ULE vs. ENFR
ULE (ProShares Ultra Euro) and ENFR (Alerian Energy Infrastructure ETF) are both exchange-traded funds - ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while ENFR is a Energy Equities fund tracking the Alerian Midstream Energy Select Index. Both are passively managed. Over the past 10 years, ULE returned -2.52%/yr vs 11.98%/yr for ENFR. At a 0.11 correlation, their price movements are largely independent. ULE charges 0.95%/yr vs 0.35%/yr for ENFR.
Performance
ULE vs. ENFR - Performance Comparison
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Returns By Period
In the year-to-date period, ULE achieves a -6.71% return, which is significantly lower than ENFR's 24.93% return. Over the past 10 years, ULE has underperformed ENFR with an annualized return of -2.52%, while ENFR has yielded a comparatively higher 11.98% annualized return.
ULE
- 1D
- -0.90%
- 1M
- -3.82%
- YTD
- -6.71%
- 6M
- -6.28%
- 1Y
- -5.14%
- 3Y*
- 2.10%
- 5Y*
- -3.75%
- 10Y*
- -2.52%
ENFR
- 1D
- 1.51%
- 1M
- -4.52%
- YTD
- 24.93%
- 6M
- 25.03%
- 1Y
- 27.76%
- 3Y*
- 28.90%
- 5Y*
- 20.07%
- 10Y*
- 11.98%
ULE vs. ENFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULE ProShares Ultra Euro | -6.71% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
ENFR Alerian Energy Infrastructure ETF | 24.93% | 5.88% | 42.17% | 15.63% | 17.48% | 39.97% | -24.14% | 21.60% | -18.67% | -0.19% |
Correlation
The correlation between ULE and ENFR is -0.08, 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 | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Nov 1, 2013 | 0.11 |
The correlation between ULE and ENFR shifts across timeframes, from -0.08 (1 year) to 0.16 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ULE vs. ENFR — Risk / Return Rank
ULE
ENFR
ULE vs. ENFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) and Alerian Energy Infrastructure ETF (ENFR). 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 | ENFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.27 | ||
| Sortino ratioReturn per unit of downside risk | -3.08 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.32 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.46 | 3.23 | -3.68 |
| Martin ratioReturn relative to average drawdown | -0.99 | 8.24 | -9.23 |
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Drawdowns
ULE vs. ENFR - Drawdown Comparison
The maximum ULE drawdown since its inception was -72.74%, which is greater than ENFR's maximum drawdown of -68.28%. Use the drawdown chart below to compare losses from any high point for ULE and ENFR.
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Drawdown Indicators
| ULE | ENFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.74% | -68.28% | -4.46% |
Max Drawdown (1Y)Largest decline over 1 year | -11.29% | -8.64% | -2.65% |
Max Drawdown (3Y)Largest decline over 3 years | -17.44% | -15.58% | -1.86% |
Max Drawdown (5Y)Largest decline over 5 years | -38.11% | -20.29% | -17.82% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -62.64% | +11.34% |
Current DrawdownCurrent decline from peak | -63.58% | -4.71% | -58.87% |
Average DrawdownAverage peak-to-trough decline | -46.10% | -15.94% | -30.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.21% | 3.38% | +1.83% |
Volatility
ULE vs. ENFR - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 2.75%, while Alerian Energy Infrastructure ETF (ENFR) has a volatility of 5.69%. This indicates that ULE experiences smaller price fluctuations and is considered to be less risky than ENFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULE | ENFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.75% | 5.69% | -2.94% |
Volatility (6M)Calculated over the trailing 6-month period | 8.99% | 11.60% | -2.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.15% | 14.86% | -1.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.09% | 19.25% | -3.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.11% | 24.68% | -9.57% |
ULE vs. ENFR - Expense Ratio Comparison
ULE has a 0.95% expense ratio, which is higher than ENFR's 0.35% expense ratio.
Dividends
ULE vs. ENFR - Dividend Comparison
ULE has not paid dividends to shareholders, while ENFR's dividend yield for the trailing twelve months is around 4.02%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ENFR Alerian Energy Infrastructure ETF | 4.02% | 4.77% | 4.41% | 5.48% | 5.23% | 7.86% | 7.57% | 5.81% | 3.98% | 2.98% | 3.31% | 3.34% |
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
ULE and ENFR have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ENFR has higher volatility (5.69%) compared to ULE (2.75%). In terms of maximum drawdown, ULE dropped -72.74% vs ENFR's -68.28%.
On 10-year performance, ENFR leads with 11.98% vs -2.52% for ULE. On fees, ENFR is cheaper at 0.35% per year. On volatility, ULE has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ENFR has performed better with a 11.98% return vs -2.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ENFR is cheaper with a 0.35% expense ratio, compared with 0.95% for ULE.
ENFR has the higher dividend yield at 4.02%, compared with 0.00% for ULE.
ULE is categorized as Leveraged Currency, while ENFR is Energy Equities. ULE tracks USD/EUR Exchange Rate (-200%), while ENFR tracks Alerian Midstream Energy Select Index. They also come from different issuers: ProShares and SS&C. Their fees differ too: 0.95% for ULE and 0.35% for ENFR.
ENFR currently has the higher Sharpe Ratio (1.88 vs -0.39), 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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