EUO vs. EURUSD=X

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares UltraShort Euro (EUO) and EUR/USD (EURUSD=X).

EUO is a passively managed fund by ProShares that tracks the performance of the USD/EUR Exchange Rate (-200%). It was launched on Nov 25, 2008.

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.

EUO vs. EURUSD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EUO ProShares UltraShort Euro	3.99%	-18.87%	19.79%	-1.02%	13.88%	14.83%	-15.97%	10.51%	14.39%	-21.71%
EURUSD=X EUR/USD	-1.28%	13.43%	-6.18%	3.16%	-6.01%	-6.81%	8.85%	-1.94%	-4.66%	14.14%

Returns By Period

In the year-to-date period, EUO achieves a 3.99% return, which is significantly higher than EURUSD=X's -1.28% return. Over the past 10 years, EUO has outperformed EURUSD=X with an annualized return of 2.44%, while EURUSD=X has yielded a comparatively lower 0.18% annualized return.

EUO

• 1D: -0.47%
• 1M: 2.15%
• YTD: 3.99%
• 6M: 4.81%
• 1Y: -9.25%
• 3Y*: 0.48%
• 5Y*: 4.04%
• 10Y*: 2.44%

EURUSD=X

• 1D: 0.37%
• 1M: -0.81%
• YTD: -1.28%
• 6M: -1.16%
• 1Y: 7.44%
• 3Y*: 2.26%
• 5Y*: -0.28%
• 10Y*: 0.18%

*Multi-year figures are annualized to reflect compound growth (CAGR)

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: 4
EUO Sharpe Ratio Rank: 3
EUO Sortino Ratio Rank: 3
EUO Omega Ratio Rank: 3
EUO Calmar Ratio Rank: 4
EUO Martin Ratio Rank: 6

EURUSD=X

EURUSD=X Risk / Return Rank: 70
EURUSD=X Sharpe Ratio Rank: 77
EURUSD=X Sortino Ratio Rank: 80
EURUSD=X Omega Ratio Rank: 77
EURUSD=X Calmar Ratio Rank: 58
EURUSD=X Martin Ratio Rank: 60

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.

	EUO	EURUSD=X	Difference
Sharpe ratio Return per unit of total volatility	-0.59	0.84	-1.43
Sortino ratio Return per unit of downside risk	-0.71	1.36	-2.07
Omega ratio Gain probability vs. loss probability	0.91	1.16	-0.25
Calmar ratio Return relative to maximum drawdown	-0.53	0.18	-0.71
Martin ratio Return relative to average drawdown	-0.75	0.46	-1.21
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 -0.59, which is lower than the EURUSD=X Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of EUO and EURUSD=X, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EUO	EURUSD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.59	0.84	-1.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	-0.04	+0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	0.02	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	-0.07	+0.13

Correlation

The correlation between EUO and EURUSD=X is -0.96. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

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.

Drawdown Indicators

	EUO	EURUSD=X	Difference
Max Drawdown Largest peak-to-trough decline	-38.58%	-40.01%	+1.43%
Max Drawdown (1Y) Largest decline over 1 year	-15.38%	-5.19%	-10.19%
Max Drawdown (5Y) Largest decline over 5 years	-25.28%	-21.68%	-3.60%
Max Drawdown (10Y) Largest decline over 10 years	-29.61%	-23.31%	-6.30%
Current Drawdown Current decline from peak	-18.87%	-27.49%	+8.62%
Average Drawdown Average peak-to-trough decline	-18.49%	-23.12%	+4.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.67%	2.03%	+9.64%

Volatility

EUO vs. EURUSD=X - Volatility Comparison

ProShares UltraShort Euro (EUO) has a higher volatility of 4.50% compared to EUR/USD (EURUSD=X) at 2.50%. 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.

Volatility by Period

	EUO	EURUSD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	2.50%	+2.00%
Volatility (6M) Calculated over the trailing 6-month period	8.60%	4.20%	+4.40%
Volatility (1Y) Calculated over the trailing 1-year period	15.65%	7.17%	+8.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.61%	7.46%	+8.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.97%	7.21%	+7.76%