EUO vs. USD
EUO (ProShares UltraShort Euro) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - EUO is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, EUO returned 2.45%/yr vs 62.16%/yr for USD. At a correlation of -0.16, they often move in opposite directions. EUO charges 0.99%/yr vs 0.95%/yr for USD.
Performance
EUO vs. USD - Performance Comparison
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Returns By Period
In the year-to-date period, EUO achieves a 4.54% return, which is significantly lower than USD's 114.00% return. Over the past 10 years, EUO has underperformed USD with an annualized return of 2.45%, while USD has yielded a comparatively higher 62.16% 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%
USD
- 1D
- -1.14%
- 1M
- 44.53%
- YTD
- 114.00%
- 6M
- 111.06%
- 1Y
- 274.62%
- 3Y*
- 127.67%
- 5Y*
- 69.52%
- 10Y*
- 62.16%
EUO vs. USD - 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% |
USD ProShares Ultra Semiconductors | 114.00% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between EUO and USD is -0.11, 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 | -0.11 |
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 | -0.11 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008 | -0.16 |
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Return for Risk
EUO vs. USD — Risk / Return Rank
EUO
USD
EUO vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Euro (EUO) and ProShares Ultra Semiconductors (USD). 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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.45 | ||
| Sortino ratioReturn per unit of downside risk | -3.61 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.51 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | 0.13 | 8.70 | -8.57 |
| Martin ratioReturn relative to average drawdown | 0.28 | 25.16 | -24.88 |
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 | USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.08 | 4.53 | -4.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.36 | 0.91 | -0.56 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | 0.90 | -0.74 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.05 | 0.49 | -0.44 |
Drawdowns
EUO vs. USD - Drawdown Comparison
The maximum EUO drawdown since its inception was -38.58%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for EUO and USD.
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Drawdown Indicators
| EUO | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.58% | -88.63% | +50.05% |
Max Drawdown (1Y)Largest decline over 1 year | -8.05% | -31.80% | +23.75% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -64.46% | +40.00% |
Max Drawdown (5Y)Largest decline over 5 years | -25.28% | -77.85% | +52.57% |
Max Drawdown (10Y)Largest decline over 10 years | -29.61% | -77.85% | +48.24% |
Current DrawdownCurrent decline from peak | -18.43% | -1.14% | -17.29% |
Average DrawdownAverage peak-to-trough decline | -18.50% | -32.35% | +13.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.73% | 10.97% | -7.24% |
Volatility
EUO vs. USD - Volatility Comparison
The current volatility for ProShares UltraShort Euro (EUO) is 2.48%, while ProShares Ultra Semiconductors (USD) has a volatility of 20.36%. This indicates that EUO experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EUO | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.48% | 20.36% | -17.88% |
Volatility (6M)Calculated over the trailing 6-month period | 8.71% | 46.39% | -37.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.65% | 61.22% | -48.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.56% | 76.55% | -60.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.88% | 69.23% | -54.35% |
EUO vs. USD - Expense Ratio Comparison
EUO has a 0.99% expense ratio, which is higher than USD's 0.95% expense ratio.
Dividends
EUO vs. USD - Dividend Comparison
EUO has not paid dividends to shareholders, while USD's dividend yield for the trailing twelve months is around 0.21%.
| 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% |
USD ProShares Ultra Semiconductors | 0.21% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
EUO and USD have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (20.36%) compared to EUO (2.48%). In terms of maximum drawdown, EUO dropped -38.58% vs USD's -88.63%.
On 10-year performance, USD leads with 62.16% vs 2.45% for EUO. On fees, USD 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, USD has performed better with a 62.16% return vs 2.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USD is cheaper with a 0.95% expense ratio, compared with 0.99% for EUO.
USD has the higher dividend yield at 0.21%, compared with 0.00% for EUO.
EUO is categorized as Leveraged Currency, while USD is Leveraged Equities. EUO tracks USD/EUR Exchange Rate (-200%), while USD tracks Dow Jones U.S. Semiconductors Index (200%). Their fees differ too: 0.99% for EUO and 0.95% for USD.
USD currently has the higher Sharpe Ratio (4.53 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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