- ISIN
- US74347W8745
- CUSIP
- 74347W874
- Issuer
- ProShares
- Inception Date
- Nov 25, 2008
- Region
- Developed Europe (Broad)
- Category
- Leveraged Currency
- Leveraged
- 2x
- Index Tracked
- USD/EUR Exchange Rate (-200%)
- Distribution Policy
- Accumulating
- Asset Class
- Currency
- Assets Under Management
- $5M
Share Price Chart
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Performance
ULE Performance Chart
ProShares Ultra Euro (ULE) is down 5.9% since the beginning of the year. ULE is currently trading at $12 per share. Investors who bought $1,000 worth of ULE shares 5 years ago would now be looking at an investment worth $834.
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Returns By Period
ProShares Ultra Euro (ULE) has returned -5.86% so far this year and -3.43% over the past 12 months. Over the last ten years, ULE has returned -2.44% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
ProShares Ultra Euro
- 1D
- -0.36%
- 1M
- -2.95%
- YTD
- -5.86%
- 6M
- -6.24%
- 1Y
- -3.43%
- 3Y*
- 2.41%
- 5Y*
- -3.57%
- 10Y*
- -2.44%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
ULE Monthly Returns History
Based on dividend-adjusted daily data since Nov 25, 2008, ULE's average daily return is -0.01%, while the average monthly return is -0.21%.
Historically, 47% of months were positive and 53% were negative. The best month was Dec 2008 with a return of +21.8%, while the worst month was Jan 2009 at -17.0%. The longest winning streak lasted 6 consecutive months, and the longest losing streak was 9 months.
On a daily basis, ULE closed higher 48% of trading days. The best single day was Mar 18, 2009 with a return of +7.0%, while the worst single day was Jan 20, 2009 at -6.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.60% | -0.69% | -4.20% | 2.79% | -1.47% | -3.83% | -5.86% | ||||||
| 2025 | 0.07% | -0.31% | 9.20% | 9.89% | -0.24% | 7.17% | -6.51% | 5.22% | 0.43% | -3.83% | 1.25% | 2.32% | 25.97% |
| 2024 | -4.08% | 0.16% | -0.44% | -2.12% | 3.68% | -2.72% | 2.46% | 3.67% | 1.59% | -3.97% | -5.87% | -4.16% | -11.73% |
| 2023 | 2.72% | -5.31% | 4.88% | 3.11% | -6.01% | 4.27% | 1.38% | -2.80% | -5.13% | 0.42% | 5.70% | 2.73% | 5.08% |
| 2022 | -2.55% | -0.92% | -3.19% | -9.15% | 3.27% | -4.96% | -5.31% | -3.90% | -5.34% | 1.15% | 10.71% | 5.10% | -15.51% |
| 2021 | -1.93% | -0.95% | -5.75% | 4.62% | 2.98% | -5.97% | -0.08% | -1.01% | -4.00% | -0.57% | -4.19% | 0.53% | -15.66% |
Benchmark Metrics
ProShares Ultra Euro has an annualized alpha of -5.47%, beta of 0.22, and R2 of 0.05 versus S&P 500 Index. Calculated based on daily prices since November 25, 2008.
- This ETF participated in 80.62% of S&P 500 Index downside but only 22.95% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.22 may look defensive, but with R2 of 0.05 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.05 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -5.47%
- Beta
- 0.22
- R²
- 0.05
- Upside Capture
- 22.95%
- Downside Capture
- 80.62%
Expense Ratio
ULE has a high expense ratio of 0.95%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
ULE ranks 6 for risk / return — in the bottom 6% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for ProShares Ultra Euro (ULE) and compare them to S&P 500 Index.
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.
| ULE | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.29 | ||
| Sortino ratioReturn per unit of downside risk | -3.05 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.37 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.33 | 2.78 | -3.11 |
| Martin ratioReturn relative to average drawdown | -0.67 | 12.44 | -13.11 |
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the ProShares Ultra Euro. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the ProShares Ultra Euro was 72.74%, occurring on Sep 27, 2022. The portfolio has not yet recovered.
The current ProShares Ultra Euro drawdown is 63.25%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -72.74%Sep 2022 | 12y 10mo | — | 16y 7moNov 2009 - now |
Financial crisis2007–2009 | -24.68%Mar 2009 | 2mo 17d | 6mo 8d | 8mo 25dDec 2008 - Sep 2009 |
Financial crisis2007–2009 | -6.75%Dec 2008 | 6d | 10d | 16dNov 2008 - Dec 2008 |
Financial crisis2007–2009 | -4.46%Nov 2009 | 11d | 22d | 1mo 3dOct 2009 - Nov 2009 |
Financial crisis2007–2009 | -3.68%Oct 2009 | 8d | 12d | 20dSep 2009 - Oct 2009 |
Drawdown Indicators
| ULE | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.74% | -56.78% | -15.96% |
Max Drawdown (1Y)Largest decline over 1 year | -10.48% | -9.10% | -1.38% |
Max Drawdown (3Y)Largest decline over 3 years | -17.44% | -18.90% | +1.46% |
Max Drawdown (5Y)Largest decline over 5 years | -38.16% | -25.43% | -12.73% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -33.92% | -17.38% |
Current DrawdownCurrent decline from peak | -63.25% | -1.80% | -61.45% |
Average DrawdownAverage peak-to-trough decline | -46.09% | -10.71% | -35.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.16% | 2.03% | +3.13% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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