ULE vs. EUO

Last updated Jun 23, 2026

ULE (ProShares Ultra Euro) and EUO (ProShares UltraShort Euro) are both Leveraged Currency funds from ProShares tracking the USD/EUR Exchange Rate (-200%). Both are passively managed. Over the past 10 years, ULE returned -2.44%/yr vs 2.32%/yr for EUO. At a correlation of -0.95, they often move in opposite directions. ULE charges 0.95%/yr vs 0.99%/yr for EUO.

Performance

ULE vs. EUO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Euro (ULE) and ProShares UltraShort Euro (EUO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ULE achieves a -5.86% return, which is significantly lower than EUO's 8.15% return. Over the past 10 years, ULE has underperformed EUO with an annualized return of -2.44%, while EUO has yielded a comparatively higher 2.32% annualized 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%

EUO

• 1D: 0.59%
• 1M: 3.76%
• YTD: 8.15%
• 6M: 8.31%
• 1Y: 6.80%
• 3Y*: 1.65%
• 5Y*: 5.40%
• 10Y*: 2.32%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ULE vs. EUO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ULE ProShares Ultra Euro	-5.86%	25.97%	-11.73%	5.08%	-15.51%	-15.66%	14.74%	-8.90%	-13.40%	23.92%
EUO ProShares UltraShort Euro	8.15%	-18.87%	19.79%	-1.02%	13.88%	14.83%	-15.97%	10.51%	14.39%	-21.71%

Correlation

The correlation between ULE and EUO is -0.91, 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	-0.91
Correlation (3Y) Calculated over the trailing 3-year period	-0.93
Correlation (5Y) Calculated over the trailing 5-year period	-0.95
Correlation (10Y) Calculated over the trailing 10-year period	-0.95
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008	-0.95

The correlation between ULE and EUO has been stable across timeframes, ranging from -0.95 to -0.91 - a consistent structural relationship.

Return for Risk

ULE vs. EUO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ULE

ULE Risk / Return Rank: 6
ULE Sharpe Ratio Rank: 6
ULE Sortino Ratio Rank: 6
ULE Omega Ratio Rank: 6
ULE Calmar Ratio Rank: 6
ULE Martin Ratio Rank: 6

EUO

EUO Risk / Return Rank: 17
EUO Sharpe Ratio Rank: 17
EUO Sortino Ratio Rank: 16
EUO Omega Ratio Rank: 16
EUO Calmar Ratio Rank: 19
EUO Martin Ratio Rank: 18

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ULE vs. EUO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) and ProShares UltraShort Euro (EUO). 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	EUO	Difference
Sharpe ratio: Return per unit of total volatility	-0.26	0.54	-0.80
Sortino ratio: Return per unit of downside risk	-0.29	0.83	-1.13
Omega ratio: Gain probability vs. loss probability	0.97	1.10	-0.13
Calmar ratio: Return relative to maximum drawdown	-0.33	0.85	-1.18
Martin ratio: Return relative to average drawdown	-0.67	1.98	-2.64

ULE vs. EUO - Sharpe Ratio Comparison

The current ULE Sharpe Ratio is -0.26, which is lower than the EUO Sharpe Ratio of 0.54. The chart below compares the historical Sharpe Ratios of ULE and EUO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ULE vs. EUO - Drawdown Comparison

The maximum ULE drawdown since its inception was -72.74%, which is greater than EUO's maximum drawdown of -38.58%. Use the drawdown chart below to compare losses from any high point for ULE and EUO.

Drawdown Indicators

	ULE	EUO	Difference
Max Drawdown Largest peak-to-trough decline	-72.74%	-38.58%	-34.16%
Max Drawdown (1Y) Largest decline over 1 year	-10.48%	-8.05%	-2.43%
Max Drawdown (3Y) Largest decline over 3 years	-17.44%	-24.46%	+7.02%
Max Drawdown (5Y) Largest decline over 5 years	-38.16%	-25.28%	-12.88%
Max Drawdown (10Y) Largest decline over 10 years	-51.30%	-29.61%	-21.69%
Current Drawdown Current decline from peak	-63.25%	-15.62%	-47.63%
Average Drawdown Average peak-to-trough decline	-46.09%	-18.50%	-27.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.16%	3.51%	+1.65%

Volatility

ULE vs. EUO - Volatility Comparison

The current volatility for ProShares Ultra Euro (ULE) is 2.65%, while ProShares UltraShort Euro (EUO) has a volatility of 3.22%. This indicates that ULE experiences smaller price fluctuations and is considered to be less risky than EUO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ULE	EUO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	3.22%	-0.57%
Volatility (6M) Calculated over the trailing 6-month period	8.95%	9.07%	-0.12%
Volatility (1Y) Calculated over the trailing 1-year period	13.14%	12.71%	+0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.09%	15.56%	+0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.21%	14.88%	+0.33%

ULE vs. EUO - Expense Ratio Comparison

ULE has a 0.95% expense ratio, which is lower than EUO's 0.99% expense ratio.

Dividends

ULE vs. EUO - Dividend Comparison

Neither ULE nor EUO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ULE and EUO in my portfolio?

ULE and EUO have a correlation of -0.91, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ULE or EUO?

EUO has higher volatility (3.22%) compared to ULE (2.65%). In terms of maximum drawdown, ULE dropped -72.74% vs EUO's -38.58%.

Which ETF is better, ULE or EUO?

On 10-year performance, EUO leads with 2.32% vs -2.44% for ULE. 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.

Which ETF has performed better, ULE or EUO?

Over the 10-year period, EUO has performed better with a 2.32% return vs -2.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ULE or EUO?

ULE is cheaper with a 0.95% expense ratio, compared with 0.99% for EUO.

Which ETF pays a higher dividend yield, ULE or EUO?

ULE and EUO have nearly identical dividend yields, around 0.00%.

What is the main difference between ULE and EUO?

Both ETFs track USD/EUR Exchange Rate (-200%). Their fees differ too: 0.95% for ULE and 0.99% for EUO.

Which has better risk-adjusted returns?

EUO currently has the higher Sharpe Ratio (0.54 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.