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 -2.56%/yr vs 41.38%/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 -6.01% return, which is significantly lower than ROM's 56.35% return. Over the past 10 years, ULE has underperformed ROM with an annualized return of -2.56%, while ROM has yielded a comparatively higher 41.38% annualized return.
ULE
- 1D
- 0.73%
- 1M
- -3.98%
- YTD
- -6.01%
- 6M
- -6.72%
- 1Y
- -6.36%
- 3Y*
- 2.13%
- 5Y*
- -3.34%
- 10Y*
- -2.56%
ROM
- 1D
- 5.31%
- 1M
- -7.27%
- YTD
- 56.35%
- 6M
- 51.88%
- 1Y
- 97.81%
- 3Y*
- 48.77%
- 5Y*
- 25.22%
- 10Y*
- 41.38%
ULE vs. ROM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULE ProShares Ultra Euro | -6.01% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
ROM ProShares Ultra Technology | 56.35% | 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 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
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 | -2.56 | ||
| Sortino ratioReturn per unit of downside risk | -3.05 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.32 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.55 | 3.04 | -3.59 |
| Martin ratioReturn relative to average drawdown | -1.18 | 8.77 | -9.96 |
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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 | -17.44% | -48.10% | +30.66% |
Max Drawdown (5Y)Largest decline over 5 years | -37.69% | -67.55% | +29.86% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -67.55% | +16.25% |
Current DrawdownCurrent decline from peak | -63.31% | -13.79% | -49.52% |
Average DrawdownAverage peak-to-trough decline | -46.11% | -20.85% | -25.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.40% | 11.19% | -5.79% |
Volatility
ULE vs. ROM - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 2.81%, while ProShares Ultra Technology (ROM) has a volatility of 25.58%. 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 | 2.81% | 25.58% | -22.77% |
Volatility (6M)Calculated over the trailing 6-month period | 8.88% | 40.00% | -31.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.12% | 47.53% | -34.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.10% | 52.61% | -36.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.10% | 50.22% | -35.12% |
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 0.06%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ROM ProShares Ultra Technology | 0.06% | 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 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ROM has higher volatility (25.58%) compared to ULE (2.81%). In terms of maximum drawdown, ULE dropped -72.74% vs ROM's -83.36%.
On 10-year performance, ROM leads with 41.38% vs -2.56% for ULE. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.81%. 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 41.38% return vs -2.56%. 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 0.06%, 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 (2.07 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.
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