EUO vs. PPA
EUO (ProShares UltraShort Euro) and PPA (Invesco Aerospace & Defense ETF) are both exchange-traded funds - EUO is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while PPA is a Aerospace & Defense fund tracking the SPADE Defense Index. Both are passively managed. Over the past 10 years, EUO returned 2.59%/yr vs 17.29%/yr for PPA. At a correlation of -0.18, they often move in opposite directions. EUO charges 0.99%/yr vs 0.58%/yr for PPA.
Performance
EUO vs. PPA - Performance Comparison
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Returns By Period
In the year-to-date period, EUO achieves a 6.00% return, which is significantly lower than PPA's 8.88% return. Over the past 10 years, EUO has underperformed PPA with an annualized return of 2.59%, while PPA has yielded a comparatively higher 17.29% annualized return.
EUO
- 1D
- 1.59%
- 1M
- 4.89%
- YTD
- 6.00%
- 6M
- 4.49%
- 1Y
- 2.63%
- 3Y*
- -0.21%
- 5Y*
- 5.83%
- 10Y*
- 2.59%
PPA
- 1D
- -1.75%
- 1M
- 1.72%
- YTD
- 8.88%
- 6M
- 13.17%
- 1Y
- 25.68%
- 3Y*
- 28.96%
- 5Y*
- 17.90%
- 10Y*
- 17.29%
EUO vs. PPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EUO ProShares UltraShort Euro | 6.00% | -18.87% | 19.79% | -1.02% | 13.88% | 14.83% | -15.97% | 10.51% | 14.39% | -21.71% |
PPA Invesco Aerospace & Defense ETF | 8.88% | 37.15% | 25.28% | 18.41% | 9.52% | 7.09% | 0.45% | 39.63% | -7.51% | 30.10% |
Correlation
The correlation between EUO and PPA is -0.21, 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 | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.12 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008 | -0.18 |
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Return for Risk
EUO vs. PPA — Risk / Return Rank
EUO
PPA
EUO vs. PPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Euro (EUO) and Invesco Aerospace & Defense ETF (PPA). 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 | PPA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.14 | ||
| Sortino ratioReturn per unit of downside risk | -1.59 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.24 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.42 | 1.97 | -1.55 |
| Martin ratioReturn relative to average drawdown | 0.91 | 5.69 | -4.78 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EUO | PPA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.27 | 1.40 | -1.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | 0.97 | -0.59 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | 0.84 | -0.67 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.06 | 0.66 | -0.60 |
Drawdowns
EUO vs. PPA - Drawdown Comparison
The maximum EUO drawdown since its inception was -38.58%, smaller than the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for EUO and PPA.
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Drawdown Indicators
| EUO | PPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.58% | -57.37% | +18.79% |
Max Drawdown (1Y)Largest decline over 1 year | -8.05% | -13.71% | +5.66% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -15.24% | -9.22% |
Max Drawdown (5Y)Largest decline over 5 years | -25.28% | -18.37% | -6.91% |
Max Drawdown (10Y)Largest decline over 10 years | -29.61% | -43.92% | +14.31% |
Current DrawdownCurrent decline from peak | -17.30% | -8.11% | -9.19% |
Average DrawdownAverage peak-to-trough decline | -18.50% | -9.18% | -9.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.71% | 4.73% | -1.02% |
Volatility
EUO vs. PPA - Volatility Comparison
The current volatility for ProShares UltraShort Euro (EUO) is 2.73%, while Invesco Aerospace & Defense ETF (PPA) has a volatility of 6.79%. This indicates that EUO experiences smaller price fluctuations and is considered to be less risky than PPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EUO | PPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.73% | 6.79% | -4.06% |
Volatility (6M)Calculated over the trailing 6-month period | 8.81% | 16.15% | -7.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.68% | 19.21% | -6.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.56% | 18.52% | -2.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.88% | 20.65% | -5.77% |
EUO vs. PPA - Expense Ratio Comparison
EUO has a 0.99% expense ratio, which is higher than PPA's 0.58% expense ratio.
Dividends
EUO vs. PPA - Dividend Comparison
EUO has not paid dividends to shareholders, while PPA's dividend yield for the trailing twelve months is around 0.38%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EUO ProShares UltraShort Euro | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PPA Invesco Aerospace & Defense ETF | 0.38% | 0.42% | 0.61% | 0.67% | 0.83% | 0.59% | 0.88% | 0.95% | 0.90% | 0.67% | 1.70% | 1.41% |
Frequently Asked Questions
EUO and PPA have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PPA has higher volatility (6.79%) compared to EUO (2.73%). In terms of maximum drawdown, EUO dropped -38.58% vs PPA's -57.37%.
On 10-year performance, PPA leads with 17.29% vs 2.59% for EUO. On fees, PPA is cheaper at 0.58% per year. On volatility, EUO has been the lower-risk option at 2.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PPA has performed better with a 17.29% return vs 2.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PPA is cheaper with a 0.58% expense ratio, compared with 0.99% for EUO.
PPA has the higher dividend yield at 0.38%, compared with 0.00% for EUO.
EUO is categorized as Leveraged Currency, while PPA is Aerospace & Defense. EUO tracks USD/EUR Exchange Rate (-200%), while PPA tracks SPADE Defense Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.99% for EUO and 0.58% for PPA.
PPA currently has the higher Sharpe Ratio (1.40 vs 0.27), 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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