EUO vs. NRGU

Last updated Jun 4, 2026

EUO (ProShares UltraShort Euro) and NRGU (MicroSectors U.S. Big Oil Index 3X Leveraged ETN) are both exchange-traded funds - EUO is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while NRGU is a Leveraged Equities fund tracking the Solactive MicroSectors U.S. Big Oil Index (-300%). Both are passively managed. Over the past year, EUO returned 1.02% vs 156.99% for NRGU. At a 0.15 correlation, their price movements are largely independent. EUO charges 0.99%/yr vs 0.95%/yr for NRGU.

Performance

EUO vs. NRGU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Euro (EUO) and MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EUO achieves a 4.54% return, which is significantly lower than NRGU's 129.31% return.

EUO

• 1D: 0.50%
• 1M: 2.09%
• YTD: 4.54%
• 6M: 3.41%
• 1Y: 1.02%
• 3Y*: -0.54%
• 5Y*: 5.54%
• 10Y*: 2.45%

NRGU

• 1D: 2.53%
• 1M: -6.67%
• YTD: 129.31%
• 6M: 97.01%
• 1Y: 156.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EUO vs. NRGU - Yearly Performance Comparison

	2026 (YTD)	2025
EUO ProShares UltraShort Euro	4.54%	-16.93%
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged ETN	129.31%	-33.00%

Correlation

The correlation between EUO and NRGU is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	0.15

Return for Risk

EUO vs. NRGU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EUO

EUO Risk / Return Rank: 9
EUO Sharpe Ratio Rank: 10
EUO Sortino Ratio Rank: 9
EUO Omega Ratio Rank: 9
EUO Calmar Ratio Rank: 10
EUO Martin Ratio Rank: 10

NRGU

NRGU Risk / Return Rank: 58
NRGU Sharpe Ratio Rank: 62
NRGU Sortino Ratio Rank: 48
NRGU Omega Ratio Rank: 48
NRGU Calmar Ratio Rank: 77
NRGU Martin Ratio Rank: 56

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. NRGU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Euro (EUO) and MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU). 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	NRGU	Difference
Sharpe ratio Return per unit of total volatility	0.08	2.11	-2.02
Sortino ratio Return per unit of downside risk	0.20	2.43	-2.23
Omega ratio Gain probability vs. loss probability	1.02	1.30	-0.28
Calmar ratio Return relative to maximum drawdown	0.13	3.95	-3.83
Martin ratio Return relative to average drawdown	0.28	9.88	-9.61
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. NRGU - Sharpe Ratio Comparison

The current EUO Sharpe Ratio is 0.08, which is lower than the NRGU Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of EUO and NRGU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EUO	NRGU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.08	2.11	-2.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.45	-0.39

Drawdowns

EUO vs. NRGU - Drawdown Comparison

The maximum EUO drawdown since its inception was -38.58%, smaller than the maximum NRGU drawdown of -57.50%. Use the drawdown chart below to compare losses from any high point for EUO and NRGU.

Drawdown Indicators

	EUO	NRGU	Difference
Max Drawdown Largest peak-to-trough decline	-38.58%	-57.50%	+18.92%
Max Drawdown (1Y) Largest decline over 1 year	-8.05%	-39.95%	+31.90%
Max Drawdown (3Y) Largest decline over 3 years	-24.46%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.28%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-29.61%	—	—
Current Drawdown Current decline from peak	-18.43%	-20.91%	+2.48%
Average Drawdown Average peak-to-trough decline	-18.50%	-25.42%	+6.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.73%	15.96%	-12.23%

Volatility

EUO vs. NRGU - Volatility Comparison

The current volatility for ProShares UltraShort Euro (EUO) is 2.48%, while MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU) has a volatility of 31.63%. This indicates that EUO experiences smaller price fluctuations and is considered to be less risky than NRGU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EUO	NRGU	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.48%	31.63%	-29.15%
Volatility (6M) Calculated over the trailing 6-month period	8.71%	61.27%	-52.56%
Volatility (1Y) Calculated over the trailing 1-year period	12.65%	75.15%	-62.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.56%	89.15%	-73.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.88%	89.15%	-74.27%

EUO vs. NRGU - Expense Ratio Comparison

EUO has a 0.99% expense ratio, which is higher than NRGU's 0.95% expense ratio.

Dividends

EUO vs. NRGU - Dividend Comparison

Neither EUO nor NRGU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both EUO and NRGU in my portfolio?

EUO and NRGU have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EUO or NRGU?

NRGU has higher volatility (31.63%) compared to EUO (2.48%). In terms of maximum drawdown, EUO dropped -38.58% vs NRGU's -57.50%.

Which ETF is better, EUO or NRGU?

On 1-year performance, NRGU leads with 156.99% vs 1.02% for EUO. On fees, NRGU is cheaper at 0.95% per year. On volatility, EUO has been the lower-risk option at 2.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EUO or NRGU?

Over the 1-year period, NRGU has performed better with a 156.99% return vs 1.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EUO or NRGU?

NRGU is cheaper with a 0.95% expense ratio, compared with 0.99% for EUO.

Which ETF pays a higher dividend yield, EUO or NRGU?

EUO and NRGU have nearly identical dividend yields, around 0.00%.

What is the main difference between EUO and NRGU?

EUO is categorized as Leveraged Currency, while NRGU is Leveraged Equities. EUO tracks USD/EUR Exchange Rate (-200%), while NRGU tracks Solactive MicroSectors U.S. Big Oil Index (-300%). They also come from different issuers: ProShares and BMO. Their fees differ too: 0.99% for EUO and 0.95% for NRGU.

Which has better risk-adjusted returns?

NRGU currently has the higher Sharpe Ratio (2.11 vs 0.08), 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.