ULE vs. ERY
ULE (ProShares Ultra Euro) and ERY (Direxion Daily Energy Bear 2X Shares) are both exchange-traded funds - ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while ERY is a Leveraged Equities fund tracking the Energy Select Sector Index (-300%). Both are passively managed. Over the past 10 years, ULE returned -2.44%/yr vs -32.32%/yr for ERY. At a correlation of -0.19, they often move in opposite directions. ULE charges 0.95%/yr vs 1.07%/yr for ERY.
Performance
ULE vs. ERY - Performance Comparison
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Returns By Period
In the year-to-date period, ULE achieves a -6.22% return, which is significantly higher than ERY's -38.08% return. Over the past 10 years, ULE has outperformed ERY with an annualized return of -2.44%, while ERY has yielded a comparatively lower -32.32% annualized 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%
ERY
- 1D
- -0.98%
- 1M
- 7.25%
- 6M
- -32.22%
- YTD
- -38.08%
- 1Y
- -39.69%
- 3Y*
- -22.70%
- 5Y*
- -37.43%
- 10Y*
- -32.32%
ULE vs. ERY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULE ProShares Ultra Euro | -6.22% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
ERY Direxion Daily Energy Bear 2X Shares | -38.08% | -18.54% | -5.58% | -0.35% | -73.61% | -68.00% | -11.94% | -38.67% | 45.61% | -5.67% |
Correlation
The correlation between ULE and ERY is 0.07, 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 | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.19 |
The correlation between ULE and ERY shifts across timeframes, from -0.19 (all time) to 0.07 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ULE vs. ERY — Risk / Return Rank
ULE
ERY
ULE vs. ERY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) and Direxion Daily Energy Bear 2X Shares (ERY). 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 | ERY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.49 | ||
| Sortino ratioReturn per unit of downside risk | +0.83 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.85 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.54 | -0.71 | +0.17 |
| Martin ratioReturn relative to average drawdown | -1.12 | -1.22 | +0.10 |
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Drawdowns
ULE vs. ERY - Drawdown Comparison
The maximum ULE drawdown since its inception was -72.74%, smaller than the maximum ERY drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for ULE and ERY.
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Drawdown Indicators
| ULE | ERY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.74% | -99.99% | +27.25% |
Max Drawdown (1Y)Largest decline over 1 year | -11.67% | -56.88% | +45.21% |
Max Drawdown (3Y)Largest decline over 3 years | -17.44% | -65.95% | +48.51% |
Max Drawdown (5Y)Largest decline over 5 years | -37.59% | -94.04% | +56.45% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -99.66% | +48.36% |
Current DrawdownCurrent decline from peak | -63.39% | -99.99% | +36.60% |
Average DrawdownAverage peak-to-trough decline | -46.15% | -96.92% | +50.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.65% | 33.07% | -27.42% |
Volatility
ULE vs. ERY - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 2.65%, while Direxion Daily Energy Bear 2X Shares (ERY) has a volatility of 13.80%. This indicates that ULE experiences smaller price fluctuations and is considered to be less risky than ERY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULE | ERY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.65% | 13.80% | -11.15% |
Volatility (6M)Calculated over the trailing 6-month period | 8.90% | 33.16% | -24.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.03% | 41.55% | -28.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.08% | 51.69% | -35.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.09% | 70.40% | -55.31% |
ULE vs. ERY - Expense Ratio Comparison
ULE has a 0.95% expense ratio, which is lower than ERY's 1.07% expense ratio.
Dividends
ULE vs. ERY - Dividend Comparison
ULE has not paid dividends to shareholders, while ERY's dividend yield for the trailing twelve months is around 2.98%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
ERY Direxion Daily Energy Bear 2X Shares | 2.98% | 3.48% | 4.13% | 4.14% | 0.32% | 0.00% | 0.43% | 1.50% | 0.56% |
ULE ProShares Ultra Euro | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ULE and ERY have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ERY has higher volatility (13.80%) compared to ULE (2.65%). In terms of maximum drawdown, ULE dropped -72.74% vs ERY's -99.99%.
On 10-year performance, ULE leads with -2.44% vs -32.32% for ERY. On fees, ULE is cheaper at 0.95% per year. On volatility, ULE has been the lower-risk option at 2.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ULE has performed better with a -2.44% return vs -32.32%. 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 1.07% for ERY.
ERY has the higher dividend yield at 2.98%, compared with 0.00% for ULE.
ULE is categorized as Leveraged Currency, while ERY is Leveraged Equities. ULE tracks USD/EUR Exchange Rate (-200%), while ERY tracks Energy Select Sector Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for ULE and 1.07% for ERY.
ULE currently has the higher Sharpe Ratio (-0.49 vs -0.97), 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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