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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in ProShares Ultra Euro, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
ProShares Ultra Euro (ULE) has returned -3.35% so far this year and 11.77% over the past 12 months. Over the last ten years, ULE has returned -2.78% per year, falling short of the S&P 500 Index benchmark, which averaged 12.16% annually.
ProShares Ultra Euro
- 1D
- 2.13%
- 1M
- -4.20%
- YTD
- -3.35%
- 6M
- -3.70%
- 1Y
- 11.77%
- 3Y*
- 3.45%
- 5Y*
- -2.68%
- 10Y*
- -2.78%
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Nov 25, 2008, ULE's average daily return is -0.01%, while the average monthly return is -0.19%.
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% | -3.35% | |||||||||
| 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 -5.16%, beta of 0.22, and R² of 0.05 versus S&P 500 Index. Calculated based on daily prices since November 26, 2008.
- This ETF participated in 79.70% of S&P 500 Index downside but only 23.81% 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
- -5.16%
- Beta
- 0.22
- R²
- 0.05
- Upside Capture
- 23.81%
- Downside Capture
- 79.70%
Expense Ratio
ULE has a high expense ratio of 0.95%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
ULE ranks 36 for risk / return — below 36% of ETFs on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for ProShares Ultra Euro (ULE) and compare them to a chosen benchmark (S&P 500 Index).
| ULE | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.69 | 0.90 | -0.20 |
Sortino ratioReturn per unit of downside risk | 1.17 | 1.39 | -0.22 |
Omega ratioGain probability vs. loss probability | 1.14 | 1.21 | -0.08 |
Calmar ratioReturn relative to maximum drawdown | 1.13 | 1.40 | -0.27 |
Martin ratioReturn relative to average drawdown | 2.74 | 6.61 | -3.87 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore ULE risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
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 62.27%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -72.74% | Nov 27, 2009 | 3230 | Sep 27, 2022 | — | — | — |
| -24.68% | Dec 18, 2008 | 52 | Mar 5, 2009 | 130 | Sep 9, 2009 | 182 |
| -5.72% | Nov 26, 2008 | 3 | Dec 1, 2008 | 7 | Dec 10, 2008 | 10 |
| -4.46% | Oct 23, 2009 | 8 | Nov 3, 2009 | 16 | Nov 25, 2009 | 24 |
| -3.68% | Sep 23, 2009 | 7 | Oct 1, 2009 | 8 | Oct 13, 2009 | 15 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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