5CH6.DE vs. ULE
5CH6.DE (WisdomTree Short USD Long EUR 5x Daily EUR) and ULE (ProShares Ultra Euro) are both Leveraged Currency funds - 5CH6.DE tracks the MSFXSM 5X Short US Dollar/Euro Total Return Index while ULE tracks the USD/EUR Exchange Rate (-200%). Both are passively managed. Over the past 10 years, 5CH6.DE returned -16.15%/yr vs -2.87%/yr for ULE. A 0.70 correlation means they provide meaningful diversification when combined. 5CH6.DE charges 0.98%/yr vs 0.95%/yr for ULE.
Performance
5CH6.DE vs. ULE - Performance Comparison
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Different Trading Currencies
5CH6.DE is traded in EUR, while ULE is traded in USD. To make them comparable, the ULE values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, 5CH6.DE achieves a -11.22% return, which is significantly lower than ULE's -1.78% return. Over the past 10 years, 5CH6.DE has underperformed ULE with an annualized return of -16.15%, while ULE has yielded a comparatively higher -2.87% annualized return.
5CH6.DE
- 1D
- 0.59%
- 1M
- -4.31%
- YTD
- -11.22%
- 6M
- -8.18%
- 1Y
- -7.11%
- 3Y*
- -1.61%
- 5Y*
- -19.66%
- 10Y*
- -16.15%
ULE
- 1D
- 0.14%
- 1M
- -0.99%
- YTD
- -1.78%
- 6M
- -1.01%
- 1Y
- -0.59%
- 3Y*
- 1.81%
- 5Y*
- -2.88%
- 10Y*
- -2.87%
5CH6.DE vs. ULE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
5CH6.DE WisdomTree Short USD Long EUR 5x Daily EUR | -11.22% | 48.13% | -32.59% | 1.09% | -44.21% | -39.39% | 30.48% | -27.67% | -37.38% | 57.73% |
ULE ProShares Ultra Euro | -1.78% | 11.02% | -5.90% | 1.93% | -10.27% | -9.35% | 5.28% | -6.84% | -9.34% | 8.69% |
Correlation
The correlation between 5CH6.DE and ULE is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2014 | 0.70 |
The correlation between 5CH6.DE and ULE has been stable across timeframes, ranging from 0.70 to 0.73 - a consistent structural relationship.
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Return for Risk
5CH6.DE vs. ULE — Risk / Return Rank
5CH6.DE
ULE
5CH6.DE vs. ULE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Short USD Long EUR 5x Daily EUR (5CH6.DE) and ProShares Ultra Euro (ULE). 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.
| 5CH6.DE | ULE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 0.99 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.30 | -0.10 | -0.20 |
| Martin ratioReturn relative to average drawdown | -0.58 | -0.22 | -0.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| 5CH6.DE | ULE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.24 | -0.08 | -0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.49 | -0.32 | -0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.44 | -0.34 | -0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.51 | -0.32 | -0.20 |
Drawdowns
5CH6.DE vs. ULE - Drawdown Comparison
The maximum 5CH6.DE drawdown since its inception was -95.83%, which is greater than ULE's maximum drawdown of -57.00%. Use the drawdown chart below to compare losses from any high point for 5CH6.DE and ULE.
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Drawdown Indicators
| 5CH6.DE | ULE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.83% | -57.00% | -38.83% |
Max Drawdown (1Y)Largest decline over 1 year | -23.57% | -5.67% | -17.90% |
Max Drawdown (3Y)Largest decline over 3 years | -48.64% | -9.42% | -39.22% |
Max Drawdown (5Y)Largest decline over 5 years | -79.13% | -24.95% | -54.18% |
Max Drawdown (10Y)Largest decline over 10 years | -90.59% | -36.52% | -54.07% |
Current DrawdownCurrent decline from peak | -93.39% | -50.59% | -42.80% |
Average DrawdownAverage peak-to-trough decline | -79.77% | -33.67% | -46.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.16% | 2.71% | +9.45% |
Volatility
5CH6.DE vs. ULE - Volatility Comparison
WisdomTree Short USD Long EUR 5x Daily EUR (5CH6.DE) has a higher volatility of 6.34% compared to ProShares Ultra Euro (ULE) at 1.28%. This indicates that 5CH6.DE's price experiences larger fluctuations and is considered to be riskier than ULE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| 5CH6.DE | ULE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.34% | 1.28% | +5.06% |
Volatility (6M)Calculated over the trailing 6-month period | 20.38% | 5.22% | +15.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.29% | 7.77% | +22.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.84% | 8.92% | +30.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.90% | 8.44% | +28.46% |
5CH6.DE vs. ULE - Expense Ratio Comparison
5CH6.DE has a 0.98% expense ratio, which is higher than ULE's 0.95% expense ratio.
Dividends
5CH6.DE vs. ULE - Dividend Comparison
Neither 5CH6.DE nor ULE has paid dividends to shareholders.
Frequently Asked Questions
5CH6.DE and ULE have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ULE is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ULE is cheaper with a 0.95% expense ratio, compared with 0.98% for 5CH6.DE.
5CH6.DE tracks MSFXSM 5X Short US Dollar/Euro Total Return Index, while ULE tracks USD/EUR Exchange Rate (-200%). They also come from different issuers: WisdomTree and ProShares. Their fees differ too: 0.98% for 5CH6.DE and 0.95% for ULE.
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