EUO vs. ULE
EUO (ProShares UltraShort Euro) and ULE (ProShares Ultra Euro) are both Leveraged Currency funds from ProShares tracking the USD/EUR Exchange Rate (-200%). Both are passively managed. Over the past 10 years, EUO returned 2.37%/yr vs -2.60%/yr for ULE. At a correlation of -0.95, they often move in opposite directions. EUO charges 0.99%/yr vs 0.95%/yr for ULE.
Performance
EUO vs. ULE - Performance Comparison
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Returns By Period
In the year-to-date period, EUO achieves a 5.66% return, which is significantly higher than ULE's -4.11% return. Over the past 10 years, EUO has outperformed ULE with an annualized return of 2.37%, while ULE has yielded a comparatively lower -2.60% annualized return.
EUO
- 1D
- -0.12%
- 1M
- 4.56%
- YTD
- 5.66%
- 6M
- 3.73%
- 1Y
- 2.76%
- 3Y*
- 0.04%
- 5Y*
- 5.76%
- 10Y*
- 2.37%
ULE
- 1D
- 0.19%
- 1M
- -4.14%
- YTD
- -4.11%
- 6M
- -2.55%
- 1Y
- 0.11%
- 3Y*
- 3.94%
- 5Y*
- -4.01%
- 10Y*
- -2.60%
EUO vs. ULE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EUO ProShares UltraShort Euro | 5.66% | -18.87% | 19.79% | -1.02% | 13.88% | 14.83% | -15.97% | 10.51% | 14.39% | -21.71% |
ULE ProShares Ultra Euro | -4.11% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
Correlation
The correlation between EUO and ULE is -0.91, 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 | -0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.95 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.95 |
The correlation between EUO and ULE has been stable across timeframes, ranging from -0.95 to -0.91 - a consistent structural relationship.
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Return for Risk
EUO vs. ULE — Risk / Return Rank
EUO
ULE
EUO vs. ULE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Euro (EUO) and ProShares Ultra Euro (ULE). 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 | ULE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.01 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.34 | 0.01 | +0.33 |
| Martin ratioReturn relative to average drawdown | 0.76 | 0.02 | +0.74 |
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 | ULE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.22 | 0.01 | +0.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | -0.25 | +0.62 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.16 | -0.17 | +0.33 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.06 | -0.22 | +0.28 |
Drawdowns
EUO vs. ULE - Drawdown Comparison
The maximum EUO drawdown since its inception was -38.58%, smaller than the maximum ULE drawdown of -72.74%. Use the drawdown chart below to compare losses from any high point for EUO and ULE.
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Drawdown Indicators
| EUO | ULE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.58% | -72.74% | +34.16% |
Max Drawdown (1Y)Largest decline over 1 year | -8.05% | -10.40% | +2.35% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -17.44% | -7.02% |
Max Drawdown (5Y)Largest decline over 5 years | -25.28% | -40.32% | +15.04% |
Max Drawdown (10Y)Largest decline over 10 years | -29.61% | -51.30% | +21.69% |
Current DrawdownCurrent decline from peak | -17.56% | -62.57% | +45.01% |
Average DrawdownAverage peak-to-trough decline | -18.50% | -46.06% | +27.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.65% | 4.90% | -1.25% |
Volatility
EUO vs. ULE - Volatility Comparison
ProShares UltraShort Euro (EUO) has a higher volatility of 2.61% compared to ProShares Ultra Euro (ULE) at 2.36%. This indicates that EUO's price experiences larger fluctuations and is considered to be riskier than ULE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EUO | ULE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.61% | 2.36% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 8.82% | 8.88% | -0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.66% | 13.33% | -0.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.57% | 16.13% | -0.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.88% | 15.21% | -0.33% |
EUO vs. ULE - Expense Ratio Comparison
EUO has a 0.99% expense ratio, which is higher than ULE's 0.95% expense ratio.
Dividends
EUO vs. ULE - Dividend Comparison
Neither EUO nor ULE has paid dividends to shareholders.
Frequently Asked Questions
EUO and ULE have a correlation of -0.91, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EUO has higher volatility (2.61%) compared to ULE (2.36%). In terms of maximum drawdown, EUO dropped -38.58% vs ULE's -72.74%.
On 10-year performance, EUO leads with 2.37% vs -2.60% for ULE. On fees, ULE is cheaper at 0.95% per year. On volatility, ULE has been the lower-risk option at 2.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EUO has performed better with a 2.37% return vs -2.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ULE is cheaper with a 0.95% expense ratio, compared with 0.99% for EUO.
EUO and ULE have nearly identical dividend yields, around 0.00%.
Both ETFs track USD/EUR Exchange Rate (-200%). Their fees differ too: 0.99% for EUO and 0.95% for ULE.
EUO currently has the higher Sharpe Ratio (0.22 vs 0.01), 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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