ULE vs. ROM
ULE (ProShares Ultra Euro) and ROM (ProShares Ultra Technology) are both exchange-traded funds - ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while ROM is a Leveraged Equities fund tracking the S&P Technology Select Sector Index (200%). Both are passively managed. Over the past 10 years, ULE returned -2.26%/yr vs 38.10%/yr for ROM. At a 0.17 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
ULE vs. ROM - Performance Comparison
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Returns By Period
In the year-to-date period, ULE achieves a -6.46% return, which is significantly lower than ROM's 38.89% return. Over the past 10 years, ULE has underperformed ROM with an annualized return of -2.26%, while ROM has yielded a comparatively higher 38.10% annualized return.
ULE
- 1D
- -0.62%
- 1M
- -1.00%
- 6M
- -4.00%
- YTD
- -6.46%
- 1Y
- -5.53%
- 3Y*
- 0.85%
- 5Y*
- -3.24%
- 10Y*
- -2.26%
- ALL TIME*
- -4.07%
ROM
- 1D
- 0.12%
- 1M
- -16.60%
- 6M
- 36.16%
- YTD
- 38.89%
- 1Y
- 62.90%
- 3Y*
- 42.01%
- 5Y*
- 21.27%
- 10Y*
- 38.10%
- ALL TIME*
- 23.75%
ULE vs. ROM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULE ProShares Ultra Euro | -6.46% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
ROM ProShares Ultra Technology | 38.89% | 35.63% | 31.65% | 130.70% | -63.86% | 77.75% | 80.42% | 102.10% | -9.89% | 81.11% |
Correlation
The correlation between ULE and ROM is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.17 |
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Return for Risk
ULE vs. ROM — Risk / Return Rank
ULE
ROM
ULE vs. ROM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) and ProShares Ultra Technology (ROM). 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 | ROM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.71 | ||
| Sortino ratioReturn per unit of downside risk | -2.30 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.23 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.48 | 1.96 | -2.43 |
| Martin ratioReturn relative to average drawdown | -0.94 | 5.28 | -6.22 |
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Drawdowns
ULE vs. ROM - Drawdown Comparison
The maximum ULE drawdown since its inception was -72.74%, smaller than the maximum ROM drawdown of -83.36%. Use the drawdown chart below to compare losses from any high point for ULE and ROM.
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Drawdown Indicators
| ULE | ROM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.74% | -83.36% | +10.62% |
Max Drawdown (1Y)Largest decline over 1 year | -11.67% | -32.33% | +20.66% |
Max Drawdown (3Y)Largest decline over 3 years | -16.95% | -48.10% | +31.15% |
Max Drawdown (5Y)Largest decline over 5 years | -37.59% | -67.55% | +29.96% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -67.55% | +16.25% |
Current DrawdownCurrent decline from peak | -63.48% | -23.42% | -40.06% |
Average DrawdownAverage peak-to-trough decline | -46.17% | -20.84% | -25.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.88% | 11.96% | -6.08% |
Volatility
ULE vs. ROM - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 2.41%, while ProShares Ultra Technology (ROM) has a volatility of 19.27%. This indicates that ULE experiences smaller price fluctuations and is considered to be less risky than ROM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULE | ROM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.41% | 19.27% | -16.86% |
Volatility (6M)Calculated over the trailing 6-month period | 8.94% | 42.12% | -33.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.98% | 49.40% | -36.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.07% | 52.92% | -36.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.09% | 50.39% | -35.30% |
ULE vs. ROM - Expense Ratio Comparison
Both ULE and ROM have an expense ratio of 0.95%.
Dividends
ULE vs. ROM - Dividend Comparison
ULE has not paid dividends to shareholders, while ROM's dividend yield for the trailing twelve months is around 0.07%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ROM ProShares Ultra Technology | 0.07% | 0.24% | 0.21% | 0.01% | 0.00% | 0.00% | 0.05% | 0.16% | 0.30% | 0.08% | 0.20% | 0.12% |
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 ROM have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ROM has higher volatility (19.27%) compared to ULE (2.41%). In terms of maximum drawdown, ULE dropped -72.74% vs ROM's -83.36%.
On 10-year performance, ROM leads with 38.10% vs -2.26% for ULE. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ROM has performed better with a 38.10% return vs -2.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ULE and ROM have the same expense ratio: 0.95% per year.
ROM has the higher dividend yield at 0.07%, compared with 0.00% for ULE.
ULE is categorized as Leveraged Currency, while ROM is Leveraged Equities. ULE tracks USD/EUR Exchange Rate (-200%), while ROM tracks S&P Technology Select Sector Index (200%).
ROM currently has the higher Sharpe Ratio (1.28 vs -0.43), 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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