ULE vs. BNO
ULE (ProShares Ultra Euro) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 10 years, ULE returned -2.49%/yr vs 15.06%/yr for BNO. Their 0.09 correlation means their historical movements had little consistent relationship. ULE charges 0.95%/yr vs 1.00%/yr for BNO.
Performance
ULE vs. BNO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ULE achieves a -4.48% return, which is significantly lower than BNO's 77.90% return. Over the past 10 years, ULE has underperformed BNO with an annualized return of -2.49%, while BNO has yielded a comparatively higher 15.06% annualized return.
ULE
- 1D
- -0.06%
- 1M
- 1.58%
- 6M
- -5.98%
- YTD
- -4.48%
- 1Y
- -2.43%
- 3Y*
- 2.30%
- 5Y*
- -3.01%
- 10Y*
- -2.49%
- ALL TIME*
- -3.95%
BNO
- 1D
- 1.45%
- 1M
- 27.00%
- 6M
- 52.90%
- YTD
- 77.90%
- 1Y
- 62.83%
- 3Y*
- 20.31%
- 5Y*
- 20.89%
- 10Y*
- 15.06%
- ALL TIME*
- 4.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $107.13M | $97.34M | $147.52M | |
| $30.31K | $35.90K | $64.55K |
ULE vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULE ProShares Ultra Euro | -4.48% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
BNO United States Brent Oil Fund LP | 77.90% | -5.44% | 9.67% | -3.43% | 35.25% | 62.34% | -38.23% | 36.01% | -15.30% | 15.43% |
Correlation
The correlation between ULE and BNO is -0.22, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.22 |
Correlation (3Y) Balances recent behavior with more history. | -0.07 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.03 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.04 |
Correlation (All Time) Calculated using the full available price history since Jun 2, 2010 | 0.09 |
The correlation between ULE and BNO shifts across timeframes, from -0.22 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ULE vs. BNO — Risk / Return Rank
ULE
BNO
ULE vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) and United States Brent Oil Fund LP (BNO). 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 | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.27 | ||
| Sortino ratioReturn per unit of downside risk | -1.74 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.24 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.05 | 1.70 | -1.65 |
| Martin ratioReturn relative to average drawdown | 0.09 | 5.15 | -5.06 |
Loading charts...
Drawdowns
ULE vs. BNO - Drawdown Comparison
The maximum ULE drawdown since its inception was -72.74%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for ULE and BNO.
Loading charts...
Drawdown Indicators
| ULE | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.74% | -87.06% | +14.32% |
Max Drawdown (1Y)Largest decline over 1 year | -11.67% | -34.46% | +22.79% |
Max Drawdown (3Y)Largest decline over 3 years | -16.95% | -34.46% | +17.51% |
Max Drawdown (5Y)Largest decline over 5 years | -37.36% | -34.46% | -2.90% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -75.18% | +23.88% |
Current DrawdownCurrent decline from peak | -62.71% | -16.21% | -46.50% |
Average DrawdownAverage peak-to-trough decline | -46.20% | -39.99% | -6.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.15% | 11.86% | -5.71% |
Volatility
ULE vs. BNO - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 2.55%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that ULE experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ULE | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.55% | 17.47% | -14.92% |
Volatility (6M)Calculated over the trailing 6-month period | 8.19% | 40.96% | -32.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.54% | 44.54% | -32.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.07% | 36.41% | -20.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.07% | 36.98% | -21.91% |
ULE vs. BNO - Expense Ratio Comparison
ULE has a 0.95% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
ULE vs. BNO - Dividend Comparison
Neither ULE nor BNO has paid dividends to shareholders.
Frequently Asked Questions
ULE and BNO have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (17.47%) compared to ULE (2.55%). In terms of maximum drawdown, ULE dropped -72.74% vs BNO's -87.06%.
On 10-year performance, BNO leads with 15.06% vs -2.49% for ULE. On fees, ULE is cheaper at 0.95% per year. On volatility, ULE has been the lower-risk option at 2.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BNO has performed better with a 15.06% return vs -2.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ULE is cheaper with a 0.95% expense ratio, compared with 1.00% for BNO.
ULE and BNO have nearly identical dividend yields, around 0.00%.
ULE is categorized as Leveraged Currency, while BNO is Oil & Gas. ULE tracks USD/EUR Exchange Rate (-200%), while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: ProShares and USCF. Their fees differ too: 0.95% for ULE and 1.00% for BNO.
BNO currently has the higher Sharpe Ratio (1.32 vs 0.04), 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.
Find the right allocation for ULE and BNO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer