XLK vs. USD

Last updated Jun 14, 2026

XLK (State Street Technology Select Sector SPDR ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - XLK is a Technology Equities fund tracking the S&P Technology Select Sector Daily Capped 35/20 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, XLK returned 25.19%/yr vs 60.21%/yr for USD. Their correlation of 0.84 suggests significant overlap in exposure. XLK charges 0.08%/yr vs 0.95%/yr for USD.

Performance

XLK vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Technology Select Sector SPDR ETF (XLK) 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, XLK achieves a 28.52% return, which is significantly lower than USD's 86.87% return. Over the past 10 years, XLK has underperformed USD with an annualized return of 25.19%, while USD has yielded a comparatively higher 60.21% annualized return.

XLK

• 1D: 0.87%
• 1M: 4.85%
• YTD: 28.52%
• 6M: 28.96%
• 1Y: 55.42%
• 3Y*: 30.28%
• 5Y*: 22.02%
• 10Y*: 25.19%

USD

• 1D: 2.08%
• 1M: 2.49%
• YTD: 86.87%
• 6M: 97.77%
• 1Y: 222.89%
• 3Y*: 111.11%
• 5Y*: 65.02%
• 10Y*: 60.21%

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

XLK vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLK State Street Technology Select Sector SPDR ETF	28.52%	24.61%	21.63%	56.02%	-27.73%	34.74%	43.62%	49.86%	-1.68%	34.26%
USD ProShares Ultra Semiconductors	86.87%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%

Correlation

The correlation between XLK and USD is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	0.84

The correlation between XLK and USD has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.

XLK vs. USD - Sectors Allocation Comparison

Sectors	XLK	USD
Technology	99.7%	29.1%
Energy	0.2%	0.0%
Industrials	0.1%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	32.1%
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

XLK vs. USD — Risk / Return Rank

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

XLK

XLK Risk / Return Rank: 76
XLK Sharpe Ratio Rank: 85
XLK Sortino Ratio Rank: 76
XLK Omega Ratio Rank: 78
XLK Calmar Ratio Rank: 75
XLK Martin Ratio Rank: 68

USD

USD Risk / Return Rank: 88
USD Sharpe Ratio Rank: 94
USD Sortino Ratio Rank: 79
USD Omega Ratio Rank: 81
USD Calmar Ratio Rank: 95
USD Martin Ratio Rank: 91

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.

XLK vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Technology Select Sector SPDR ETF (XLK) 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.

	XLK	USD	Difference
Sharpe ratio: Return per unit of total volatility	2.37	3.20	-0.83
Sortino ratio: Return per unit of downside risk	2.92	3.05	-0.13
Omega ratio: Gain probability vs. loss probability	1.39	1.41	-0.02
Calmar ratio: Return relative to maximum drawdown	3.36	6.58	-3.22
Martin ratio: Return relative to average drawdown	10.85	18.43	-7.58

XLK vs. USD - Sharpe Ratio Comparison

The current XLK Sharpe Ratio is 2.37, which is comparable to the USD Sharpe Ratio of 3.20. The chart below compares the historical Sharpe Ratios of XLK 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

XLK vs. USD - Drawdown Comparison

The maximum XLK drawdown since its inception was -82.05%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for XLK and USD.

Drawdown Indicators

	XLK	USD	Difference
Max Drawdown Largest peak-to-trough decline	-82.05%	-88.63%	+6.58%
Max Drawdown (1Y) Largest decline over 1 year	-15.92%	-31.80%	+15.88%
Max Drawdown (3Y) Largest decline over 3 years	-25.66%	-64.46%	+38.80%
Max Drawdown (5Y) Largest decline over 5 years	-33.56%	-77.85%	+44.29%
Max Drawdown (10Y) Largest decline over 10 years	-33.56%	-77.85%	+44.29%
Current Drawdown Current decline from peak	-6.77%	-13.67%	+6.90%
Average Drawdown Average peak-to-trough decline	-34.93%	-32.32%	-2.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.92%	11.34%	-6.42%

Volatility

XLK vs. USD - Volatility Comparison

The current volatility for State Street Technology Select Sector SPDR ETF (XLK) is 10.86%, while ProShares Ultra Semiconductors (USD) has a volatility of 29.56%. This indicates that XLK 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

	XLK	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.86%	29.56%	-18.70%
Volatility (6M) Calculated over the trailing 6-month period	18.92%	52.44%	-33.52%
Volatility (1Y) Calculated over the trailing 1-year period	22.55%	65.34%	-42.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.18%	77.19%	-52.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.64%	69.61%	-44.97%

XLK vs. USD - Expense Ratio Comparison

XLK has a 0.08% expense ratio, which is lower than USD's 0.95% expense ratio.

Dividends

XLK vs. USD - Dividend Comparison

XLK's dividend yield for the trailing twelve months is around 0.41%, 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%
XLK State Street Technology Select Sector SPDR ETF	0.41%	0.54%	0.66%	0.76%	1.04%	0.65%	0.92%	1.16%	1.60%	1.37%	1.74%	1.79%

Frequently Asked Questions

Can I hold both XLK and USD in my portfolio?

XLK and USD have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XLK or USD?

USD has higher volatility (29.56%) compared to XLK (10.86%). In terms of maximum drawdown, XLK dropped -82.05% vs USD's -88.63%.

Which ETF is better, XLK or USD?

On 10-year performance, USD leads with 60.21% vs 25.19% for XLK. On fees, XLK is cheaper at 0.08% per year. On volatility, XLK has been the lower-risk option at 10.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLK or USD?

Over the 10-year period, USD has performed better with a 60.21% return vs 25.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLK or USD?

XLK is cheaper with a 0.08% expense ratio, compared with 0.95% for USD.

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

XLK has the higher dividend yield at 0.41%, compared with 0.25% for USD.

What is the main difference between XLK and USD?

XLK is categorized as Technology Equities, while USD is Leveraged Equities. XLK tracks S&P Technology Select Sector Daily Capped 35/20 Index, while USD tracks Dow Jones U.S. Semiconductors Index (200%). They also come from different issuers: State Street and ProShares. Their fees differ too: 0.08% for XLK and 0.95% for USD.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (3.20 vs 2.37), 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.