ULE vs. OKLL

Last updated Jul 12, 2026

ULE (ProShares Ultra Euro) and OKLL (Defiance Daily Target 2x Long OKLO ETF) are both exchange-traded funds - ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while OKLL is a Leveraged Equities fund actively managed by Defiance. ULE is passively managed, while OKLL is actively managed. Over the past year, ULE returned -6.08% vs -78.88% for OKLL. At a 0.12 correlation, their price movements are largely independent. ULE charges 0.95%/yr vs 1.31%/yr for OKLL.

Performance

ULE vs. OKLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Euro (ULE) and Defiance Daily Target 2x Long OKLO ETF (OKLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ULE achieves a -6.22% return, which is significantly higher than OKLL's -75.01% return.

ULE

• 1D: -0.07%
• 1M: -2.54%
• 6M: -4.48%
• YTD: -6.22%
• 1Y: -6.08%
• 3Y*: 1.51%
• 5Y*: -3.50%
• 10Y*: -2.44%

OKLL

• 1D: -1.87%
• 1M: -31.54%
• 6M: -87.92%
• YTD: -75.01%
• 1Y: -78.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ULE vs. OKLL - Yearly Performance Comparison

	2026 (YTD)	2025
ULE ProShares Ultra Euro	-6.22%	1.68%
OKLL Defiance Daily Target 2x Long OKLO ETF	-75.01%	-25.10%

Correlation

The correlation between ULE and OKLL is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jun 24, 2025	0.12

Return for Risk

ULE vs. OKLL — Risk / Return Rank

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

ULE

ULE Risk / Return Rank: 5
ULE Sharpe Ratio Rank: 5
ULE Sortino Ratio Rank: 5
ULE Omega Ratio Rank: 5
ULE Calmar Ratio Rank: 5
ULE Martin Ratio Rank: 4

OKLL

OKLL Risk / Return Rank: 7
OKLL Sharpe Ratio Rank: 6
OKLL Sortino Ratio Rank: 11
OKLL Omega Ratio Rank: 11
OKLL Calmar Ratio Rank: 2
OKLL Martin Ratio Rank: 4

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. OKLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) and Defiance Daily Target 2x Long OKLO ETF (OKLL). 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	OKLL	Difference
Sharpe ratio: Return per unit of total volatility	-0.49	-0.39	-0.10
Sortino ratio: Return per unit of downside risk	-0.63	0.34	-0.97
Omega ratio: Gain probability vs. loss probability	0.93	1.04	-0.11
Calmar ratio: Return relative to maximum drawdown	-0.54	-0.81	+0.27
Martin ratio: Return relative to average drawdown	-1.12	-1.06	-0.06

ULE vs. OKLL - Sharpe Ratio Comparison

The current ULE Sharpe Ratio is -0.49, which is comparable to the OKLL Sharpe Ratio of -0.39. The chart below compares the historical Sharpe Ratios of ULE and OKLL, 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. OKLL - Drawdown Comparison

The maximum ULE drawdown since its inception was -72.74%, smaller than the maximum OKLL drawdown of -97.15%. Use the drawdown chart below to compare losses from any high point for ULE and OKLL.

Drawdown Indicators

	ULE	OKLL	Difference
Max Drawdown Largest peak-to-trough decline	-72.74%	-97.15%	+24.41%
Max Drawdown (1Y) Largest decline over 1 year	-11.67%	-97.15%	+85.48%
Max Drawdown (3Y) Largest decline over 3 years	-17.44%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-37.59%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-51.30%	—	—
Current Drawdown Current decline from peak	-63.39%	-96.98%	+33.59%
Average Drawdown Average peak-to-trough decline	-46.15%	-63.96%	+17.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.65%	74.15%	-68.50%

Volatility

ULE vs. OKLL - Volatility Comparison

The current volatility for ProShares Ultra Euro (ULE) is 2.65%, while Defiance Daily Target 2x Long OKLO ETF (OKLL) has a volatility of 37.92%. This indicates that ULE experiences smaller price fluctuations and is considered to be less risky than OKLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ULE	OKLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	37.92%	-35.27%
Volatility (6M) Calculated over the trailing 6-month period	8.90%	130.96%	-122.06%
Volatility (1Y) Calculated over the trailing 1-year period	13.03%	202.13%	-189.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.08%	199.81%	-183.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.09%	199.81%	-184.72%

ULE vs. OKLL - Expense Ratio Comparison

ULE has a 0.95% expense ratio, which is lower than OKLL's 1.31% expense ratio.

Dividends

ULE vs. OKLL - Dividend Comparison

Neither ULE nor OKLL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ULE and OKLL in my portfolio?

ULE and OKLL have a correlation of 0.14, 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 OKLL?

OKLL has higher volatility (37.92%) compared to ULE (2.65%). In terms of maximum drawdown, ULE dropped -72.74% vs OKLL's -97.15%.

Which ETF is better, ULE or OKLL?

On 1-year performance, ULE leads with -6.08% vs -78.88% for OKLL. 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 OKLL?

Over the 1-year period, ULE has performed better with a -6.08% return vs -78.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ULE or OKLL?

ULE is cheaper with a 0.95% expense ratio, compared with 1.31% for OKLL.

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

ULE and OKLL have nearly identical dividend yields, around 0.00%.

What is the main difference between ULE and OKLL?

ULE is categorized as Leveraged Currency, while OKLL is Leveraged Equities. They also come from different issuers: ProShares and Defiance. Their fees differ too: 0.95% for ULE and 1.31% for OKLL.

Which has better risk-adjusted returns?

OKLL currently has the higher Sharpe Ratio (-0.39 vs -0.49), 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.