the trailing 6-month period | 43.36% | 61.13% | -17.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.54% | 73.80% | -16.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 69.97% | 78.73% | -8.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.89% | 70.38% | +1.51% |
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 0.39%.
| 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% |
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 -0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (28.19%) compared to VIXY (14.60%). In terms of maximum drawdown, VIXY dropped -100.00% vs USD's -88.63%.
On 10-year performance, USD leads with 54.19% vs -46.69% for VIXY. On fees, VIXY is cheaper at 0.85% per year. On volatility, VIXY has been the lower-risk option at 14.60%. 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 54.19% return vs -46.69%. 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 0.39%, 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 (1.15 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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