OKLL vs. ULE

Last updated Jun 3, 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. At a 0.11 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 -37.27% return, which is significantly lower than ULE's -2.69% return.

OKLL

• 1D: 19.41%
• 1M: -2.68%
• YTD: -37.27%
• 6M: -65.77%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ULE

• 1D: 0.01%
• 1M: -1.82%
• YTD: -2.69%
• 6M: -0.88%
• 1Y: 0.67%
• 3Y*: 4.66%
• 5Y*: -3.56%
• 10Y*: -2.62%

*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	-37.27%	-30.34%
ULE ProShares Ultra Euro	-2.69%	0.92%

Correlation

The correlation between OKLL and ULE is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 25, 2025	0.11

Return for Risk

OKLL vs. ULE — Risk / Return Rank

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

ULE

ULE Risk / Return Rank: 10
ULE Sharpe Ratio Rank: 9
ULE Sortino Ratio Rank: 9
ULE Omega Ratio Rank: 9
ULE Calmar Ratio Rank: 11
ULE Martin Ratio Rank: 11

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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	OKLL	ULE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.05	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.22	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.17	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.29	-0.21	-0.08

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	—	-10.40%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-17.44%	—
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	-92.41%	-62.01%	-30.40%
Average Drawdown Average peak-to-trough decline	-60.71%	-46.05%	-14.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.76%	—

Volatility

Volatility by Period

	OKLL	ULE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.37%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.94%	—
Volatility (1Y) Calculated over the trailing 1-year period	204.41%	13.60%	+190.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	204.41%	16.15%	+188.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	204.41%	15.22%	+189.19%

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 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, OKLL or ULE?

On fees, ULE is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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.