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 2.33%/yr vs 0.32%/yr for EURUSD=X. At a correlation of -0.96, they often move in opposite directions.
Performance
EUO vs. EURUSD=X - Performance Comparison
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Returns By Period
In the year-to-date period, EUO achieves a 8.95% return, which is significantly higher than EURUSD=X's -3.07% return. Over the past 10 years, EUO has outperformed EURUSD=X with an annualized return of 2.33%, while EURUSD=X has yielded a comparatively lower 0.32% annualized return.
EUO
- 1D
- 0.51%
- 1M
- 3.61%
- 6M
- 7.25%
- YTD
- 8.95%
- 1Y
- 10.47%
- 3Y*
- 3.90%
- 5Y*
- 5.26%
- 10Y*
- 2.33%
EURUSD=X
- 1D
- -0.11%
- 1M
- -1.57%
- 6M
- -2.41%
- YTD
- -3.07%
- 1Y
- -2.51%
- 3Y*
- 0.47%
- 5Y*
- -0.77%
- 10Y*
- 0.32%
EUO vs. EURUSD=X - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EUO ProShares UltraShort Euro | 8.95% | -18.87% | 19.79% | -1.02% | 13.88% | 14.83% | -15.97% | 10.51% | 14.39% | -21.71% |
EURUSD=X Euro / U.S. Dollar | -3.07% | 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 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 | -0.87 |
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 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.
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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 | +1.18 | ||
| Sortino ratioReturn per unit of downside risk | +1.70 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.95 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.31 | -0.36 | +1.66 |
| Martin ratioReturn relative to average drawdown | 3.08 | -0.75 | +3.83 |
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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.
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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% | -8.83% | -15.63% |
Max Drawdown (5Y)Largest decline over 5 years | -25.28% | -19.28% | -6.00% |
Max Drawdown (10Y)Largest decline over 10 years | -29.61% | -23.31% | -6.30% |
Current DrawdownCurrent decline from peak | -14.99% | -28.80% | +13.81% |
Average DrawdownAverage peak-to-trough decline | -18.49% | -23.59% | +5.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.41% | 2.86% | +0.55% |
Volatility
EUO vs. EURUSD=X - Volatility Comparison
ProShares UltraShort Euro (EUO) has a higher volatility of 3.35% compared to Euro / U.S. Dollar (EURUSD=X) at 0.98%. 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.
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Volatility by Period
| EUO | EURUSD=X | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.35% | 0.98% | +2.37% |
Volatility (6M)Calculated over the trailing 6-month period | 9.14% | 4.01% | +5.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.64% | 5.81% | +6.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.55% | 7.39% | +8.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.77% | 7.09% | +7.68% |
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 (3.35%) compared to EURUSD=X (0.98%). In terms of maximum drawdown, EUO dropped -38.58% vs EURUSD=X's -40.01%.
EUO currently has the higher Sharpe Ratio (0.83 vs -0.35), 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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