State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and ProShares Ultra Semiconductors (USD) is a ETF from ProShares. Over the past year SPY returned +23.56% while USD returned +106.91%. Year to date, SPY is up 13.50% versus a gain of 64.64% for USD.

Over three years, SPY compounded at +21.17% per year against +100.67% for USD; over five years the annualized figures are +13.46% and +57.45% respectively. Across the full 20-year window we track, USD has the edge at +27.99% annualized vs +8.85%. Past performance does not guarantee future results.

USD has been the more volatile fund, with annualized monthly volatility of 54.5% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.

The deepest peak-to-trough decline in our data was -56.5% for SPY and -89.3% for USD. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.

The two funds' monthly returns correlate at 0.78. They usually move together, but the gap leaves some room for diversification.

SPY charges 0.09% per year while USD charges 0.95%. On a $10,000 position that is $9 vs $95 annually, a gap of $86 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 0.29% for USD.