ULE vs. FAAR
ULE (ProShares Ultra Euro) and FAAR (First Trust Alternative Absolute Return Strategy ETF) are both exchange-traded funds - ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while FAAR is a Commodities fund actively managed by First Trust. ULE is passively managed, while FAAR is actively managed. Over the past 10 years, ULE returned -2.44%/yr vs 4.79%/yr for FAAR. At a 0.06 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
ULE vs. FAAR - Performance Comparison
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Returns By Period
In the year-to-date period, ULE achieves a -5.86% return, which is significantly lower than FAAR's 20.23% return. Over the past 10 years, ULE has underperformed FAAR with an annualized return of -2.44%, while FAAR has yielded a comparatively higher 4.79% 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%
FAAR
- 1D
- -0.05%
- 1M
- -4.34%
- YTD
- 20.23%
- 6M
- 19.92%
- 1Y
- 26.86%
- 3Y*
- 10.91%
- 5Y*
- 7.89%
- 10Y*
- 4.79%
ULE vs. FAAR - 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% |
FAAR First Trust Alternative Absolute Return Strategy ETF | 20.23% | 8.07% | 5.97% | -5.63% | 10.15% | 12.34% | 8.60% | -1.28% | -9.17% | 5.00% |
Correlation
The correlation between ULE and FAAR is -0.08, 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 | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since May 23, 2016 | 0.06 |
The correlation between ULE and FAAR shifts across timeframes, from -0.08 (1 year) to 0.06 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
ULE vs. FAAR — Risk / Return Rank
ULE
FAAR
ULE vs. FAAR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) and First Trust Alternative Absolute Return Strategy ETF (FAAR). 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 | FAAR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.28 | ||
| Sortino ratioReturn per unit of downside risk | -3.18 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.35 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.33 | 4.75 | -5.08 |
| Martin ratioReturn relative to average drawdown | -0.67 | 14.70 | -15.36 |
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Drawdowns
ULE vs. FAAR - Drawdown Comparison
The maximum ULE drawdown since its inception was -72.74%, which is greater than FAAR's maximum drawdown of -18.03%. Use the drawdown chart below to compare losses from any high point for ULE and FAAR.
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Drawdown Indicators
| ULE | FAAR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.74% | -18.03% | -54.71% |
Max Drawdown (1Y)Largest decline over 1 year | -10.48% | -5.68% | -4.80% |
Max Drawdown (3Y)Largest decline over 3 years | -17.44% | -11.54% | -5.90% |
Max Drawdown (5Y)Largest decline over 5 years | -38.16% | -18.03% | -20.13% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -18.03% | -33.27% |
Current DrawdownCurrent decline from peak | -63.25% | -5.43% | -57.82% |
Average DrawdownAverage peak-to-trough decline | -46.09% | -7.82% | -38.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.16% | 1.89% | +3.27% |
Volatility
ULE vs. FAAR - Volatility Comparison
ProShares Ultra Euro (ULE) has a higher volatility of 2.65% compared to First Trust Alternative Absolute Return Strategy ETF (FAAR) at 2.47%. This indicates that ULE's price experiences larger fluctuations and is considered to be riskier than FAAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULE | FAAR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.65% | 2.47% | +0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 8.95% | 9.68% | -0.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.14% | 13.37% | -0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.09% | 12.95% | +3.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.21% | 11.53% | +3.68% |
ULE vs. FAAR - Expense Ratio Comparison
Both ULE and FAAR have an expense ratio of 0.95%.
Dividends
ULE vs. FAAR - Dividend Comparison
ULE has not paid dividends to shareholders, while FAAR's dividend yield for the trailing twelve months is around 9.57%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FAAR First Trust Alternative Absolute Return Strategy ETF | 9.57% | 11.63% | 3.45% | 3.20% | 5.82% | 6.49% | 3.05% | 1.02% | 0.58% | 2.83% |
ULE ProShares Ultra Euro | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ULE and FAAR 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.
ULE has higher volatility (2.65%) compared to FAAR (2.47%). In terms of maximum drawdown, ULE dropped -72.74% vs FAAR's -18.03%.
On 10-year performance, FAAR leads with 4.79% vs -2.44% for ULE. Both ETFs have the same 0.95% expense ratio. On volatility, FAAR has been the lower-risk option at 2.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FAAR has performed better with a 4.79% return vs -2.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ULE and FAAR have the same expense ratio: 0.95% per year.
FAAR has the higher dividend yield at 9.57%, compared with 0.00% for ULE.
ULE is categorized as Leveraged Currency, while FAAR is Commodities. They also come from different issuers: ProShares and First Trust.
FAAR currently has the higher Sharpe Ratio (2.02 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.
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