FLYD vs. ULE

Last updated Aug 5, 2026

FLYD (MicroSectors Travel -3X Inverse Leveraged ETNs) and ULE (ProShares Ultra Euro) are both exchange-traded funds - FLYD is a Inverse Equities fund tracking the MerQube MicroSectors U.S. Travel Index, while ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%). Both are passively managed. Over the past 3 years, FLYD returned -55.10%/yr vs 2.23%/yr for ULE. Their -0.20 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.

Performance

FLYD vs. ULE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) and ProShares Ultra Euro (ULE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLYD achieves a -35.79% return, which is significantly lower than ULE's -4.39% return.

FLYD

• 1D: -4.90%
• 1M: -5.05%
• 6M: -41.66%
• YTD: -35.79%
• 1Y: -50.80%
• 3Y*: -55.10%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -63.67%

ULE

• 1D: 0.30%
• 1M: 1.68%
• 6M: -5.40%
• YTD: -4.39%
• 1Y: -2.08%
• 3Y*: 2.23%
• 5Y*: -2.91%
• 10Y*: -2.23%
• ALL TIME*: -3.94%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs	$99.59K	$120.72K	$126.93K
ULE ProShares Ultra Euro	$31.14K	$34.01K	$49.82K

FLYD vs. ULE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs	-35.79%	-60.42%	-54.13%	-75.14%	-46.63%
ULE ProShares Ultra Euro	-4.39%	25.97%	-11.73%	5.08%	0.21%

Correlation

The correlation between FLYD and ULE is -0.19, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.19
Correlation (3Y) Balances recent behavior with more history.	-0.13
Correlation (All Time) Calculated using the full available price history since Jun 22, 2022	-0.20

Return for Risk

FLYD vs. ULE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FLYD

FLYD Risk / Return Rank: 3
FLYD Sharpe Ratio Rank: 4
FLYD Sortino Ratio Rank: 4
FLYD Omega Ratio Rank: 4
FLYD Calmar Ratio Rank: 2
FLYD Martin Ratio Rank: 0

ULE

ULE Risk / Return Rank: 8
ULE Sharpe Ratio Rank: 8
ULE Sortino Ratio Rank: 7
ULE Omega Ratio Rank: 7
ULE Calmar Ratio Rank: 8
ULE Martin Ratio Rank: 8

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FLYD vs. ULE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FLYD	ULE	Difference
Sharpe ratio: Return per unit of total volatility	-0.66	-0.17	-0.49
Sortino ratio: Return per unit of downside risk	-0.71	-0.17	-0.54
Omega ratio: Gain probability vs. loss probability	0.92	0.98	-0.06
Calmar ratio: Return relative to maximum drawdown	-0.89	-0.18	-0.71
Martin ratio: Return relative to average drawdown	-1.66	-0.34	-1.33

FLYD vs. ULE - Sharpe Ratio Comparison

The current FLYD Sharpe Ratio is -0.66, which is lower than the ULE Sharpe Ratio of -0.17. The chart below compares the historical Sharpe Ratios of FLYD and ULE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FLYD vs. ULE - Drawdown Comparison

The maximum FLYD drawdown since its inception was -98.52%, which is greater than ULE's maximum drawdown of -72.74%. Use the drawdown chart below to compare losses from any high point for FLYD and ULE.

Drawdown Indicators

	FLYD	ULE	Difference
Max Drawdown Largest peak-to-trough decline	-98.52%	-72.74%	-25.78%
Max Drawdown (1Y) Largest decline over 1 year	-57.09%	-11.67%	-45.42%
Max Drawdown (3Y) Largest decline over 3 years	-94.84%	-16.95%	-77.89%
Max Drawdown (5Y) Largest decline over 5 years	—	-37.36%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-51.30%	—
Current Drawdown Current decline from peak	-98.52%	-62.67%	-35.85%
Average Drawdown Average peak-to-trough decline	-83.66%	-46.21%	-37.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.58%	6.20%	+24.38%

Volatility

FLYD vs. ULE - Volatility Comparison

MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) has a higher volatility of 22.74% compared to ProShares Ultra Euro (ULE) at 2.45%. This indicates that FLYD'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.

Volatility by Period

	FLYD	ULE	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.74%	2.45%	+20.29%
Volatility (6M) Calculated over the trailing 6-month period	64.36%	7.91%	+56.45%
Volatility (1Y) Calculated over the trailing 1-year period	76.85%	12.16%	+64.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.52%	16.08%	+67.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	83.52%	15.07%	+68.45%

FLYD vs. ULE - Expense Ratio Comparison

Both FLYD and ULE have an expense ratio of 0.95%.

Dividends

FLYD vs. ULE - Dividend Comparison

Neither FLYD nor ULE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FLYD and ULE in my portfolio?

FLYD and ULE have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLYD or ULE?

FLYD has higher volatility (22.74%) compared to ULE (2.45%). In terms of maximum drawdown, FLYD dropped -98.52% vs ULE's -72.74%.

Which ETF is better, FLYD or ULE?

On 3-year performance, ULE leads with 2.23% vs -55.10% for FLYD. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLYD or ULE?

Over the 3-year period, ULE has performed better with a 2.23% return vs -55.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLYD or ULE?

FLYD and ULE have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, FLYD or ULE?

FLYD and ULE have nearly identical dividend yields, around 0.00%.

What is the main difference between FLYD and ULE?

FLYD is categorized as Inverse Equities, while ULE is Leveraged Currency. FLYD tracks MerQube MicroSectors U.S. Travel Index, while ULE tracks USD/EUR Exchange Rate (-200%). They also come from different issuers: REX and ProShares.

Which has better risk-adjusted returns?

ULE currently has the higher Sharpe Ratio (-0.17 vs -0.66), 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.