ERY vs. ULE
ERY (Direxion Daily Energy Bear 2X Shares) and ULE (ProShares Ultra Euro) are both exchange-traded funds - ERY is a Leveraged Equities fund tracking the Energy Select Sector Index (-300%), while ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%). Both are passively managed. Over the past 10 years, ERY returned -33.62%/yr vs -2.42%/yr for ULE. At a correlation of -0.19, they often move in opposite directions. ERY charges 1.07%/yr vs 0.95%/yr for ULE.
Performance
ERY vs. ULE - Performance Comparison
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Returns By Period
In the year-to-date period, ERY achieves a -35.79% return, which is significantly lower than ULE's -6.99% return. Over the past 10 years, ERY has underperformed ULE with an annualized return of -33.62%, while ULE has yielded a comparatively higher -2.42% annualized return.
ERY
- 1D
- -2.10%
- 1M
- 12.20%
- YTD
- -35.79%
- 6M
- -36.68%
- 1Y
- -43.63%
- 3Y*
- -24.59%
- 5Y*
- -35.93%
- 10Y*
- -33.62%
ULE
- 1D
- 0.12%
- 1M
- -4.39%
- YTD
- -6.99%
- 6M
- -7.53%
- 1Y
- -6.56%
- 3Y*
- 1.84%
- 5Y*
- -3.79%
- 10Y*
- -2.42%
ERY vs. ULE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERY Direxion Daily Energy Bear 2X Shares | -35.79% | -18.54% | -5.58% | -0.35% | -73.61% | -68.00% | -11.94% | -38.67% | 45.61% | -5.67% |
ULE ProShares Ultra Euro | -6.99% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
Correlation
The correlation between ERY and ULE is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.19 |
The correlation between ERY and ULE shifts across timeframes, from -0.19 (all time) to 0.07 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ERY vs. ULE — Risk / Return Rank
ERY
ULE
ERY vs. ULE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Energy Bear 2X Shares (ERY) 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.
| ERY | ULE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -1.00 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.93 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | -0.56 | -0.20 |
| Martin ratioReturn relative to average drawdown | -1.37 | -1.24 | -0.13 |
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Drawdowns
ERY vs. ULE - Drawdown Comparison
The maximum ERY drawdown since its inception was -99.99%, which is greater than ULE's maximum drawdown of -72.74%. Use the drawdown chart below to compare losses from any high point for ERY and ULE.
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Drawdown Indicators
| ERY | ULE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -72.74% | -27.25% |
Max Drawdown (1Y)Largest decline over 1 year | -56.88% | -11.67% | -45.21% |
Max Drawdown (3Y)Largest decline over 3 years | -66.61% | -17.44% | -49.17% |
Max Drawdown (5Y)Largest decline over 5 years | -94.04% | -38.11% | -55.93% |
Max Drawdown (10Y)Largest decline over 10 years | -99.66% | -51.30% | -48.36% |
Current DrawdownCurrent decline from peak | -99.99% | -63.69% | -36.30% |
Average DrawdownAverage peak-to-trough decline | -96.91% | -46.11% | -50.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.93% | 5.31% | +26.62% |
Volatility
ERY vs. ULE - Volatility Comparison
Direxion Daily Energy Bear 2X Shares (ERY) has a higher volatility of 13.80% compared to ProShares Ultra Euro (ULE) at 2.73%. This indicates that ERY'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
| ERY | ULE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.80% | 2.73% | +11.07% |
Volatility (6M)Calculated over the trailing 6-month period | 33.50% | 8.94% | +24.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.48% | 13.10% | +28.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.86% | 16.09% | +35.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.53% | 15.11% | +55.42% |
ERY vs. ULE - Expense Ratio Comparison
ERY has a 1.07% expense ratio, which is higher than ULE's 0.95% expense ratio.
Dividends
ERY vs. ULE - Dividend Comparison
ERY's dividend yield for the trailing twelve months is around 2.87%, while ULE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
ERY Direxion Daily Energy Bear 2X Shares | 2.87% | 3.48% | 4.13% | 4.14% | 0.32% | 0.00% | 0.43% | 1.50% | 0.56% |
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
ERY and ULE have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ERY has higher volatility (13.80%) compared to ULE (2.73%). In terms of maximum drawdown, ERY dropped -99.99% vs ULE's -72.74%.
On 10-year performance, ULE leads with -2.42% vs -33.62% for ERY. On fees, ULE is cheaper at 0.95% per year. On volatility, ULE has been the lower-risk option at 2.73%. 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 -2.42% return vs -33.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ULE is cheaper with a 0.95% expense ratio, compared with 1.07% for ERY.
ERY has the higher dividend yield at 2.87%, compared with 0.00% for ULE.
ERY is categorized as Leveraged Equities, while ULE is Leveraged Currency. ERY tracks Energy Select Sector Index (-300%), while ULE tracks USD/EUR Exchange Rate (-200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.07% for ERY and 0.95% for ULE.
ULE currently has the higher Sharpe Ratio (-0.50 vs -1.06), 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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