XPP vs. USD

Last updated Jun 26, 2026

XPP (ProShares Ultra FTSE China 50) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds from ProShares - XPP tracks the FTSE/Xinhua China 25 Index (200%) while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, XPP returned -6.70%/yr vs 62.72%/yr for USD. At a 0.49 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

XPP vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra FTSE China 50 (XPP) 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, XPP achieves a -34.24% return, which is significantly lower than USD's 92.18% return. Over the past 10 years, XPP has underperformed USD with an annualized return of -6.70%, while USD has yielded a comparatively higher 62.72% annualized return.

XPP

• 1D: -4.68%
• 1M: -21.13%
• YTD: -34.24%
• 6M: -35.23%
• 1Y: -31.54%
• 3Y*: 0.47%
• 5Y*: -23.89%
• 10Y*: -6.70%

USD

• 1D: 4.73%
• 1M: -0.57%
• YTD: 92.18%
• 6M: 86.88%
• 1Y: 185.02%
• 3Y*: 118.50%
• 5Y*: 64.73%
• 10Y*: 62.72%

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

XPP vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XPP ProShares Ultra FTSE China 50	-34.24%	45.84%	38.18%	-34.77%	-50.06%	-40.45%	7.07%	24.88%	-31.36%	80.21%
USD ProShares Ultra Semiconductors	92.18%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%

Correlation

The correlation between XPP and USD is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Jun 4, 2009	0.49

The correlation between XPP and USD shifts across timeframes, from 0.32 (3 years) to 0.49 (all time), reflecting how their relationship changes across market environments.

XPP vs. USD - Sectors Allocation Comparison

Sectors	XPP	USD
Financial Services	48.1%	26.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	26.3%
Utilities	-	-

Return for Risk

XPP vs. USD — Risk / Return Rank

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

XPP

XPP Risk / Return Rank: 3
XPP Sharpe Ratio Rank: 3
XPP Sortino Ratio Rank: 3
XPP Omega Ratio Rank: 3
XPP Calmar Ratio Rank: 4
XPP Martin Ratio Rank: 0

USD

USD Risk / Return Rank: 84
USD Sharpe Ratio Rank: 92
USD Sortino Ratio Rank: 71
USD Omega Ratio Rank: 74
USD Calmar Ratio Rank: 93
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.

XPP vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra FTSE China 50 (XPP) 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.

	XPP	USD	Difference
Sharpe ratio: Return per unit of total volatility	-0.80	2.75	-3.56
Sortino ratio: Return per unit of downside risk	-1.05	2.77	-3.82
Omega ratio: Gain probability vs. loss probability	0.88	1.38	-0.50
Calmar ratio: Return relative to maximum drawdown	-0.71	5.86	-6.56
Martin ratio: Return relative to average drawdown	-1.73	16.16	-17.89

XPP vs. USD - Sharpe Ratio Comparison

The current XPP Sharpe Ratio is -0.80, which is lower than the USD Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of XPP 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

XPP vs. USD - Drawdown Comparison

The maximum XPP drawdown since its inception was -89.90%, roughly equal to the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for XPP and USD.

Drawdown Indicators

	XPP	USD	Difference
Max Drawdown Largest peak-to-trough decline	-89.90%	-88.63%	-1.27%
Max Drawdown (1Y) Largest decline over 1 year	-44.65%	-31.80%	-12.85%
Max Drawdown (3Y) Largest decline over 3 years	-52.95%	-64.46%	+11.51%
Max Drawdown (5Y) Largest decline over 5 years	-85.24%	-77.85%	-7.39%
Max Drawdown (10Y) Largest decline over 10 years	-89.90%	-77.85%	-12.05%
Current Drawdown Current decline from peak	-82.59%	-11.21%	-71.38%
Average Drawdown Average peak-to-trough decline	-47.92%	-32.29%	-15.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.20%	11.50%	+6.70%

Volatility

XPP vs. USD - Volatility Comparison

The current volatility for ProShares Ultra FTSE China 50 (XPP) is 13.07%, while ProShares Ultra Semiconductors (USD) has a volatility of 33.79%. This indicates that XPP 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

	XPP	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.07%	33.79%	-20.72%
Volatility (6M) Calculated over the trailing 6-month period	29.87%	53.90%	-24.03%
Volatility (1Y) Calculated over the trailing 1-year period	39.37%	67.84%	-28.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.86%	77.74%	-14.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.80%	69.82%	-15.02%

XPP vs. USD - Expense Ratio Comparison

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

Dividends

XPP vs. USD - Dividend Comparison

XPP's dividend yield for the trailing twelve months is around 3.18%, more than USD's 0.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USD ProShares Ultra Semiconductors	0.30%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%
XPP ProShares Ultra FTSE China 50	3.18%	2.32%	2.96%	2.87%	0.00%	0.00%	0.00%	3.81%	1.47%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XPP and USD in my portfolio?

XPP and USD have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XPP or USD?

USD has higher volatility (33.79%) compared to XPP (13.07%). In terms of maximum drawdown, XPP dropped -89.90% vs USD's -88.63%.

Which ETF is better, XPP or USD?

On 10-year performance, USD leads with 62.72% vs -6.70% for XPP. Both ETFs have the same 0.95% expense ratio. On volatility, XPP has been the lower-risk option at 13.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XPP or USD?

Over the 10-year period, USD has performed better with a 62.72% return vs -6.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XPP or USD?

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

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

XPP has the higher dividend yield at 3.18%, compared with 0.30% for USD.

What is the main difference between XPP and USD?

XPP tracks FTSE/Xinhua China 25 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 (2.75 vs -0.80), 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.