ULE vs. QQQ
ULE (ProShares Ultra Euro) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, ULE returned -2.44%/yr vs 22.48%/yr for QQQ. At a 0.18 correlation, their price movements are largely independent. ULE charges 0.95%/yr vs 0.18%/yr for QQQ.
Performance
ULE vs. QQQ - 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 QQQ's 20.41% return. Over the past 10 years, ULE has underperformed QQQ with an annualized return of -2.44%, while QQQ has yielded a comparatively higher 22.48% 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%
QQQ
- 1D
- -0.25%
- 1M
- 2.96%
- YTD
- 20.41%
- 6M
- 19.46%
- 1Y
- 40.91%
- 3Y*
- 27.47%
- 5Y*
- 16.94%
- 10Y*
- 22.48%
ULE vs. QQQ - 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% |
QQQ Invesco QQQ ETF | 20.41% | 20.77% | 25.58% | 54.86% | -32.58% | 27.42% | 48.62% | 38.96% | -0.13% | 32.66% |
Correlation
The correlation between ULE and QQQ is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.18 |
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Return for Risk
ULE vs. QQQ — Risk / Return Rank
ULE
QQQ
ULE vs. QQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) and Invesco QQQ ETF (QQQ). 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 | QQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.59 | ||
| Sortino ratioReturn per unit of downside risk | -3.32 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.41 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.33 | 3.44 | -3.76 |
| Martin ratioReturn relative to average drawdown | -0.67 | 12.79 | -13.45 |
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Drawdowns
ULE vs. QQQ - Drawdown Comparison
The maximum ULE drawdown since its inception was -72.74%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for ULE and QQQ.
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Drawdown Indicators
| ULE | QQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.74% | -82.97% | +10.23% |
Max Drawdown (1Y)Largest decline over 1 year | -10.48% | -11.96% | +1.48% |
Max Drawdown (3Y)Largest decline over 3 years | -17.44% | -22.77% | +5.33% |
Max Drawdown (5Y)Largest decline over 5 years | -38.16% | -35.12% | -3.04% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -35.12% | -16.18% |
Current DrawdownCurrent decline from peak | -63.25% | -0.99% | -62.26% |
Average DrawdownAverage peak-to-trough decline | -46.09% | -32.73% | -13.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.16% | 3.21% | +1.95% |
Volatility
ULE vs. QQQ - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 2.65%, while Invesco QQQ ETF (QQQ) has a volatility of 8.47%. This indicates that ULE experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULE | QQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.65% | 8.47% | -5.82% |
Volatility (6M)Calculated over the trailing 6-month period | 8.95% | 14.20% | -5.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.14% | 17.67% | -4.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.09% | 22.64% | -6.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.21% | 22.43% | -7.22% |
ULE vs. QQQ - Expense Ratio Comparison
ULE has a 0.95% expense ratio, which is higher than QQQ's 0.18% expense ratio.
Dividends
ULE vs. QQQ - Dividend Comparison
ULE has not paid dividends to shareholders, while QQQ's dividend yield for the trailing twelve months is around 0.49%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QQQ Invesco QQQ ETF | 0.49% | 0.45% | 0.56% | 0.62% | 0.80% | 0.43% | 0.55% | 0.74% | 0.91% | 0.84% | 1.06% | 0.99% |
ULE ProShares Ultra Euro | 0.00% | 0.00% | 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 QQQ have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QQQ has higher volatility (8.47%) compared to ULE (2.65%). In terms of maximum drawdown, ULE dropped -72.74% vs QQQ's -82.97%.
On 10-year performance, QQQ leads with 22.48% vs -2.44% for ULE. On fees, QQQ is cheaper at 0.18% 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.
Over the 10-year period, QQQ has performed better with a 22.48% return vs -2.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQ is cheaper with a 0.18% expense ratio, compared with 0.95% for ULE.
QQQ has the higher dividend yield at 0.49%, compared with 0.00% for ULE.
ULE is categorized as Leveraged Currency, while QQQ is Nasdaq-100. ULE tracks USD/EUR Exchange Rate (-200%), while QQQ tracks NASDAQ-100 Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for ULE and 0.18% for QQQ.
QQQ currently has the higher Sharpe Ratio (2.33 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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