ULE vs. FOXY

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares Ultra Euro (ULE) and Simplify Currency Strategy ETF (FOXY).

ULE and FOXY 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. FOXY is an actively managed fund by Simplify. It was launched on Feb 3, 2025.

Performance

ULE vs. FOXY - Performance Comparison

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

ULE vs. FOXY - Yearly Performance Comparison

	2026 (YTD)	2025
ULE ProShares Ultra Euro	-3.35%	26.04%
FOXY Simplify Currency Strategy ETF	9.85%	14.75%

Returns By Period

In the year-to-date period, ULE achieves a -3.35% return, which is significantly lower than FOXY's 9.85% 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%

FOXY

• 1D: -0.78%
• 1M: -0.15%
• YTD: 9.85%
• 6M: 9.95%
• 1Y: 15.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ULE vs. FOXY - Expense Ratio Comparison

ULE has a 0.95% expense ratio, which is higher than FOXY's 0.81% expense ratio.

ULE

ProShares Ultra Euro

FOXY

Simplify Currency Strategy ETF

Return for Risk

ULE vs. FOXY — 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

FOXY

FOXY Risk / Return Rank: 53
FOXY Sharpe Ratio Rank: 56
FOXY Sortino Ratio Rank: 50
FOXY Omega Ratio Rank: 60
FOXY Calmar Ratio Rank: 51
FOXY Martin Ratio Rank: 50

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. FOXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) and Simplify Currency Strategy ETF (FOXY). 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	FOXY	Difference
Sharpe ratio Return per unit of total volatility	0.69	0.99	-0.30
Sortino ratio Return per unit of downside risk	1.17	1.32	-0.16
Omega ratio Gain probability vs. loss probability	1.14	1.22	-0.09
Calmar ratio Return relative to maximum drawdown	1.13	1.30	-0.18
Martin ratio Return relative to average drawdown	2.74	4.75	-2.01
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. FOXY - Sharpe Ratio Comparison

The current ULE Sharpe Ratio is 0.69, which is lower than the FOXY Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of ULE and FOXY, 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	FOXY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.69	0.99	-0.30
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	1.44	-1.65

Correlation

The correlation between ULE and FOXY is -0.02. 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. FOXY - Dividend Comparison

ULE has not paid dividends to shareholders, while FOXY's dividend yield for the trailing twelve months is around 6.63%.

	TTM	2025
ULE ProShares Ultra Euro	0.00%	0.00%
FOXY Simplify Currency Strategy ETF	6.63%	5.51%

Drawdowns

ULE vs. FOXY - Drawdown Comparison

The maximum ULE drawdown since its inception was -72.74%, which is greater than FOXY's maximum drawdown of -13.09%. Use the drawdown chart below to compare losses from any high point for ULE and FOXY.

Drawdown Indicators

	ULE	FOXY	Difference
Max Drawdown Largest peak-to-trough decline	-72.74%	-13.09%	-59.65%
Max Drawdown (1Y) Largest decline over 1 year	-10.40%	-13.09%	+2.69%
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%	-2.82%	-59.45%
Average Drawdown Average peak-to-trough decline	-45.90%	-2.08%	-43.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.28%	3.59%	+0.69%

Volatility

ULE vs. FOXY - Volatility Comparison

ProShares Ultra Euro (ULE) has a higher volatility of 4.84% compared to Simplify Currency Strategy ETF (FOXY) at 2.56%. This indicates that ULE's price experiences larger fluctuations and is considered to be riskier than FOXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ULE	FOXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.84%	2.56%	+2.28%
Volatility (6M) Calculated over the trailing 6-month period	9.12%	7.08%	+2.04%
Volatility (1Y) Calculated over the trailing 1-year period	17.10%	15.95%	+1.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.21%	15.60%	+0.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.31%	15.60%	-0.29%