PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
EUO vs. EURUSD=X
Performance
Return for Risk
Drawdowns
Volatility

EUO vs. EURUSD=X

Last updated Jun 6, 2026

EUO (ProShares UltraShort Euro) is Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while EURUSD=X (EUR/USD) is a currency. Over the past 10 years, EUO returned 2.59%/yr vs 0.15%/yr for EURUSD=X. At a correlation of -0.96, they often move in opposite directions.

Performance

EUO vs. EURUSD=X - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Euro (EUO) and EUR/USD (EURUSD=X). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, EUO achieves a 6.00% return, which is significantly higher than EURUSD=X's -1.90% return. Over the past 10 years, EUO has outperformed EURUSD=X with an annualized return of 2.59%, while EURUSD=X has yielded a comparatively lower 0.15% annualized return.

EUO

1D
1.59%
1M
4.33%
YTD
6.00%
6M
4.49%
1Y
3.37%
3Y*
-0.21%
5Y*
5.83%
10Y*
2.59%

EURUSD=X

1D
-0.76%
1M
-1.92%
YTD
-1.90%
6M
-1.04%
1Y
0.68%
3Y*
2.52%
5Y*
-1.08%
10Y*
0.15%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EUO vs. EURUSD=X - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EUO
ProShares UltraShort Euro		6.00%-18.87%19.79%-1.02%13.88%14.83%-15.97%10.51%14.39%-21.71%
EURUSD=X
EUR/USD		-1.90%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 -0.88, 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

-0.88

Correlation (3Y)
Calculated over the trailing 3-year period

-0.92

Correlation (5Y)
Calculated over the trailing 5-year period

-0.94

Correlation (10Y)
Calculated over the trailing 10-year period

-0.96

Correlation (All Time)
Calculated using the full available price history since Nov 26, 2008

-0.96

The correlation between EUO and EURUSD=X has been stable across timeframes, ranging from -0.96 to -0.88 - 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.

ProShares UltraShort Euro

EUR/USD

Often compared with EUO:
EUO vs. BTALEUO vs. ULEEUO vs. YCLEUO vs. VOOEUO vs. QQQEUO vs. MCHIEUO vs. BITO
Often compared with EURUSD=X:
EURUSD=X vs. BTC-USDEURUSD=X vs. GBPUSD=XEURUSD=X vs. FXEEURUSD=X vs. NZDUSD=XEURUSD=X vs. ^GDAXIEURUSD=X vs. USDEURUSD=X vs. AUDUSD=X

Return for Risk

EUO vs. EURUSD=X — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EUO
EUO Risk / Return Rank: 1313
Overall Rank
EUO Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
EUO Sortino Ratio Rank: 1212
Sortino Ratio Rank
EUO Omega Ratio Rank: 1212
Omega Ratio Rank
EUO Calmar Ratio Rank: 1414
Calmar Ratio Rank
EUO Martin Ratio Rank: 1414
Martin Ratio Rank
EURUSD=X
EURUSD=X Risk / Return Rank: 5252
Overall Rank
EURUSD=X Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
EURUSD=X Sortino Ratio Rank: 5252
Sortino Ratio Rank
EURUSD=X Omega Ratio Rank: 5151
Omega Ratio Rank
EURUSD=X Calmar Ratio Rank: 5252
Calmar Ratio Rank
EURUSD=X Martin Ratio Rank: 5252
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EUO vs. EURUSD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Euro (EUO) and EUR/USD (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.

EUOEURUSD=XDifference
Sharpe ratioReturn per unit of total volatility
0.27
0.09

+0.17

Sortino ratioReturn per unit of downside risk
0.46
0.18

+0.28

Omega ratioGain probability vs. loss probability

1.06

1.02

+0.03

Calmar ratioReturn relative to maximum drawdown

0.42

0.11

+0.31

Martin ratioReturn relative to average drawdown

0.91

0.25

+0.67

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EUO vs. EURUSD=X - Sharpe Ratio Comparison

The current EUO Sharpe Ratio is 0.27, which is higher than the EURUSD=X Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of EUO and EURUSD=X, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

EUOEURUSD=XDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.27

0.09

+0.17

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.38

-0.13

+0.51

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.17

0.02

+0.16

Sharpe Ratio (All Time)

Calculated using the full available price history

0.06

-0.09

+0.15

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

EUOEURUSD=XDifference

Max Drawdown

Largest peak-to-trough decline

-38.58%

-40.01%

+1.43%

Max Drawdown (1Y)

Largest decline over 1 year

-8.05%

-5.19%

-2.86%

Max Drawdown (3Y)

Largest decline over 3 years

-24.46%

-8.83%

-15.63%

Max Drawdown (5Y)

Largest decline over 5 years

-25.28%

-21.30%

-3.98%

Max Drawdown (10Y)

Largest decline over 10 years

-29.61%

-23.31%

-6.30%

Current Drawdown

Current decline from peak

-17.30%

-27.94%

+10.64%

Average Drawdown

Average peak-to-trough decline

-18.50%

-23.42%

+4.92%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.71%

2.41%

+1.30%

Volatility

EUO vs. EURUSD=X - Volatility Comparison

ProShares UltraShort Euro (EUO) has a higher volatility of 2.73% compared to EUR/USD (EURUSD=X) at 1.19%. 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

EUOEURUSD=XDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.73%

1.19%

+1.54%

Volatility (6M)

Calculated over the trailing 6-month period

8.81%

4.50%

+4.31%

Volatility (1Y)

Calculated over the trailing 1-year period

12.68%

5.92%

+6.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.56%

7.42%

+8.14%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.88%

7.16%

+7.72%

Frequently Asked Questions

EUO and EURUSD=X have a correlation of -0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EUO has higher volatility (2.73%) compared to EURUSD=X (1.19%). In terms of maximum drawdown, EUO dropped -38.58% vs EURUSD=X's -40.01%.

EUO currently has the higher Sharpe Ratio (0.27 vs 0.09), 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.

Portfolio Optimizer

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