ULE vs. METD

Last updated Jun 23, 2026

ULE (ProShares Ultra Euro) and METD (Direxion Daily META Bear 1X ETF) are both exchange-traded funds - ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while METD is a Inverse Equities fund actively managed by Direxion. ULE is passively managed, while METD is actively managed. Over the past year, ULE returned -3.43% vs 13.36% for METD. At a correlation of -0.02, they often move in opposite directions. ULE charges 0.95%/yr vs 1.00%/yr for METD.

Performance

ULE vs. METD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Euro (ULE) and Direxion Daily META Bear 1X ETF (METD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ULE achieves a -5.86% return, which is significantly lower than METD's 11.43% 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%

METD

• 1D: 2.27%
• 1M: 7.00%
• YTD: 11.43%
• 6M: 11.87%
• 1Y: 13.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ULE vs. METD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ULE ProShares Ultra Euro	-5.86%	25.97%	-9.59%
METD Direxion Daily META Bear 1X ETF	11.43%	-17.33%	-15.84%

Correlation

The correlation between ULE and METD is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.15
Correlation (All Time) Calculated using the full available price history since Jun 5, 2024	-0.02

The correlation between ULE and METD shifts across timeframes, from -0.15 (1 year) to -0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ULE vs. METD — Risk / Return Rank

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

ULE

ULE Risk / Return Rank: 6
ULE Sharpe Ratio Rank: 6
ULE Sortino Ratio Rank: 6
ULE Omega Ratio Rank: 6
ULE Calmar Ratio Rank: 6
ULE Martin Ratio Rank: 6

METD

METD Risk / Return Rank: 15
METD Sharpe Ratio Rank: 14
METD Sortino Ratio Rank: 15
METD Omega Ratio Rank: 16
METD Calmar Ratio Rank: 15
METD Martin Ratio Rank: 14

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. METD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) and Direxion Daily META Bear 1X ETF (METD). 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	METD	Difference
Sharpe ratio: Return per unit of total volatility	-0.26	0.37	-0.63
Sortino ratio: Return per unit of downside risk	-0.29	0.75	-1.04
Omega ratio: Gain probability vs. loss probability	0.97	1.10	-0.14
Calmar ratio: Return relative to maximum drawdown	-0.33	0.55	-0.88
Martin ratio: Return relative to average drawdown	-0.67	1.25	-1.92

ULE vs. METD - Sharpe Ratio Comparison

The current ULE Sharpe Ratio is -0.26, which is lower than the METD Sharpe Ratio of 0.37. The chart below compares the historical Sharpe Ratios of ULE and METD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ULE vs. METD - Drawdown Comparison

The maximum ULE drawdown since its inception was -72.74%, which is greater than METD's maximum drawdown of -46.03%. Use the drawdown chart below to compare losses from any high point for ULE and METD.

Drawdown Indicators

	ULE	METD	Difference
Max Drawdown Largest peak-to-trough decline	-72.74%	-46.03%	-26.71%
Max Drawdown (1Y) Largest decline over 1 year	-10.48%	-24.38%	+13.90%
Max Drawdown (3Y) Largest decline over 3 years	-17.44%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-38.16%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-51.30%	—	—
Current Drawdown Current decline from peak	-63.25%	-28.38%	-34.87%
Average Drawdown Average peak-to-trough decline	-46.09%	-28.60%	-17.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.16%	11.04%	-5.88%

Volatility

ULE vs. METD - Volatility Comparison

The current volatility for ProShares Ultra Euro (ULE) is 2.65%, while Direxion Daily META Bear 1X ETF (METD) has a volatility of 13.03%. This indicates that ULE experiences smaller price fluctuations and is considered to be less risky than METD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ULE	METD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	13.03%	-10.38%
Volatility (6M) Calculated over the trailing 6-month period	8.95%	28.41%	-19.46%
Volatility (1Y) Calculated over the trailing 1-year period	13.14%	36.66%	-23.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.09%	36.67%	-20.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.21%	36.67%	-21.46%

ULE vs. METD - Expense Ratio Comparison

ULE has a 0.95% expense ratio, which is lower than METD's 1.00% expense ratio.

Dividends

ULE vs. METD - Dividend Comparison

ULE has not paid dividends to shareholders, while METD's dividend yield for the trailing twelve months is around 2.45%.

Position	TTM	2025	2024
METD Direxion Daily META Bear 1X ETF	2.45%	3.35%	2.30%
ULE ProShares Ultra Euro	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ULE and METD in my portfolio?

ULE and METD have a correlation of -0.15, 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 METD?

METD has higher volatility (13.03%) compared to ULE (2.65%). In terms of maximum drawdown, ULE dropped -72.74% vs METD's -46.03%.

Which ETF is better, ULE or METD?

On 1-year performance, METD leads with 13.36% vs -3.43% for ULE. On fees, ULE is cheaper at 0.95% per year. On volatility, ULE has been the lower-risk option at 2.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ULE or METD?

Over the 1-year period, METD has performed better with a 13.36% return vs -3.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ULE or METD?

ULE is cheaper with a 0.95% expense ratio, compared with 1.00% for METD.

Which ETF pays a higher dividend yield, ULE or METD?

METD has the higher dividend yield at 2.45%, compared with 0.00% for ULE.

What is the main difference between ULE and METD?

ULE is categorized as Leveraged Currency, while METD is Inverse Equities. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for ULE and 1.00% for METD.

Which has better risk-adjusted returns?

METD currently has the higher Sharpe Ratio (0.37 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.