XSD vs. USD

Last updated Jun 4, 2026

XSD (SPDR S&P Semiconductor ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - XSD is a Semiconductors fund tracking the S&P Semiconductor Select Industry, 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, XSD returned 31.10%/yr vs 62.16%/yr for USD. Their correlation of 0.89 suggests significant overlap in exposure. XSD charges 0.35%/yr vs 0.95%/yr for USD.

Performance

XSD vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Semiconductor ETF (XSD) 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, XSD achieves a 102.14% return, which is significantly lower than USD's 114.00% return. Over the past 10 years, XSD has underperformed USD with an annualized return of 31.10%, while USD has yielded a comparatively higher 62.16% annualized return.

XSD

• 1D: 1.51%
• 1M: 30.91%
• YTD: 102.14%
• 6M: 92.84%
• 1Y: 180.25%
• 3Y*: 46.41%
• 5Y*: 29.69%
• 10Y*: 31.10%

USD

• 1D: -1.14%
• 1M: 44.53%
• YTD: 114.00%
• 6M: 111.06%
• 1Y: 274.62%
• 3Y*: 127.67%
• 5Y*: 69.52%
• 10Y*: 62.16%

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

XSD vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XSD SPDR S&P Semiconductor ETF	102.14%	29.85%	10.75%	34.87%	-30.92%	42.54%	61.95%	64.66%	-6.35%	25.21%
USD ProShares Ultra Semiconductors	114.00%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%

Correlation

The correlation between XSD and USD is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007	0.89

The correlation between XSD and USD shifts across timeframes, from 0.69 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.

XSD vs. USD - Sectors Allocation Comparison

Sectors	XSD	USD
Technology	97.8%	27.4%
Energy	2.2%	0.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	27.8%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

XSD vs. USD — Risk / Return Rank

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

XSD

XSD Risk / Return Rank: 95
XSD Sharpe Ratio Rank: 97
XSD Sortino Ratio Rank: 94
XSD Omega Ratio Rank: 93
XSD Calmar Ratio Rank: 96
XSD Martin Ratio Rank: 96

USD

USD Risk / Return Rank: 90
USD Sharpe Ratio Rank: 97
USD Sortino Ratio Rank: 83
USD Omega Ratio Rank: 83
USD Calmar Ratio Rank: 95
USD Martin Ratio Rank: 93

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.

XSD vs. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Semiconductor ETF (XSD) 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.

	XSD	USD	Difference
Sharpe ratio: Return per unit of total volatility	5.00	4.53	+0.47
Sortino ratio: Return per unit of downside risk	5.03	3.81	+1.22
Omega ratio: Gain probability vs. loss probability	1.65	1.51	+0.13
Calmar ratio: Return relative to maximum drawdown	9.75	8.70	+1.05
Martin ratio: Return relative to average drawdown	33.91	25.16	+8.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XSD vs. USD - Sharpe Ratio Comparison

The current XSD Sharpe Ratio is 5.00, which is comparable to the USD Sharpe Ratio of 4.53. The chart below compares the historical Sharpe Ratios of XSD 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.

Sharpe Ratios by Period

	XSD	USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.00	4.53	+0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.91	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.89	0.90	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.49	-0.05

Drawdowns

XSD vs. USD - Drawdown Comparison

The maximum XSD drawdown since its inception was -64.56%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for XSD and USD.

Drawdown Indicators

	XSD	USD	Difference
Max Drawdown Largest peak-to-trough decline	-64.56%	-88.63%	+24.07%
Max Drawdown (1Y) Largest decline over 1 year	-18.61%	-31.80%	+13.19%
Max Drawdown (3Y) Largest decline over 3 years	-41.25%	-64.46%	+23.21%
Max Drawdown (5Y) Largest decline over 5 years	-42.27%	-77.85%	+35.58%
Max Drawdown (10Y) Largest decline over 10 years	-42.27%	-77.85%	+35.58%
Current Drawdown Current decline from peak	0.00%	-1.14%	+1.14%
Average Drawdown Average peak-to-trough decline	-13.74%	-32.35%	+18.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.34%	10.97%	-5.63%

Volatility

XSD vs. USD - Volatility Comparison

The current volatility for SPDR S&P Semiconductor ETF (XSD) is 14.94%, while ProShares Ultra Semiconductors (USD) has a volatility of 20.36%. This indicates that XSD 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

	XSD	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.94%	20.36%	-5.42%
Volatility (6M) Calculated over the trailing 6-month period	27.89%	46.39%	-18.50%
Volatility (1Y) Calculated over the trailing 1-year period	36.39%	61.22%	-24.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.25%	76.55%	-38.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.96%	69.23%	-34.27%

XSD vs. USD - Expense Ratio Comparison

XSD has a 0.35% expense ratio, which is lower than USD's 0.95% expense ratio.

Dividends

XSD vs. USD - Dividend Comparison

XSD's dividend yield for the trailing twelve months is around 0.12%, less than USD's 0.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USD ProShares Ultra Semiconductors	0.21%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%
XSD SPDR S&P Semiconductor ETF	0.12%	0.26%	0.20%	0.31%	0.44%	0.10%	0.26%	0.51%	1.16%	0.59%	0.64%	0.58%

Frequently Asked Questions

Can I hold both XSD and USD in my portfolio?

XSD and USD have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XSD or USD?

USD has higher volatility (20.36%) compared to XSD (14.94%). In terms of maximum drawdown, XSD dropped -64.56% vs USD's -88.63%.

Which ETF is better, XSD or USD?

On 10-year performance, USD leads with 62.16% vs 31.10% for XSD. On fees, XSD is cheaper at 0.35% per year. On volatility, XSD has been the lower-risk option at 14.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XSD or USD?

Over the 10-year period, USD has performed better with a 62.16% return vs 31.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XSD or USD?

XSD is cheaper with a 0.35% expense ratio, compared with 0.95% for USD.

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

USD has the higher dividend yield at 0.21%, compared with 0.12% for XSD.

What is the main difference between XSD and USD?

XSD is categorized as Semiconductors, while USD is Leveraged Equities. XSD tracks S&P Semiconductor Select Industry, while USD tracks Dow Jones U.S. Semiconductors Index (200%). They also come from different issuers: State Street and ProShares. Their fees differ too: 0.35% for XSD and 0.95% for USD.

Which has better risk-adjusted returns?

XSD currently has the higher Sharpe Ratio (5.00 vs 4.53), 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.