EUO vs. UGL
EUO (ProShares UltraShort Euro) and UGL (ProShares Ultra Gold) are both exchange-traded funds - EUO is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, EUO returned 2.45%/yr vs 18.45%/yr for UGL. At a correlation of -0.37, they often move in opposite directions. EUO charges 0.99%/yr vs 0.95%/yr for UGL.
Performance
EUO vs. UGL - Performance Comparison
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Returns By Period
In the year-to-date period, EUO achieves a 4.54% return, which is significantly higher than UGL's -2.16% return. Over the past 10 years, EUO has underperformed UGL with an annualized return of 2.45%, while UGL has yielded a comparatively higher 18.45% annualized 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%
UGL
- 1D
- -2.00%
- 1M
- -3.96%
- YTD
- -2.16%
- 6M
- 1.78%
- 1Y
- 51.67%
- 3Y*
- 53.18%
- 5Y*
- 27.00%
- 10Y*
- 18.45%
EUO vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EUO ProShares UltraShort Euro | 4.54% | -18.87% | 19.79% | -1.02% | 13.88% | 14.83% | -15.97% | 10.51% | 14.39% | -21.71% |
UGL ProShares Ultra Gold | -2.16% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
Correlation
The correlation between EUO and UGL is -0.40, 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 | -0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.41 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2008 | -0.37 |
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Return for Risk
EUO vs. UGL — Risk / Return Rank
EUO
UGL
EUO vs. UGL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Euro (EUO) and ProShares Ultra Gold (UGL). 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 | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.90 | ||
| Sortino ratioReturn per unit of downside risk | -1.23 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.21 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.13 | 1.38 | -1.25 |
| Martin ratioReturn relative to average drawdown | 0.28 | 3.17 | -2.89 |
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 | UGL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.08 | 0.98 | -0.90 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.36 | 0.75 | -0.39 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | 0.57 | -0.41 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.05 | 0.39 | -0.34 |
Drawdowns
EUO vs. UGL - Drawdown Comparison
The maximum EUO drawdown since its inception was -38.58%, smaller than the maximum UGL drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for EUO and UGL.
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Drawdown Indicators
| EUO | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.58% | -75.93% | +37.35% |
Max Drawdown (1Y)Largest decline over 1 year | -8.05% | -37.56% | +29.51% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -37.56% | +13.10% |
Max Drawdown (5Y)Largest decline over 5 years | -25.28% | -40.23% | +14.95% |
Max Drawdown (10Y)Largest decline over 10 years | -29.61% | -46.23% | +16.62% |
Current DrawdownCurrent decline from peak | -18.43% | -36.56% | +18.13% |
Average DrawdownAverage peak-to-trough decline | -18.50% | -43.63% | +25.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.73% | 16.35% | -12.62% |
Volatility
EUO vs. UGL - Volatility Comparison
The current volatility for ProShares UltraShort Euro (EUO) is 2.48%, while ProShares Ultra Gold (UGL) has a volatility of 11.03%. This indicates that EUO experiences smaller price fluctuations and is considered to be less risky than UGL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EUO | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.48% | 11.03% | -8.55% |
Volatility (6M)Calculated over the trailing 6-month period | 8.71% | 46.81% | -38.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.65% | 52.91% | -40.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.56% | 36.18% | -20.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.88% | 32.34% | -17.46% |
EUO vs. UGL - Expense Ratio Comparison
EUO has a 0.99% expense ratio, which is higher than UGL's 0.95% expense ratio.
Dividends
EUO vs. UGL - Dividend Comparison
Neither EUO nor UGL has paid dividends to shareholders.
Frequently Asked Questions
EUO and UGL have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGL has higher volatility (11.03%) compared to EUO (2.48%). In terms of maximum drawdown, EUO dropped -38.58% vs UGL's -75.93%.
On 10-year performance, UGL leads with 18.45% vs 2.45% for EUO. On fees, UGL 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.
Over the 10-year period, UGL has performed better with a 18.45% return vs 2.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGL is cheaper with a 0.95% expense ratio, compared with 0.99% for EUO.
EUO and UGL have nearly identical dividend yields, around 0.00%.
EUO is categorized as Leveraged Currency, while UGL is Leveraged Commodities. EUO tracks USD/EUR Exchange Rate (-200%), while UGL tracks Bloomberg Gold Subindex (200%). Their fees differ too: 0.99% for EUO and 0.95% for UGL.
UGL currently has the higher Sharpe Ratio (0.98 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.
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