IFED vs. ULE

Last updated Jun 4, 2026

IFED (ETRACS IFED Invest with the Fed TR Index ETN) and ULE (ProShares Ultra Euro) are both exchange-traded funds - IFED is a Leveraged Equities fund tracking the IFED Large-Cap US Equity Index - Benchmark TR Gross, while ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%). Both are passively managed. Over the past 3 years, IFED returned 16.71%/yr vs 4.49%/yr for ULE. At a 0.25 correlation, their price movements are largely independent. IFED charges 0.45%/yr vs 0.95%/yr for ULE.

Performance

IFED vs. ULE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS IFED Invest with the Fed TR Index ETN (IFED) 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, IFED achieves a -3.52% return, which is significantly lower than ULE's -3.15% return.

IFED

• 1D: -1.24%
• 1M: 4.85%
• YTD: -3.52%
• 6M: -3.51%
• 1Y: 1.97%
• 3Y*: 16.71%
• 5Y*: —
• 10Y*: —

ULE

• 1D: -0.47%
• 1M: -1.98%
• YTD: -3.15%
• 6M: -2.71%
• 1Y: 1.72%
• 3Y*: 4.49%
• 5Y*: -3.83%
• 10Y*: -2.67%

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

IFED vs. ULE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IFED ETRACS IFED Invest with the Fed TR Index ETN	-3.52%	15.02%	23.04%	20.78%	-1.46%	8.46%
ULE ProShares Ultra Euro	-3.15%	25.97%	-11.73%	5.08%	-15.51%	-8.26%

Correlation

The correlation between IFED and ULE is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (All Time) Calculated using the full available price history since Sep 16, 2021	0.25

Return for Risk

IFED vs. ULE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IFED

IFED Risk / Return Rank: 10
IFED Sharpe Ratio Rank: 10
IFED Sortino Ratio Rank: 10
IFED Omega Ratio Rank: 10
IFED Calmar Ratio Rank: 10
IFED Martin Ratio Rank: 10

ULE

ULE Risk / Return Rank: 10
ULE Sharpe Ratio Rank: 11
ULE Sortino Ratio Rank: 10
ULE Omega Ratio Rank: 10
ULE Calmar Ratio Rank: 11
ULE Martin Ratio Rank: 10

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.

IFED vs. ULE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS IFED Invest with the Fed TR Index ETN (IFED) 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.

	IFED	ULE	Difference
Sharpe ratio: Return per unit of total volatility	0.12	0.13	-0.01
Sortino ratio: Return per unit of downside risk	0.29	0.29	+0.01
Omega ratio: Gain probability vs. loss probability	1.04	1.03	0.00
Calmar ratio: Return relative to maximum drawdown	0.14	0.17	-0.03
Martin ratio: Return relative to average drawdown	0.34	0.36	-0.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IFED vs. ULE - Sharpe Ratio Comparison

The current IFED Sharpe Ratio is 0.12, which is comparable to the ULE Sharpe Ratio of 0.13. The chart below compares the historical Sharpe Ratios of IFED 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.

Sharpe Ratios by Period

	IFED	ULE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.12	0.13	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.24	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.18	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	-0.21	+0.86

Drawdowns

IFED vs. ULE - Drawdown Comparison

The maximum IFED drawdown since its inception was -22.36%, smaller than the maximum ULE drawdown of -72.74%. Use the drawdown chart below to compare losses from any high point for IFED and ULE.

Drawdown Indicators

	IFED	ULE	Difference
Max Drawdown Largest peak-to-trough decline	-22.36%	-72.74%	+50.38%
Max Drawdown (1Y) Largest decline over 1 year	-14.65%	-10.40%	-4.25%
Max Drawdown (3Y) Largest decline over 3 years	-22.36%	-17.44%	-4.92%
Max Drawdown (5Y) Largest decline over 5 years	—	-40.94%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-51.30%	—
Current Drawdown Current decline from peak	-5.50%	-62.19%	+56.69%
Average Drawdown Average peak-to-trough decline	-5.84%	-46.06%	+40.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.75%	4.78%	+0.97%

Volatility

IFED vs. ULE - Volatility Comparison

ETRACS IFED Invest with the Fed TR Index ETN (IFED) has a higher volatility of 4.50% compared to ProShares Ultra Euro (ULE) at 2.40%. This indicates that IFED'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

	IFED	ULE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	2.40%	+2.10%
Volatility (6M) Calculated over the trailing 6-month period	12.86%	8.95%	+3.91%
Volatility (1Y) Calculated over the trailing 1-year period	16.21%	13.46%	+2.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.88%	16.13%	+3.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.88%	15.22%	+4.66%

IFED vs. ULE - Expense Ratio Comparison

IFED has a 0.45% expense ratio, which is lower than ULE's 0.95% expense ratio.

Dividends

IFED vs. ULE - Dividend Comparison

Neither IFED nor ULE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IFED and ULE in my portfolio?

IFED 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, IFED or ULE?

IFED has higher volatility (4.50%) compared to ULE (2.40%). In terms of maximum drawdown, IFED dropped -22.36% vs ULE's -72.74%.

Which ETF is better, IFED or ULE?

On 3-year performance, IFED leads with 16.71% vs 4.49% for ULE. On fees, IFED is cheaper at 0.45% per year. On volatility, ULE has been the lower-risk option at 2.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IFED or ULE?

Over the 3-year period, IFED has performed better with a 16.71% return vs 4.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IFED or ULE?

IFED is cheaper with a 0.45% expense ratio, compared with 0.95% for ULE.

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

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

What is the main difference between IFED and ULE?

IFED is categorized as Leveraged Equities, while ULE is Leveraged Currency. IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross, while ULE tracks USD/EUR Exchange Rate (-200%). They also come from different issuers: UBS and ProShares. Their fees differ too: 0.45% for IFED and 0.95% for ULE.

Which has better risk-adjusted returns?

ULE currently has the higher Sharpe Ratio (0.13 vs 0.12), 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.