ULE vs. BCLO

Last updated Jul 12, 2026

ULE (ProShares Ultra Euro) and BCLO (iShares BBB-B CLO Active ETF) are both exchange-traded funds - ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while BCLO is a CLO fund tracking the JP Morgan CLOIE High Quality Mezzanine Index. Both are passively managed. Over the past year, ULE returned -6.08% vs 6.11% for BCLO. At a correlation of -0.09, they often move in opposite directions. ULE charges 0.95%/yr vs 0.45%/yr for BCLO.

Performance

ULE vs. BCLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Euro (ULE) and iShares BBB-B CLO Active ETF (BCLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ULE achieves a -6.22% return, which is significantly lower than BCLO's 2.93% return.

ULE

• 1D: -0.07%
• 1M: -2.54%
• 6M: -4.48%
• YTD: -6.22%
• 1Y: -6.08%
• 3Y*: 1.51%
• 5Y*: -3.50%
• 10Y*: -2.44%

BCLO

• 1D: -0.03%
• 1M: -0.04%
• 6M: 2.67%
• YTD: 2.93%
• 1Y: 6.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ULE vs. BCLO - Yearly Performance Comparison

	2026 (YTD)	2025
ULE ProShares Ultra Euro	-6.22%	24.27%
BCLO iShares BBB-B CLO Active ETF	2.93%	5.41%

Correlation

The correlation between ULE and BCLO is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025	-0.09

Return for Risk

ULE vs. BCLO — Risk / Return Rank

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

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: 4

BCLO

BCLO Risk / Return Rank: 89
BCLO Sharpe Ratio Rank: 95
BCLO Sortino Ratio Rank: 96
BCLO Omega Ratio Rank: 97
BCLO Calmar Ratio Rank: 78
BCLO Martin Ratio Rank: 79

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.

ULE vs. BCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) and iShares BBB-B CLO Active ETF (BCLO). 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.

	ULE	BCLO	Difference
Sharpe ratio: Return per unit of total volatility	-0.49	3.05	-3.54
Sortino ratio: Return per unit of downside risk	-0.63	4.82	-5.45
Omega ratio: Gain probability vs. loss probability	0.93	1.78	-0.85
Calmar ratio: Return relative to maximum drawdown	-0.54	3.23	-3.77
Martin ratio: Return relative to average drawdown	-1.12	11.90	-13.02

ULE vs. BCLO - Sharpe Ratio Comparison

The current ULE Sharpe Ratio is -0.49, which is lower than the BCLO Sharpe Ratio of 3.05. The chart below compares the historical Sharpe Ratios of ULE and BCLO, 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

ULE vs. BCLO - Drawdown Comparison

The maximum ULE drawdown since its inception was -72.74%, which is greater than BCLO's maximum drawdown of -4.45%. Use the drawdown chart below to compare losses from any high point for ULE and BCLO.

Drawdown Indicators

	ULE	BCLO	Difference
Max Drawdown Largest peak-to-trough decline	-72.74%	-4.45%	-68.29%
Max Drawdown (1Y) Largest decline over 1 year	-11.67%	-1.92%	-9.75%
Max Drawdown (3Y) Largest decline over 3 years	-17.44%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-37.59%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-51.30%	—	—
Current Drawdown Current decline from peak	-63.39%	-0.20%	-63.19%
Average Drawdown Average peak-to-trough decline	-46.15%	-0.38%	-45.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.65%	0.52%	+5.13%

Volatility

ULE vs. BCLO - Volatility Comparison

ProShares Ultra Euro (ULE) has a higher volatility of 2.65% compared to iShares BBB-B CLO Active ETF (BCLO) at 0.34%. This indicates that ULE's price experiences larger fluctuations and is considered to be riskier than BCLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ULE	BCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	0.34%	+2.31%
Volatility (6M) Calculated over the trailing 6-month period	8.90%	1.65%	+7.25%
Volatility (1Y) Calculated over the trailing 1-year period	13.03%	2.02%	+11.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.08%	4.24%	+11.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.09%	4.24%	+10.85%

ULE vs. BCLO - Expense Ratio Comparison

ULE has a 0.95% expense ratio, which is higher than BCLO's 0.45% expense ratio.

Dividends

ULE vs. BCLO - Dividend Comparison

ULE has not paid dividends to shareholders, while BCLO's dividend yield for the trailing twelve months is around 6.58%.

Position	TTM	2025
BCLO iShares BBB-B CLO Active ETF	6.58%	6.45%
ULE ProShares Ultra Euro	0.00%	0.00%

Frequently Asked Questions

Can I hold both ULE and BCLO in my portfolio?

ULE and BCLO have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ULE or BCLO?

ULE has higher volatility (2.65%) compared to BCLO (0.34%). In terms of maximum drawdown, ULE dropped -72.74% vs BCLO's -4.45%.

Which ETF is better, ULE or BCLO?

On 1-year performance, BCLO leads with 6.11% vs -6.08% for ULE. On fees, BCLO is cheaper at 0.45% per year. On volatility, BCLO has been the lower-risk option at 0.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ULE or BCLO?

Over the 1-year period, BCLO has performed better with a 6.11% return vs -6.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ULE or BCLO?

BCLO is cheaper with a 0.45% expense ratio, compared with 0.95% for ULE.

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

BCLO has the higher dividend yield at 6.58%, compared with 0.00% for ULE.

What is the main difference between ULE and BCLO?

ULE is categorized as Leveraged Currency, while BCLO is CLO. ULE tracks USD/EUR Exchange Rate (-200%), while BCLO tracks JP Morgan CLOIE High Quality Mezzanine Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for ULE and 0.45% for BCLO.

Which has better risk-adjusted returns?

BCLO currently has the higher Sharpe Ratio (3.05 vs -0.49), 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.