ULE vs. CSHP
ULE (ProShares Ultra Euro) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while CSHP is a Ultrashort Bond fund actively managed by iShares. ULE is passively managed, while CSHP is actively managed. Over the past year, ULE returned -3.43% vs 3.96% for CSHP. At a 0.01 correlation, their price movements are largely independent. ULE charges 0.95%/yr vs 0.20%/yr for CSHP.
Performance
ULE vs. CSHP - Performance Comparison
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Returns By Period
In the year-to-date period, ULE achieves a -5.86% return, which is significantly lower than CSHP's 1.86% return.
ULE
- 1D
- -0.36%
- 1M
- -2.95%
- YTD
- -5.86%
- 6M
- -6.24%
- 1Y
- -3.43%
- 3Y*
- 2.41%
- 5Y*
- -3.57%
- 10Y*
- -2.44%
CSHP
- 1D
- -0.01%
- 1M
- 0.30%
- YTD
- 1.86%
- 6M
- 1.93%
- 1Y
- 3.96%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ULE vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ULE ProShares Ultra Euro | -5.86% | 25.97% | -10.71% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 1.86% | 4.10% | 2.24% |
Correlation
The correlation between ULE and CSHP is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.15 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024 | 0.01 |
The correlation between ULE and CSHP shifts across timeframes, from -0.15 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ULE vs. CSHP — Risk / Return Rank
ULE
CSHP
ULE vs. CSHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) and iShares Enhanced Short-Term Bond Active ETF (CSHP). 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 | CSHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -11.48 | ||
| Sortino ratioReturn per unit of downside risk | -28.60 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 6.67 | -5.71 |
| Calmar ratioReturn relative to maximum drawdown | -0.33 | 65.84 | -66.17 |
| Martin ratioReturn relative to average drawdown | -0.67 | 395.75 | -396.42 |
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Drawdowns
ULE vs. CSHP - Drawdown Comparison
The maximum ULE drawdown since its inception was -72.74%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for ULE and CSHP.
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Drawdown Indicators
| ULE | CSHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.74% | -0.08% | -72.66% |
Max Drawdown (1Y)Largest decline over 1 year | -10.48% | -0.06% | -10.42% |
Max Drawdown (3Y)Largest decline over 3 years | -17.44% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -38.16% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | — | — |
Current DrawdownCurrent decline from peak | -63.25% | -0.01% | -63.24% |
Average DrawdownAverage peak-to-trough decline | -46.09% | -0.00% | -46.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.16% | 0.01% | +5.15% |
Volatility
ULE vs. CSHP - Volatility Comparison
ProShares Ultra Euro (ULE) has a higher volatility of 2.65% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.15%. This indicates that ULE's price experiences larger fluctuations and is considered to be riskier than CSHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULE | CSHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.65% | 0.15% | +2.50% |
Volatility (6M)Calculated over the trailing 6-month period | 8.95% | 0.27% | +8.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.14% | 0.36% | +12.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.09% | 0.41% | +15.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.21% | 0.41% | +14.80% |
ULE vs. CSHP - Expense Ratio Comparison
ULE has a 0.95% expense ratio, which is higher than CSHP's 0.20% expense ratio.
Dividends
ULE vs. CSHP - Dividend Comparison
ULE has not paid dividends to shareholders, while CSHP's dividend yield for the trailing twelve months is around 3.91%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CSHP iShares Enhanced Short-Term Bond Active ETF | 3.91% | 5.39% | 1.96% |
ULE ProShares Ultra Euro | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ULE and CSHP have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ULE has higher volatility (2.65%) compared to CSHP (0.15%). In terms of maximum drawdown, ULE dropped -72.74% vs CSHP's -0.08%.
On 1-year performance, CSHP leads with 3.96% vs -3.43% for ULE. On fees, CSHP is cheaper at 0.20% per year. On volatility, CSHP has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CSHP has performed better with a 3.96% return vs -3.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CSHP is cheaper with a 0.20% expense ratio, compared with 0.95% for ULE.
CSHP has the higher dividend yield at 3.91%, compared with 0.00% for ULE.
ULE is categorized as Leveraged Currency, while CSHP is Ultrashort Bond. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for ULE and 0.20% for CSHP.
CSHP currently has the higher Sharpe Ratio (11.22 vs -0.26), 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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