EUO vs. EURUSD=X
EUO (ProShares UltraShort Euro) is Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while EURUSD=X (Euro / U.S. Dollar) is a currency. Over the past 10 years, EUO returned 2.40%/yr vs 0.37%/yr for EURUSD=X. Their -0.96 correlation means they have often moved in opposite directions in the past.
Performance
EUO vs. EURUSD=X - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, EUO achieves a 6.49% return, which is significantly higher than EURUSD=X's -1.75% return. Over the past 10 years, EUO has outperformed EURUSD=X with an annualized return of 2.40%, while EURUSD=X has yielded a comparatively lower 0.37% annualized return.
EUO
- 1D
- 0.07%
- 1M
- -1.50%
- 6M
- 7.79%
- YTD
- 6.49%
- 1Y
- 5.55%
- 3Y*
- 1.51%
- 5Y*
- 4.88%
- 10Y*
- 2.40%
- ALL TIME*
- 1.13%
EURUSD=X
- 1D
- 0.08%
- 1M
- 0.90%
- 6M
- -2.70%
- YTD
- -1.75%
- 1Y
- -0.41%
- 3Y*
- 1.77%
- 5Y*
- -0.55%
- 10Y*
- 0.37%
- ALL TIME*
- -0.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $802.97K | $615.74K | $603.29K | |
EURUSD=X Euro / U.S. Dollar | $111.18K | $129.94K | $143.60K |
EUO vs. EURUSD=X - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EUO ProShares UltraShort Euro | 6.49% | -18.87% | 19.79% | -1.02% | 13.88% | 14.83% | -15.97% | 10.51% | 14.39% | -21.71% |
EURUSD=X Euro / U.S. Dollar | -1.75% | 13.43% | -6.18% | 3.16% | -6.01% | -6.81% | 8.85% | -1.94% | -4.66% | 14.14% |
Correlation
The correlation between EUO and EURUSD=X is -0.87, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.87 |
Correlation (3Y) Balances recent behavior with more history. | -0.91 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.94 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.96 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.96 |
The correlation between EUO and EURUSD=X has been stable across timeframes, ranging from -0.96 to -0.87 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
EUO vs. EURUSD=X — Risk / Return Rank
EUO
EURUSD=X
EUO vs. EURUSD=X - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Euro (EUO) and Euro / U.S. Dollar (EURUSD=X). 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.
| EUO | EURUSD=X | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 0.99 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.33 | -0.06 | +0.39 |
| Martin ratioReturn relative to average drawdown | 0.91 | -0.11 | +1.03 |
Loading charts...
Drawdowns
EUO vs. EURUSD=X - Drawdown Comparison
The maximum EUO drawdown since its inception was -38.58%, roughly equal to the maximum EURUSD=X drawdown of -40.01%. Use the drawdown chart below to compare losses from any high point for EUO and EURUSD=X.
Loading charts...
Drawdown Indicators
| EUO | EURUSD=X | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.58% | -40.01% | +1.43% |
Max Drawdown (1Y)Largest decline over 1 year | -8.05% | -5.67% | -2.38% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -8.48% | -15.98% |
Max Drawdown (5Y)Largest decline over 5 years | -25.28% | -19.24% | -6.04% |
Max Drawdown (10Y)Largest decline over 10 years | -29.61% | -23.31% | -6.30% |
Current DrawdownCurrent decline from peak | -16.91% | -27.83% | +10.92% |
Average DrawdownAverage peak-to-trough decline | -18.48% | -23.68% | +5.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.41% | 3.03% | +0.38% |
Volatility
EUO vs. EURUSD=X - Volatility Comparison
ProShares UltraShort Euro (EUO) has a higher volatility of 2.65% compared to Euro / U.S. Dollar (EURUSD=X) at 1.26%. This indicates that EUO's price experiences larger fluctuations and is considered to be riskier than EURUSD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| EUO | EURUSD=X | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.65% | 1.26% | +1.39% |
Volatility (6M)Calculated over the trailing 6-month period | 8.41% | 3.87% | +4.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.05% | 5.41% | +6.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.56% | 7.39% | +8.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.76% | 7.07% | +7.69% |
Frequently Asked Questions
EUO and EURUSD=X have a correlation of -0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EUO has higher volatility (2.65%) compared to EURUSD=X (1.26%). In terms of maximum drawdown, EUO dropped -38.58% vs EURUSD=X's -40.01%.
EUO currently has the higher Sharpe Ratio (0.22 vs -0.06), 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.
Find the right allocation for EUO and EURUSD=X
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer