OKLL vs. ULE

Last updated Jun 25, 2026

OKLL (Defiance Daily Target 2x Long OKLO ETF) and ULE (ProShares Ultra Euro) are both exchange-traded funds - OKLL is a Leveraged Equities fund actively managed by Defiance, while ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%). OKLL is actively managed, while ULE is passively managed. Over the past year, OKLL returned -77.98% vs -6.25% for ULE. At a 0.12 correlation, their price movements are largely independent. OKLL charges 1.31%/yr vs 0.95%/yr for ULE.

Performance

OKLL vs. ULE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2x Long OKLO ETF (OKLL) 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, OKLL achieves a -68.40% return, which is significantly lower than ULE's -7.10% return.

OKLL

• 1D: -11.07%
• 1M: -38.23%
• YTD: -68.40%
• 6M: -75.57%
• 1Y: -77.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ULE

• 1D: -0.43%
• 1M: -4.23%
• YTD: -7.10%
• 6M: -7.64%
• 1Y: -6.25%
• 3Y*: 1.95%
• 5Y*: -3.82%
• 10Y*: -2.57%

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

OKLL vs. ULE - Yearly Performance Comparison

	2026 (YTD)	2025
OKLL Defiance Daily Target 2x Long OKLO ETF	-68.40%	-25.10%
ULE ProShares Ultra Euro	-7.10%	1.68%

Correlation

The correlation between OKLL and ULE is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jun 24, 2025	0.12

Return for Risk

OKLL vs. ULE — Risk / Return Rank

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

OKLL

OKLL Risk / Return Rank: 7
OKLL Sharpe Ratio Rank: 6
OKLL Sortino Ratio Rank: 11
OKLL Omega Ratio Rank: 10
OKLL Calmar Ratio Rank: 2
OKLL Martin Ratio Rank: 4

ULE

ULE Risk / Return Rank: 5
ULE Sharpe Ratio Rank: 5
ULE Sortino Ratio Rank: 5
ULE Omega Ratio Rank: 5
ULE Calmar Ratio Rank: 5
ULE Martin Ratio Rank: 3

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.

OKLL vs. ULE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2x Long OKLO ETF (OKLL) 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.

	OKLL	ULE	Difference
Sharpe ratio: Return per unit of total volatility	-0.39	-0.48	+0.09
Sortino ratio: Return per unit of downside risk	0.37	-0.61	+0.98
Omega ratio: Gain probability vs. loss probability	1.04	0.93	+0.11
Calmar ratio: Return relative to maximum drawdown	-0.81	-0.54	-0.27
Martin ratio: Return relative to average drawdown	-1.09	-1.19	+0.10

OKLL vs. ULE - Sharpe Ratio Comparison

The current OKLL Sharpe Ratio is -0.39, which is comparable to the ULE Sharpe Ratio of -0.48. The chart below compares the historical Sharpe Ratios of OKLL 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

OKLL vs. ULE - Drawdown Comparison

The maximum OKLL drawdown since its inception was -96.29%, which is greater than ULE's maximum drawdown of -72.74%. Use the drawdown chart below to compare losses from any high point for OKLL and ULE.

Drawdown Indicators

	OKLL	ULE	Difference
Max Drawdown Largest peak-to-trough decline	-96.29%	-72.74%	-23.55%
Max Drawdown (1Y) Largest decline over 1 year	-96.29%	-11.67%	-84.62%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.44%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-51.30%	—
Current Drawdown Current decline from peak	-96.18%	-63.73%	-32.45%
Average Drawdown Average peak-to-trough decline	-62.53%	-46.10%	-16.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	71.49%	5.26%	+66.23%

Volatility

OKLL vs. ULE - Volatility Comparison

Defiance Daily Target 2x Long OKLO ETF (OKLL) has a higher volatility of 50.65% compared to ProShares Ultra Euro (ULE) at 2.76%. This indicates that OKLL'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

	OKLL	ULE	Difference
Volatility (1M) Calculated over the trailing 1-month period	50.65%	2.76%	+47.89%
Volatility (6M) Calculated over the trailing 6-month period	134.22%	8.99%	+125.23%
Volatility (1Y) Calculated over the trailing 1-year period	202.69%	13.12%	+189.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	202.69%	16.09%	+186.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	202.69%	15.11%	+187.58%

OKLL vs. ULE - Expense Ratio Comparison

OKLL has a 1.31% expense ratio, which is higher than ULE's 0.95% expense ratio.

Dividends

OKLL vs. ULE - Dividend Comparison

Neither OKLL nor ULE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both OKLL and ULE in my portfolio?

OKLL and ULE have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OKLL or ULE?

OKLL has higher volatility (50.65%) compared to ULE (2.76%). In terms of maximum drawdown, OKLL dropped -96.29% vs ULE's -72.74%.

Which ETF is better, OKLL or ULE?

On 1-year performance, ULE leads with -6.25% vs -77.98% for OKLL. On fees, ULE is cheaper at 0.95% per year. On volatility, ULE has been the lower-risk option at 2.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OKLL or ULE?

Over the 1-year period, ULE has performed better with a -6.25% return vs -77.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OKLL or ULE?

ULE is cheaper with a 0.95% expense ratio, compared with 1.31% for OKLL.

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

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

What is the main difference between OKLL and ULE?

OKLL is categorized as Leveraged Equities, while ULE is Leveraged Currency. They also come from different issuers: Defiance and ProShares. Their fees differ too: 1.31% for OKLL and 0.95% for ULE.

Which has better risk-adjusted returns?

OKLL currently has the higher Sharpe Ratio (-0.39 vs -0.48), 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.