ULE vs. EURUSD=X

Last updated Apr 3, 2026

Compare and contrast key facts about ProShares Ultra Euro (ULE) and EUR/USD (EURUSD=X).

ULE is a passively managed fund by ProShares that tracks the performance of the USD/EUR Exchange Rate (-200%). It was launched on Nov 25, 2008.

Performance

ULE vs. EURUSD=X - Performance Comparison

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

ULE vs. EURUSD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ULE ProShares Ultra Euro	-3.91%	25.97%	-11.73%	5.08%	-15.51%	-15.66%	14.74%	-8.90%	-13.40%	23.92%
EURUSD=X EUR/USD	-1.77%	13.43%	-6.18%	3.16%	-6.01%	-6.81%	8.85%	-1.94%	-4.66%	14.14%

Returns By Period

In the year-to-date period, ULE achieves a -3.91% return, which is significantly lower than EURUSD=X's -1.77% return. Over the past 10 years, ULE has underperformed EURUSD=X with an annualized return of -2.88%, while EURUSD=X has yielded a comparatively higher 0.13% annualized return.

ULE

• 1D: -0.86%
• 1M: -1.53%
• YTD: -3.91%
• 6M: -3.77%
• 1Y: 10.05%
• 3Y*: 2.86%
• 5Y*: -2.80%
• 10Y*: -2.88%

EURUSD=X

• 1D: -0.45%
• 1M: -0.64%
• YTD: -1.77%
• 6M: -1.52%
• 1Y: 6.35%
• 3Y*: 1.93%
• 5Y*: -0.38%
• 10Y*: 0.13%

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

Return for Risk

ULE vs. EURUSD=X — Risk / Return Rank

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

ULE

ULE Risk / Return Rank: 30
ULE Sharpe Ratio Rank: 29
ULE Sortino Ratio Rank: 32
ULE Omega Ratio Rank: 27
ULE Calmar Ratio Rank: 36
ULE Martin Ratio Rank: 28

EURUSD=X

EURUSD=X Risk / Return Rank: 61
EURUSD=X Sharpe Ratio Rank: 72
EURUSD=X Sortino Ratio Rank: 74
EURUSD=X Omega Ratio Rank: 71
EURUSD=X Calmar Ratio Rank: 45
EURUSD=X Martin Ratio Rank: 42

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. EURUSD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) and EUR/USD (EURUSD=X). 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.

	ULE	EURUSD=X	Difference
Sharpe ratio Return per unit of total volatility	0.59	0.71	-0.12
Sortino ratio Return per unit of downside risk	1.02	1.17	-0.15
Omega ratio Gain probability vs. loss probability	1.12	1.14	-0.02
Calmar ratio Return relative to maximum drawdown	1.17	-0.07	+1.24
Martin ratio Return relative to average drawdown	2.81	-0.18	+2.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ULE vs. EURUSD=X - Sharpe Ratio Comparison

The current ULE Sharpe Ratio is 0.59, which is comparable to the EURUSD=X Sharpe Ratio of 0.71. The chart below compares the historical Sharpe Ratios of ULE and EURUSD=X, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ULE	EURUSD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.59	0.71	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.17	-0.05	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.19	0.02	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	-0.22	-0.07	-0.14

Correlation

The correlation between ULE and EURUSD=X is 0.93, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

ULE vs. EURUSD=X - Drawdown Comparison

The maximum ULE drawdown since its inception was -72.74%, which is greater than EURUSD=X's maximum drawdown of -40.01%. Use the drawdown chart below to compare losses from any high point for ULE and EURUSD=X.

Drawdown Indicators

	ULE	EURUSD=X	Difference
Max Drawdown Largest peak-to-trough decline	-72.74%	-40.01%	-32.73%
Max Drawdown (1Y) Largest decline over 1 year	-10.40%	-5.19%	-5.21%
Max Drawdown (5Y) Largest decline over 5 years	-41.35%	-21.68%	-19.67%
Max Drawdown (10Y) Largest decline over 10 years	-51.30%	-23.31%	-27.99%
Current Drawdown Current decline from peak	-62.49%	-27.85%	-34.64%
Average Drawdown Average peak-to-trough decline	-45.91%	-23.13%	-22.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.34%	2.04%	+2.30%

Volatility

ULE vs. EURUSD=X - Volatility Comparison

ProShares Ultra Euro (ULE) has a higher volatility of 4.78% compared to EUR/USD (EURUSD=X) at 2.29%. This indicates that ULE's price experiences larger fluctuations and is considered to be riskier than EURUSD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ULE	EURUSD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.78%	2.29%	+2.49%
Volatility (6M) Calculated over the trailing 6-month period	9.16%	4.20%	+4.96%
Volatility (1Y) Calculated over the trailing 1-year period	17.10%	7.18%	+9.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.20%	7.46%	+8.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.31%	7.21%	+8.10%