UGE vs. ULE
UGE (ProShares Ultra Consumer Goods) and ULE (ProShares Ultra Euro) are both exchange-traded funds - UGE is a Leveraged Equities fund tracking the Dow Jones U.S. Consumer Goods Index (200%), while ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%). Both are passively managed. Over the past 10 years, UGE returned 8.02%/yr vs -2.23%/yr for ULE. Their 0.18 correlation means their historical movements had little consistent relationship. Both charge a 0.95% expense ratio.
Performance
UGE vs. ULE - Performance Comparison
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Returns By Period
In the year-to-date period, UGE achieves a 17.97% return, which is significantly higher than ULE's -4.39% return. Over the past 10 years, UGE has outperformed ULE with an annualized return of 8.02%, while ULE has yielded a comparatively lower -2.23% annualized return.
UGE
- 1D
- 1.09%
- 1M
- 0.41%
- 6M
- -2.98%
- YTD
- 17.97%
- 1Y
- 9.97%
- 3Y*
- 6.30%
- 5Y*
- -2.42%
- 10Y*
- 8.02%
- ALL TIME*
- 11.27%
ULE
- 1D
- 0.30%
- 1M
- 1.68%
- 6M
- -5.40%
- YTD
- -4.39%
- 1Y
- -2.08%
- 3Y*
- 2.23%
- 5Y*
- -2.91%
- 10Y*
- -2.23%
- ALL TIME*
- -3.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.04M | $851.07K | $1.08M | |
| $31.14K | $34.01K | $49.82K |
UGE vs. ULE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGE ProShares Ultra Consumer Goods | 17.97% | -5.21% | 16.40% | 2.38% | -46.78% | 42.44% | 56.64% | 58.28% | -30.14% | 32.38% |
ULE ProShares Ultra Euro | -4.39% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
Correlation
The correlation between UGE and ULE is 0.12, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.12 |
Correlation (3Y) Balances recent behavior with more history. | 0.14 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.22 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.16 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.18 |
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Return for Risk
UGE vs. ULE — Risk / Return Rank
UGE
ULE
UGE vs. ULE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Consumer Goods (UGE) 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.
| UGE | ULE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.53 | ||
| Sortino ratioReturn per unit of downside risk | +0.87 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 0.98 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.53 | -0.18 | +0.71 |
| Martin ratioReturn relative to average drawdown | 0.86 | -0.34 | +1.20 |
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Drawdowns
UGE vs. ULE - Drawdown Comparison
The maximum UGE drawdown since its inception was -71.36%, roughly equal to the maximum ULE drawdown of -72.74%. Use the drawdown chart below to compare losses from any high point for UGE and ULE.
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Drawdown Indicators
| UGE | ULE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.36% | -72.74% | +1.38% |
Max Drawdown (1Y)Largest decline over 1 year | -18.95% | -11.67% | -7.28% |
Max Drawdown (3Y)Largest decline over 3 years | -22.81% | -16.95% | -5.86% |
Max Drawdown (5Y)Largest decline over 5 years | -56.55% | -37.36% | -19.19% |
Max Drawdown (10Y)Largest decline over 10 years | -57.14% | -51.30% | -5.84% |
Current DrawdownCurrent decline from peak | -33.35% | -62.67% | +29.32% |
Average DrawdownAverage peak-to-trough decline | -18.86% | -46.21% | +27.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.59% | 6.20% | +5.39% |
Volatility
UGE vs. ULE - Volatility Comparison
ProShares Ultra Consumer Goods (UGE) has a higher volatility of 11.70% compared to ProShares Ultra Euro (ULE) at 2.45%. This indicates that UGE'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
| UGE | ULE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.70% | 2.45% | +9.25% |
Volatility (6M)Calculated over the trailing 6-month period | 23.05% | 7.91% | +15.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.29% | 12.16% | +16.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.87% | 16.08% | +15.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.26% | 15.07% | +18.19% |
UGE vs. ULE - Expense Ratio Comparison
Both UGE and ULE have an expense ratio of 0.95%.
Dividends
UGE vs. ULE - Dividend Comparison
UGE's dividend yield for the trailing twelve months is around 2.07%, while ULE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UGE ProShares Ultra Consumer Goods | 2.07% | 2.54% | 1.43% | 1.20% | 0.74% | 0.20% | 0.41% | 0.86% | 0.76% | 0.68% | 0.76% | 0.60% |
ULE ProShares Ultra Euro | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UGE 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.
UGE has higher volatility (11.70%) compared to ULE (2.45%). In terms of maximum drawdown, UGE dropped -71.36% vs ULE's -72.74%.
On 10-year performance, UGE leads with 8.02% vs -2.23% for ULE. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGE has performed better with a 8.02% return vs -2.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGE and ULE have the same expense ratio: 0.95% per year.
UGE has the higher dividend yield at 2.07%, compared with 0.00% for ULE.
UGE is categorized as Leveraged Equities, while ULE is Leveraged Currency. UGE tracks Dow Jones U.S. Consumer Goods Index (200%), while ULE tracks USD/EUR Exchange Rate (-200%).
UGE currently has the higher Sharpe Ratio (0.35 vs -0.17), 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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