SVXY vs. ULE
Compare and contrast key facts about ProShares Short VIX Short-Term Futures ETF (SVXY) and ProShares Ultra Euro (ULE).
SVXY and ULE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SVXY is a passively managed fund by ProShares that tracks the performance of the S&P 500 VIX Short-Term Futures Index (-100%). It was launched on Oct 3, 2011. ULE is a passively managed fund by ProShares that tracks the performance of the USD/EUR Exchange Rate (-200%). It was launched on Nov 25, 2008. Both SVXY and ULE are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
SVXY vs. ULE - Performance Comparison
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SVXY vs. ULE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SVXY ProShares Short VIX Short-Term Futures ETF | -17.30% | 10.63% | -3.17% | 76.21% | -4.66% | 48.53% | -36.47% | 54.21% | -91.75% | 181.84% |
ULE ProShares Ultra Euro | -3.35% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
Returns By Period
In the year-to-date period, SVXY achieves a -17.30% return, which is significantly lower than ULE's -3.35% return. Over the past 10 years, SVXY has outperformed ULE with an annualized return of -1.26%, while ULE has yielded a comparatively lower -2.78% annualized return.
SVXY
- 1D
- 4.90%
- 1M
- -12.39%
- YTD
- -17.30%
- 6M
- -10.09%
- 1Y
- 0.09%
- 3Y*
- 12.84%
- 5Y*
- 13.74%
- 10Y*
- -1.26%
ULE
- 1D
- 2.13%
- 1M
- -4.20%
- YTD
- -3.35%
- 6M
- -3.70%
- 1Y
- 11.77%
- 3Y*
- 3.45%
- 5Y*
- -2.68%
- 10Y*
- -2.78%
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SVXY vs. ULE - Expense Ratio Comparison
SVXY has a 1.38% expense ratio, which is higher than ULE's 0.95% expense ratio.
Return for Risk
SVXY vs. ULE — Risk / Return Rank
SVXY
ULE
SVXY vs. ULE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short VIX Short-Term Futures ETF (SVXY) 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.
| SVXY | ULE | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.00 | 0.69 | -0.69 |
Sortino ratioReturn per unit of downside risk | 0.26 | 1.17 | -0.91 |
Omega ratioGain probability vs. loss probability | 1.04 | 1.14 | -0.10 |
Calmar ratioReturn relative to maximum drawdown | 0.00 | 1.13 | -1.12 |
Martin ratioReturn relative to average drawdown | 0.01 | 2.74 | -2.73 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SVXY | ULE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.00 | 0.69 | -0.69 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | -0.17 | +0.55 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.02 | -0.18 | +0.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | -0.21 | +0.41 |
Correlation
The correlation between SVXY and ULE is 0.10, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
SVXY vs. ULE - Dividend Comparison
Neither SVXY nor ULE has paid dividends to shareholders.
Drawdowns
SVXY vs. ULE - Drawdown Comparison
The maximum SVXY drawdown since its inception was -95.25%, which is greater than ULE's maximum drawdown of -72.74%. Use the drawdown chart below to compare losses from any high point for SVXY and ULE.
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Drawdown Indicators
| SVXY | ULE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.25% | -72.74% | -22.51% |
Max Drawdown (1Y)Largest decline over 1 year | -26.50% | -10.40% | -16.10% |
Max Drawdown (5Y)Largest decline over 5 years | -46.45% | -41.35% | -5.10% |
Max Drawdown (10Y)Largest decline over 10 years | -95.25% | -51.30% | -43.95% |
Current DrawdownCurrent decline from peak | -83.43% | -62.27% | -21.16% |
Average DrawdownAverage peak-to-trough decline | -56.57% | -45.90% | -10.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.75% | 4.28% | +5.47% |
Volatility
SVXY vs. ULE - Volatility Comparison
ProShares Short VIX Short-Term Futures ETF (SVXY) has a higher volatility of 15.28% compared to ProShares Ultra Euro (ULE) at 4.84%. This indicates that SVXY'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
| SVXY | ULE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.28% | 4.84% | +10.44% |
Volatility (6M)Calculated over the trailing 6-month period | 24.61% | 9.12% | +15.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.20% | 17.10% | +21.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.91% | 16.21% | +19.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 51.24% | 15.31% | +35.93% |