PFFL vs. ULE
PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) and ULE (ProShares Ultra Euro) are both exchange-traded funds - PFFL is a Preferred Stock/Convertible Bonds fund tracking the Solactive Preferred Stock ETF Index, while ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%). Both are passively managed. Over the past 5 years, PFFL returned -6.57%/yr vs -3.75%/yr for ULE. At a 0.20 correlation, their price movements are largely independent. PFFL charges 0.85%/yr vs 0.95%/yr for ULE.
Performance
PFFL vs. ULE - Performance Comparison
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Returns By Period
In the year-to-date period, PFFL achieves a -1.90% return, which is significantly higher than ULE's -6.71% return.
PFFL
- 1D
- -0.19%
- 1M
- -1.40%
- YTD
- -1.90%
- 6M
- -2.44%
- 1Y
- 4.83%
- 3Y*
- 4.18%
- 5Y*
- -6.57%
- 10Y*
- —
ULE
- 1D
- -0.90%
- 1M
- -3.82%
- YTD
- -6.71%
- 6M
- -6.28%
- 1Y
- -5.14%
- 3Y*
- 2.10%
- 5Y*
- -3.75%
- 10Y*
- -2.52%
PFFL vs. ULE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -1.90% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | -15.47% | 30.21% | -10.77% |
ULE ProShares Ultra Euro | -6.71% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -6.38% |
Correlation
The correlation between PFFL and ULE is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2018 | 0.20 |
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Return for Risk
PFFL vs. ULE — Risk / Return Rank
PFFL
ULE
PFFL vs. ULE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) 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.
| PFFL | ULE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.68 | ||
| Sortino ratioReturn per unit of downside risk | +1.00 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 0.94 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.41 | -0.46 | +0.86 |
| Martin ratioReturn relative to average drawdown | 0.94 | -0.99 | +1.93 |
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Drawdowns
PFFL vs. ULE - Drawdown Comparison
The maximum PFFL drawdown since its inception was -80.68%, which is greater than ULE's maximum drawdown of -72.74%. Use the drawdown chart below to compare losses from any high point for PFFL and ULE.
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Drawdown Indicators
| PFFL | ULE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.68% | -72.74% | -7.94% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -11.29% | -0.63% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -17.44% | -6.31% |
Max Drawdown (5Y)Largest decline over 5 years | -48.51% | -38.11% | -10.40% |
Max Drawdown (10Y)Largest decline over 10 years | — | -51.30% | — |
Current DrawdownCurrent decline from peak | -39.57% | -63.58% | +24.01% |
Average DrawdownAverage peak-to-trough decline | -28.59% | -46.10% | +17.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.14% | 5.21% | -0.07% |
Volatility
PFFL vs. ULE - Volatility Comparison
ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) has a higher volatility of 4.10% compared to ProShares Ultra Euro (ULE) at 2.75%. This indicates that PFFL'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.
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Volatility by Period
| PFFL | ULE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.10% | 2.75% | +1.35% |
Volatility (6M)Calculated over the trailing 6-month period | 10.67% | 8.99% | +1.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.12% | 13.15% | +3.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.66% | 16.09% | +7.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 55.16% | 15.11% | +40.05% |
PFFL vs. ULE - Expense Ratio Comparison
PFFL has a 0.85% expense ratio, which is lower than ULE's 0.95% expense ratio.
Dividends
PFFL vs. ULE - Dividend Comparison
PFFL's dividend yield for the trailing twelve months is around 13.14%, while ULE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 13.14% | 13.27% | 13.76% | 13.71% | 13.90% | 8.82% | 9.75% | 11.21% | 2.02% |
ULE ProShares Ultra Euro | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PFFL and ULE have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFFL has higher volatility (4.10%) compared to ULE (2.75%). In terms of maximum drawdown, PFFL dropped -80.68% vs ULE's -72.74%.
On 5-year performance, ULE leads with -3.75% vs -6.57% for PFFL. On fees, PFFL is cheaper at 0.85% per year. On volatility, ULE has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, ULE has performed better with a -3.75% return vs -6.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFFL is cheaper with a 0.85% expense ratio, compared with 0.95% for ULE.
PFFL has the higher dividend yield at 13.14%, compared with 0.00% for ULE.
PFFL is categorized as Preferred Stock/Convertible Bonds, while ULE is Leveraged Currency. PFFL tracks Solactive Preferred Stock ETF Index, while ULE tracks USD/EUR Exchange Rate (-200%). They also come from different issuers: UBS and ProShares. Their fees differ too: 0.85% for PFFL and 0.95% for ULE.
PFFL currently has the higher Sharpe Ratio (0.28 vs -0.39), 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.
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