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 Dow Jones U.S. Technology Index (200%). Both are passively managed. Over the past 10 years, ULE returned -2.62%/yr vs 40.84%/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 -4.29% return, which is significantly lower than ROM's 55.07% return. Over the past 10 years, ULE has underperformed ROM with an annualized return of -2.62%, while ROM has yielded a comparatively higher 40.84% annualized return.
ULE
- 1D
- 0.00%
- 1M
- -4.32%
- YTD
- -4.29%
- 6M
- -2.71%
- 1Y
- 0.60%
- 3Y*
- 3.87%
- 5Y*
- -4.12%
- 10Y*
- -2.62%
ROM
- 1D
- 4.27%
- 1M
- 8.23%
- YTD
- 55.07%
- 6M
- 46.89%
- 1Y
- 116.54%
- 3Y*
- 52.79%
- 5Y*
- 27.93%
- 10Y*
- 40.84%
ULE vs. ROM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULE ProShares Ultra Euro | -4.29% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
ROM ProShares Ultra Technology | 55.07% | 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 | 0.14 |
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 26, 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.
| ULE | ROM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.60 | ||
| Sortino ratioReturn per unit of downside risk | -2.67 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.39 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | 0.06 | 3.63 | -3.57 |
| Martin ratioReturn relative to average drawdown | 0.12 | 10.98 | -10.85 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ULE | ROM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.05 | 2.65 | -2.60 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.26 | 0.54 | -0.80 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.17 | 0.82 | -0.99 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.22 | 0.52 | -0.73 |
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 | -10.40% | -32.33% | +21.93% |
Max Drawdown (3Y)Largest decline over 3 years | -17.44% | -48.10% | +30.66% |
Max Drawdown (5Y)Largest decline over 5 years | -40.65% | -67.55% | +26.90% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -67.55% | +16.25% |
Current DrawdownCurrent decline from peak | -62.64% | -14.50% | -48.14% |
Average DrawdownAverage peak-to-trough decline | -46.07% | -20.87% | -25.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.87% | 10.66% | -5.79% |
Volatility
ULE vs. ROM - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 2.64%, while ProShares Ultra Technology (ROM) has a volatility of 21.34%. 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 | 2.64% | 21.34% | -18.70% |
Volatility (6M)Calculated over the trailing 6-month period | 8.87% | 36.89% | -28.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.35% | 44.37% | -31.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.13% | 52.01% | -35.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.22% | 50.04% | -34.82% |
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 0.16%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ROM ProShares Ultra Technology | 0.16% | 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 (21.34%) compared to ULE (2.64%). In terms of maximum drawdown, ULE dropped -72.74% vs ROM's -83.36%.
On 10-year performance, ROM leads with 40.84% vs -2.62% for ULE. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.64%. 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 40.84% return vs -2.62%. 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 0.16%, 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 Dow Jones U.S. Technology Index (200%).
ROM currently has the higher Sharpe Ratio (2.65 vs 0.05), 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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