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 -33.88%/yr vs -2.66%/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 -44.59% return, which is significantly lower than ULE's -2.89% return. Over the past 10 years, ERY has underperformed ULE with an annualized return of -33.88%, while ULE has yielded a comparatively higher -2.66% annualized return.
ERY
- 1D
- -0.18%
- 1M
- 1.11%
- YTD
- -44.59%
- 6M
- -42.08%
- 1Y
- -55.06%
- 3Y*
- -28.20%
- 5Y*
- -38.05%
- 10Y*
- -33.88%
ULE
- 1D
- 0.28%
- 1M
- -1.64%
- YTD
- -2.89%
- 6M
- -1.27%
- 1Y
- 1.11%
- 3Y*
- 4.59%
- 5Y*
- -3.77%
- 10Y*
- -2.66%
ERY vs. ULE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERY Direxion Daily Energy Bear 2X Shares | -44.59% | -18.54% | -5.58% | -0.35% | -73.61% | -68.00% | -11.94% | -38.67% | 45.61% | -5.67% |
ULE ProShares Ultra Euro | -2.89% | 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 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
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 26, 2008 | -0.19 |
The correlation between ERY and ULE shifts across timeframes, from -0.19 (all time) to 0.11 (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.
| ERY | ULE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.44 | ||
| Sortino ratioReturn per unit of downside risk | -2.62 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.03 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 0.11 | -1.03 |
| Martin ratioReturn relative to average drawdown | -1.65 | 0.23 | -1.88 |
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
| ERY | ULE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.36 | 0.08 | -1.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.74 | -0.24 | -0.50 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | -0.18 | -0.31 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.55 | -0.21 | -0.33 |
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 | -59.79% | -10.40% | -49.39% |
Max Drawdown (3Y)Largest decline over 3 years | -67.94% | -17.44% | -50.50% |
Max Drawdown (5Y)Largest decline over 5 years | -94.04% | -40.94% | -53.10% |
Max Drawdown (10Y)Largest decline over 10 years | -99.66% | -51.30% | -48.36% |
Current DrawdownCurrent decline from peak | -99.99% | -62.09% | -37.90% |
Average DrawdownAverage peak-to-trough decline | -96.93% | -46.06% | -50.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.47% | 4.80% | +28.67% |
Volatility
ERY vs. ULE - Volatility Comparison
Direxion Daily Energy Bear 2X Shares (ERY) has a higher volatility of 16.11% compared to ProShares Ultra Euro (ULE) at 2.42%. 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 | 16.11% | 2.42% | +13.69% |
Volatility (6M)Calculated over the trailing 6-month period | 32.64% | 8.95% | +23.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.81% | 13.38% | +27.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.89% | 16.12% | +35.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.62% | 15.21% | +55.41% |
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 3.75%, 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 | 3.75% | 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 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ERY has higher volatility (16.11%) compared to ULE (2.42%). In terms of maximum drawdown, ERY dropped -99.99% vs ULE's -72.74%.
On 10-year performance, ULE leads with -2.66% vs -33.88% for ERY. On fees, ULE is cheaper at 0.95% per year. On volatility, ULE has been the lower-risk option at 2.42%. 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 -2.66% return vs -33.88%. 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 3.75%, 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 (0.08 vs -1.36), 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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