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 -22.12%/yr vs -2.46%/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 -35.24% return, which is significantly lower than ULE's -6.69% return. Over the past 10 years, EEV has underperformed ULE with an annualized return of -22.12%, while ULE has yielded a comparatively higher -2.46% annualized return.
EEV
- 1D
- 7.43%
- 1M
- 7.34%
- 6M
- -27.37%
- YTD
- -35.24%
- 1Y
- -49.99%
- 3Y*
- -29.87%
- 5Y*
- -14.73%
- 10Y*
- -22.12%
ULE
- 1D
- -0.50%
- 1M
- -3.03%
- 6M
- -5.32%
- YTD
- -6.69%
- 1Y
- -6.55%
- 3Y*
- 0.08%
- 5Y*
- -3.41%
- 10Y*
- -2.46%
EEV vs. ULE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EEV ProShares UltraShort MSCI Emerging Markets | -35.24% | -43.35% | -8.08% | -13.08% | 37.05% | -4.99% | -48.93% | -30.87% | 24.06% | -49.03% |
ULE ProShares Ultra Euro | -6.69% | 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 | -0.37 |
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 | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -1.06 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.93 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | -0.56 | -0.29 |
| Martin ratioReturn relative to average drawdown | -1.52 | -1.15 | -0.36 |
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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 | -58.51% | -11.67% | -46.84% |
Max Drawdown (3Y)Largest decline over 3 years | -77.51% | -17.44% | -60.07% |
Max Drawdown (5Y)Largest decline over 5 years | -81.14% | -37.59% | -43.55% |
Max Drawdown (10Y)Largest decline over 10 years | -93.39% | -51.30% | -42.09% |
Current DrawdownCurrent decline from peak | -99.86% | -63.57% | -36.29% |
Average DrawdownAverage peak-to-trough decline | -93.02% | -46.15% | -46.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.00% | 5.69% | +27.31% |
Volatility
EEV vs. ULE - Volatility Comparison
ProShares UltraShort MSCI Emerging Markets (EEV) has a higher volatility of 22.55% compared to ProShares Ultra Euro (ULE) at 2.68%. 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 | 22.55% | 2.68% | +19.87% |
Volatility (6M)Calculated over the trailing 6-month period | 43.38% | 8.90% | +34.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.68% | 13.05% | +34.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.86% | 16.07% | +23.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.55% | 15.09% | +26.46% |
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 7.23%, while ULE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EEV ProShares UltraShort MSCI Emerging Markets | 7.23% | 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 (22.55%) compared to ULE (2.68%). In terms of maximum drawdown, EEV dropped -99.88% vs ULE's -72.74%.
On 10-year performance, ULE leads with -2.46% vs -22.12% for EEV. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.68%. 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 -2.46% return vs -22.12%. 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 7.23%, 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 (-0.50 vs -1.05), 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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