EUO vs. UVXY

Last updated Jun 4, 2026

EUO (ProShares UltraShort Euro) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - EUO is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, EUO returned 2.45%/yr vs -72.67%/yr for UVXY. At a 0.12 correlation, their price movements are largely independent. EUO charges 0.99%/yr vs 0.95%/yr for UVXY.

Performance

EUO vs. UVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Euro (EUO) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 higher than UVXY's -19.06% return. Over the past 10 years, EUO has outperformed UVXY with an annualized return of 2.45%, while UVXY has yielded a comparatively lower -72.67% 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%

UVXY

• 1D: -0.24%
• 1M: -22.10%
• YTD: -19.06%
• 6M: -37.37%
• 1Y: -72.91%
• 3Y*: -64.55%
• 5Y*: -67.90%
• 10Y*: -72.67%

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

EUO vs. UVXY - 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%
UVXY ProShares Ultra VIX Short-Term Futures ETF	-19.06%	-65.32%	-50.90%	-87.70%	-44.81%	-88.33%	-17.38%	-84.23%	60.10%	-94.17%

Correlation

The correlation between EUO and UVXY 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 (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011	0.12

The correlation between EUO and UVXY shifts across timeframes, from 0.12 (all time) to 0.23 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

EUO vs. UVXY — 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

UVXY

UVXY Risk / Return Rank: 1
UVXY Sharpe Ratio Rank: 2
UVXY Sortino Ratio Rank: 1
UVXY Omega Ratio Rank: 1
UVXY Calmar Ratio Rank: 1
UVXY Martin Ratio Rank: 2

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. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Euro (EUO) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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	UVXY	Difference
Sharpe ratio Return per unit of total volatility	0.08	-0.87	+0.95
Sortino ratio Return per unit of downside risk	0.20	-1.60	+1.80
Omega ratio Gain probability vs. loss probability	1.02	0.82	+0.21
Calmar ratio Return relative to maximum drawdown	0.13	-0.97	+1.10
Martin ratio Return relative to average drawdown	0.28	-1.31	+1.59
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. UVXY - Sharpe Ratio Comparison

The current EUO Sharpe Ratio is 0.08, which is higher than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of EUO and UVXY, 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	UVXY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.08	-0.87	+0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	-0.66	+1.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	-0.64	+0.80
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	-0.68	+0.73

Drawdowns

EUO vs. UVXY - Drawdown Comparison

The maximum EUO drawdown since its inception was -38.58%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for EUO and UVXY.

Drawdown Indicators

	EUO	UVXY	Difference
Max Drawdown Largest peak-to-trough decline	-38.58%	-100.00%	+61.42%
Max Drawdown (1Y) Largest decline over 1 year	-8.05%	-75.22%	+67.17%
Max Drawdown (3Y) Largest decline over 3 years	-24.46%	-95.45%	+70.99%
Max Drawdown (5Y) Largest decline over 5 years	-25.28%	-99.68%	+74.40%
Max Drawdown (10Y) Largest decline over 10 years	-29.61%	-100.00%	+70.39%
Current Drawdown Current decline from peak	-18.43%	-100.00%	+81.57%
Average Drawdown Average peak-to-trough decline	-18.50%	-98.55%	+80.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.73%	55.63%	-51.90%

Volatility

EUO vs. UVXY - Volatility Comparison

The current volatility for ProShares UltraShort Euro (EUO) is 2.48%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.77%. This indicates that EUO experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EUO	UVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.48%	11.77%	-9.29%
Volatility (6M) Calculated over the trailing 6-month period	8.71%	62.64%	-53.93%
Volatility (1Y) Calculated over the trailing 1-year period	12.65%	84.42%	-71.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.56%	103.85%	-88.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.88%	113.82%	-98.94%

EUO vs. UVXY - Expense Ratio Comparison

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

Dividends

EUO vs. UVXY - Dividend Comparison

Neither EUO nor UVXY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both EUO and UVXY in my portfolio?

EUO and UVXY 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 UVXY?

UVXY has higher volatility (11.77%) compared to EUO (2.48%). In terms of maximum drawdown, EUO dropped -38.58% vs UVXY's -100.00%.

Which ETF is better, EUO or UVXY?

On 10-year performance, EUO leads with 2.45% vs -72.67% for UVXY. On fees, UVXY 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 UVXY?

Over the 10-year period, EUO has performed better with a 2.45% return vs -72.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EUO or UVXY?

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

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

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

What is the main difference between EUO and UVXY?

EUO is categorized as Leveraged Currency, while UVXY is Volatility. EUO tracks USD/EUR Exchange Rate (-200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 0.99% for EUO and 0.95% for UVXY.

Which has better risk-adjusted returns?

EUO currently has the higher Sharpe Ratio (0.08 vs -0.87), 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.