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 -2.49%/yr vs -34.39%/yr for ERY. Their -0.19 correlation means they have often moved in opposite directions in the past. 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 -4.48% return, which is significantly higher than ERY's -47.10% return. Over the past 10 years, ULE has outperformed ERY with an annualized return of -2.49%, while ERY has yielded a comparatively lower -34.39% 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%
ERY
- 1D
- -1.89%
- 1M
- -20.40%
- 6M
- -30.64%
- YTD
- -47.10%
- 1Y
- -52.55%
- 3Y*
- -24.43%
- 5Y*
- -40.78%
- 10Y*
- -34.39%
- ALL TIME*
- -39.35%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.99M | $13.68M | $21.59M | |
| $30.31K | $35.90K | $64.55K |
ULE vs. ERY - 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% |
ERY Direxion Daily Energy Bear 2X Shares | -47.10% | -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 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.08 |
Correlation (3Y) Balances recent behavior with more history. | 0.03 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.07 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 0.08 (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 | +1.26 | ||
| Sortino ratioReturn per unit of downside risk | +2.21 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 0.79 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 0.05 | -0.89 | +0.94 |
| Martin ratioReturn relative to average drawdown | 0.09 | -1.43 | +1.53 |
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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 | -16.95% | -65.95% | +49.00% |
Max Drawdown (5Y)Largest decline over 5 years | -37.36% | -94.04% | +56.68% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -99.66% | +48.36% |
Current DrawdownCurrent decline from peak | -62.71% | -99.99% | +37.28% |
Average DrawdownAverage peak-to-trough decline | -46.20% | -96.93% | +50.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.15% | 35.41% | -29.26% |
Volatility
ULE vs. ERY - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 2.55%, while Direxion Daily Energy Bear 2X Shares (ERY) has a volatility of 12.04%. 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 | 2.55% | 12.04% | -9.49% |
Volatility (6M)Calculated over the trailing 6-month period | 8.19% | 33.16% | -24.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.54% | 42.02% | -29.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.07% | 51.40% | -35.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.07% | 70.31% | -55.24% |
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 3.49%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
ERY Direxion Daily Energy Bear 2X Shares | 3.49% | 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 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ERY has higher volatility (12.04%) compared to ULE (2.55%). In terms of maximum drawdown, ULE dropped -72.74% vs ERY's -99.99%.
On 10-year performance, ULE leads with -2.49% vs -34.39% for ERY. 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, ULE has performed better with a -2.49% return vs -34.39%. 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 3.49%, 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 (0.04 vs -1.21), 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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