EEV vs. ULE
EEV (ProShares UltraShort MSCI Emerging Markets) and ULE (ProShares Ultra Euro) are both exchange-traded funds - EEV is a Leveraged Equities fund tracking the MSCI Emerging Markets Index (-200%), while ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%). Both are passively managed. Over the past 10 years, EEV returned -24.94%/yr vs -2.44%/yr for ULE. At a correlation of -0.34, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
EEV vs. ULE - Performance Comparison
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Returns By Period
In the year-to-date period, EEV achieves a -45.94% return, which is significantly lower than ULE's -5.86% return. Over the past 10 years, EEV has underperformed ULE with an annualized return of -24.94%, while ULE has yielded a comparatively higher -2.44% annualized return.
EEV
- 1D
- -0.90%
- 1M
- -17.55%
- YTD
- -45.94%
- 6M
- -47.26%
- 1Y
- -61.41%
- 3Y*
- -35.92%
- 5Y*
- -17.45%
- 10Y*
- -24.94%
ULE
- 1D
- -0.36%
- 1M
- -2.95%
- YTD
- -5.86%
- 6M
- -6.24%
- 1Y
- -3.43%
- 3Y*
- 2.41%
- 5Y*
- -3.57%
- 10Y*
- -2.44%
EEV vs. ULE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EEV ProShares UltraShort MSCI Emerging Markets | -45.94% | -43.35% | -8.08% | -13.08% | 37.05% | -4.99% | -48.93% | -30.87% | 24.06% | -49.03% |
ULE ProShares Ultra Euro | -5.86% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
Correlation
The correlation between EEV and ULE is -0.33, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.31 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.34 |
The correlation between EEV and ULE shifts across timeframes, from -0.42 (5 years) to -0.31 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
EEV vs. ULE — Risk / Return Rank
EEV
ULE
EEV vs. ULE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Emerging Markets (EEV) 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.
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.
| EEV | ULE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.13 | ||
| Sortino ratioReturn per unit of downside risk | -2.26 | ||
| Omega ratioGain probability vs. loss probability | 0.70 | 0.97 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | -0.33 | -0.68 |
| Martin ratioReturn relative to average drawdown | -1.83 | -0.67 | -1.16 |
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Drawdowns
EEV vs. ULE - Drawdown Comparison
The maximum EEV drawdown since its inception was -99.88%, which is greater than ULE's maximum drawdown of -72.74%. Use the drawdown chart below to compare losses from any high point for EEV and ULE.
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Drawdown Indicators
| EEV | ULE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -72.74% | -27.14% |
Max Drawdown (1Y)Largest decline over 1 year | -60.74% | -10.48% | -50.26% |
Max Drawdown (3Y)Largest decline over 3 years | -77.51% | -17.44% | -60.07% |
Max Drawdown (5Y)Largest decline over 5 years | -81.14% | -38.16% | -42.98% |
Max Drawdown (10Y)Largest decline over 10 years | -94.47% | -51.30% | -43.17% |
Current DrawdownCurrent decline from peak | -99.88% | -63.25% | -36.63% |
Average DrawdownAverage peak-to-trough decline | -93.00% | -46.09% | -46.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.52% | 5.16% | +29.36% |
Volatility
EEV vs. ULE - Volatility Comparison
ProShares UltraShort MSCI Emerging Markets (EEV) has a higher volatility of 21.49% compared to ProShares Ultra Euro (ULE) at 2.65%. This indicates that EEV'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
| EEV | ULE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.49% | 2.65% | +18.84% |
Volatility (6M)Calculated over the trailing 6-month period | 40.02% | 8.95% | +31.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.39% | 13.14% | +31.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.16% | 16.09% | +23.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.49% | 15.21% | +26.28% |
EEV vs. ULE - Expense Ratio Comparison
Both EEV and ULE have an expense ratio of 0.95%.
Dividends
EEV vs. ULE - Dividend Comparison
EEV's dividend yield for the trailing twelve months is around 8.00%, while ULE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EEV ProShares UltraShort MSCI Emerging Markets | 8.00% | 5.40% | 4.45% | 3.45% | 0.27% | 0.00% | 0.14% | 1.34% | 0.38% |
ULE ProShares Ultra Euro | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EEV and ULE have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EEV has higher volatility (21.49%) compared to ULE (2.65%). In terms of maximum drawdown, EEV dropped -99.88% vs ULE's -72.74%.
On 10-year performance, ULE leads with -2.44% vs -24.94% for EEV. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ULE has performed better with a -2.44% return vs -24.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EEV and ULE have the same expense ratio: 0.95% per year.
EEV has the higher dividend yield at 8.00%, compared with 0.00% for ULE.
EEV is categorized as Leveraged Equities, while ULE is Leveraged Currency. EEV tracks MSCI Emerging Markets Index (-200%), while ULE tracks USD/EUR Exchange Rate (-200%).
ULE currently has the higher Sharpe Ratio (-0.26 vs -1.39), 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.
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