ULE vs. SOXL
ULE (ProShares Ultra Euro) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both exchange-traded funds - ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while SOXL is a Leveraged Equities fund tracking the ICE Semiconductor Index. Both are passively managed. Over the past 10 years, ULE returned -2.44%/yr vs 58.80%/yr for SOXL. At a 0.15 correlation, their price movements are largely independent. ULE charges 0.95%/yr vs 0.75%/yr for SOXL.
Performance
ULE vs. SOXL - Performance Comparison
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Returns By Period
In the year-to-date period, ULE achieves a -6.22% return, which is significantly lower than SOXL's 357.44% return. Over the past 10 years, ULE has underperformed SOXL with an annualized return of -2.44%, while SOXL has yielded a comparatively higher 58.80% annualized 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%
SOXL
- 1D
- -0.10%
- 1M
- -18.08%
- 6M
- 256.37%
- YTD
- 357.44%
- 1Y
- 604.71%
- 3Y*
- 100.40%
- 5Y*
- 36.53%
- 10Y*
- 58.80%
ULE vs. SOXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULE ProShares Ultra Euro | -6.22% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
SOXL Direxion Daily Semiconductor Bull 3X ETF | 357.44% | 54.91% | -12.31% | 226.98% | -85.66% | 118.84% | 70.04% | 231.83% | -39.07% | 141.71% |
Correlation
The correlation between ULE and SOXL is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
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 | 0.13 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2010 | 0.15 |
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Return for Risk
ULE vs. SOXL — Risk / Return Rank
ULE
SOXL
ULE vs. SOXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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 | SOXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.44 | ||
| Sortino ratioReturn per unit of downside risk | -3.92 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.46 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.54 | 13.50 | -14.04 |
| Martin ratioReturn relative to average drawdown | -1.12 | 39.95 | -41.07 |
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Drawdowns
ULE vs. SOXL - Drawdown Comparison
The maximum ULE drawdown since its inception was -72.74%, smaller than the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for ULE and SOXL.
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Drawdown Indicators
| ULE | SOXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.74% | -90.46% | +17.72% |
Max Drawdown (1Y)Largest decline over 1 year | -11.67% | -45.05% | +33.38% |
Max Drawdown (3Y)Largest decline over 3 years | -17.44% | -87.88% | +70.44% |
Max Drawdown (5Y)Largest decline over 5 years | -37.59% | -90.46% | +52.87% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -90.46% | +39.16% |
Current DrawdownCurrent decline from peak | -63.39% | -36.08% | -27.31% |
Average DrawdownAverage peak-to-trough decline | -46.15% | -34.94% | -11.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.65% | 15.19% | -9.54% |
Volatility
ULE vs. SOXL - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 2.65%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 64.81%. This indicates that ULE experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULE | SOXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.65% | 64.81% | -62.16% |
Volatility (6M)Calculated over the trailing 6-month period | 8.90% | 107.31% | -98.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.03% | 122.83% | -109.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.08% | 111.62% | -95.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.09% | 101.19% | -86.10% |
ULE vs. SOXL - Expense Ratio Comparison
ULE has a 0.95% expense ratio, which is higher than SOXL's 0.75% expense ratio.
Dividends
ULE vs. SOXL - Dividend Comparison
ULE has not paid dividends to shareholders, while SOXL's dividend yield for the trailing twelve months is around 0.01%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
SOXL Direxion Daily Semiconductor Bull 3X ETF | 0.01% | 0.34% | 1.18% | 0.51% | 1.07% | 0.04% | 0.05% | 0.38% | 1.30% | 0.09% | 4.84% |
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% |
Frequently Asked Questions
ULE and SOXL have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXL has higher volatility (64.81%) compared to ULE (2.65%). In terms of maximum drawdown, ULE dropped -72.74% vs SOXL's -90.46%.
On 10-year performance, SOXL leads with 58.80% vs -2.44% for ULE. On fees, SOXL is cheaper at 0.75% 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, SOXL has performed better with a 58.80% return vs -2.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXL is cheaper with a 0.75% expense ratio, compared with 0.95% for ULE.
SOXL has the higher dividend yield at 0.01%, compared with 0.00% for ULE.
ULE is categorized as Leveraged Currency, while SOXL is Leveraged Equities. ULE tracks USD/EUR Exchange Rate (-200%), while SOXL tracks ICE Semiconductor Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for ULE and 0.75% for SOXL.
SOXL currently has the higher Sharpe Ratio (4.95 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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