ULE vs. EURUSD=X

Last updated Jun 3, 2026

ULE (ProShares Ultra Euro) is Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while EURUSD=X (EUR/USD) is a currency. Over the past 10 years, ULE returned -2.62%/yr vs 0.23%/yr for EURUSD=X. Their correlation of 0.93 suggests significant overlap in exposure.

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.

Returns By Period

In the year-to-date period, ULE achieves a -2.69% return, which is significantly lower than EURUSD=X's -1.00% return. Over the past 10 years, ULE has underperformed EURUSD=X with an annualized return of -2.62%, while EURUSD=X has yielded a comparatively higher 0.23% annualized return.

ULE

• 1D: 0.01%
• 1M: -1.82%
• YTD: -2.69%
• 6M: -0.88%
• 1Y: 0.67%
• 3Y*: 4.66%
• 5Y*: -3.56%
• 10Y*: -2.62%

EURUSD=X

• 1D: -0.03%
• 1M: -0.87%
• YTD: -1.00%
• 6M: 0.02%
• 1Y: 1.65%
• 3Y*: 2.79%
• 5Y*: -0.84%
• 10Y*: 0.23%

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

ULE vs. EURUSD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ULE ProShares Ultra Euro	-2.69%	25.97%	-11.73%	5.08%	-15.51%	-15.66%	14.74%	-8.90%	-13.40%	23.92%
EURUSD=X EUR/USD	-1.00%	13.43%	-6.18%	3.16%	-6.01%	-6.81%	8.85%	-1.94%	-4.66%	14.14%

Correlation

The correlation between ULE and EURUSD=X is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008	0.93

The correlation between ULE and EURUSD=X shifts across timeframes, from 0.83 (1 year) to 0.94 (10 years), reflecting how their relationship changes across market environments.

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: 10
ULE Sharpe Ratio Rank: 9
ULE Sortino Ratio Rank: 9
ULE Omega Ratio Rank: 9
ULE Calmar Ratio Rank: 11
ULE Martin Ratio Rank: 11

EURUSD=X

EURUSD=X Risk / Return Rank: 50
EURUSD=X Sharpe Ratio Rank: 57
EURUSD=X Sortino Ratio Rank: 58
EURUSD=X Omega Ratio Rank: 58
EURUSD=X Calmar Ratio Rank: 39
EURUSD=X Martin Ratio Rank: 39

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	0.05	0.23	-0.17
Sortino ratio Return per unit of downside risk	0.17	0.37	-0.20
Omega ratio Gain probability vs. loss probability	1.02	1.04	-0.02
Calmar ratio Return relative to maximum drawdown	0.25	-0.07	+0.33
Martin ratio Return relative to average drawdown	0.56	-0.16	+0.72
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 0.05, which is lower than the EURUSD=X Sharpe Ratio of 0.23. The chart below compares the historical Sharpe Ratios of ULE and EURUSD=X, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ULE	EURUSD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.05	0.23	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.22	-0.10	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.17	0.03	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	-0.21	-0.08	-0.13

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 (3Y) Largest decline over 3 years	-17.44%	-8.83%	-8.61%
Max Drawdown (5Y) Largest decline over 5 years	-40.94%	-21.30%	-19.64%
Max Drawdown (10Y) Largest decline over 10 years	-51.30%	-23.31%	-27.99%
Current Drawdown Current decline from peak	-62.01%	-27.28%	-34.73%
Average Drawdown Average peak-to-trough decline	-46.05%	-23.40%	-22.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.76%	2.37%	+2.39%

Volatility

ULE vs. EURUSD=X - Volatility Comparison

ProShares Ultra Euro (ULE) has a higher volatility of 2.37% compared to EUR/USD (EURUSD=X) at 1.02%. 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	2.37%	1.02%	+1.35%
Volatility (6M) Calculated over the trailing 6-month period	8.94%	4.43%	+4.51%
Volatility (1Y) Calculated over the trailing 1-year period	13.60%	5.95%	+7.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.15%	7.42%	+8.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.22%	7.16%	+8.06%

Frequently Asked Questions

Can I hold both ULE and EURUSD=X in my portfolio?

ULE and EURUSD=X have a correlation of 0.83, 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 EURUSD=X?

ULE has higher volatility (2.37%) compared to EURUSD=X (1.02%). In terms of maximum drawdown, ULE dropped -72.74% vs EURUSD=X's -40.01%.

Which has better risk-adjusted returns?

EURUSD=X currently has the higher Sharpe Ratio (0.23 vs 0.05), 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.