ULE vs. FLYD

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares Ultra Euro (ULE) and MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD).

ULE and FLYD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. FLYD is a passively managed fund by REX that tracks the performance of the MerQube MicroSectors U.S. Travel Index. It was launched on Jun 22, 2022. Both ULE and FLYD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ULE vs. FLYD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Euro (ULE) and MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD). The values are adjusted to include any dividend payments, if applicable.

ULE vs. FLYD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ULE ProShares Ultra Euro	-3.35%	25.97%	-11.73%	5.08%	-0.41%
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs	31.58%	-60.42%	-54.13%	-75.14%	-46.23%

Returns By Period

In the year-to-date period, ULE achieves a -3.35% return, which is significantly lower than FLYD's 31.58% return.

ULE

• 1D: 2.13%
• 1M: -4.20%
• YTD: -3.35%
• 6M: -3.70%
• 1Y: 11.77%
• 3Y*: 3.45%
• 5Y*: -2.68%
• 10Y*: -2.78%

FLYD

• 1D: -12.05%
• 1M: 19.00%
• YTD: 31.58%
• 6M: 12.07%
• 1Y: -60.68%
• 3Y*: -51.49%
• 5Y*: —
• 10Y*: —

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

ULE vs. FLYD - Expense Ratio Comparison

Both ULE and FLYD have an expense ratio of 0.95%.

ULE

ProShares Ultra Euro

FLYD

MicroSectors Travel -3X Inverse Leveraged ETNs

Return for Risk

ULE vs. FLYD — Risk / Return Rank

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

ULE

ULE Risk / Return Rank: 38
ULE Sharpe Ratio Rank: 38
ULE Sortino Ratio Rank: 42
ULE Omega Ratio Rank: 34
ULE Calmar Ratio Rank: 44
ULE Martin Ratio Rank: 31

FLYD

FLYD Risk / Return Rank: 3
FLYD Sharpe Ratio Rank: 2
FLYD Sortino Ratio Rank: 3
FLYD Omega Ratio Rank: 3
FLYD Calmar Ratio Rank: 1
FLYD Martin Ratio Rank: 5

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. FLYD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) and MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD). 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	FLYD	Difference
Sharpe ratio Return per unit of total volatility	0.69	-0.66	+1.35
Sortino ratio Return per unit of downside risk	1.17	-0.66	+1.83
Omega ratio Gain probability vs. loss probability	1.14	0.91	+0.23
Calmar ratio Return relative to maximum drawdown	1.13	-0.73	+1.86
Martin ratio Return relative to average drawdown	2.74	-0.83	+3.57
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. FLYD - Sharpe Ratio Comparison

The current ULE Sharpe Ratio is 0.69, which is higher than the FLYD Sharpe Ratio of -0.66. The chart below compares the historical Sharpe Ratios of ULE and FLYD, 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	FLYD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.69	-0.66	+1.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.17	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.18	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.21	-0.72	+0.51

Correlation

The correlation between ULE and FLYD is -0.19. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

ULE vs. FLYD - Dividend Comparison

Neither ULE nor FLYD has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

ULE vs. FLYD - Drawdown Comparison

The maximum ULE drawdown since its inception was -72.74%, smaller than the maximum FLYD drawdown of -97.96%. Use the drawdown chart below to compare losses from any high point for ULE and FLYD.

Drawdown Indicators

	ULE	FLYD	Difference
Max Drawdown Largest peak-to-trough decline	-72.74%	-97.96%	+25.22%
Max Drawdown (1Y) Largest decline over 1 year	-10.40%	-82.41%	+72.01%
Max Drawdown (5Y) Largest decline over 5 years	-41.35%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-51.30%	—	—
Current Drawdown Current decline from peak	-62.27%	-96.97%	+34.70%
Average Drawdown Average peak-to-trough decline	-45.90%	-82.45%	+36.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.28%	72.38%	-68.10%

Volatility

ULE vs. FLYD - Volatility Comparison

The current volatility for ProShares Ultra Euro (ULE) is 4.84%, while MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) has a volatility of 27.93%. This indicates that ULE experiences smaller price fluctuations and is considered to be less risky than FLYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ULE	FLYD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.84%	27.93%	-23.09%
Volatility (6M) Calculated over the trailing 6-month period	9.12%	54.96%	-45.84%
Volatility (1Y) Calculated over the trailing 1-year period	17.10%	92.80%	-75.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.21%	83.50%	-67.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.31%	83.50%	-68.19%