ULE vs. SQQQ
ULE (ProShares Ultra Euro) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, ULE returned -2.49%/yr vs -54.48%/yr for SQQQ. Their -0.16 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
ULE vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, ULE achieves a -4.48% return, which is significantly higher than SQQQ's -34.61% return. Over the past 10 years, ULE has outperformed SQQQ with an annualized return of -2.49%, while SQQQ has yielded a comparatively lower -54.48% annualized return.
ULE
- 1D
- -0.06%
- 1M
- 1.58%
- 6M
- -5.98%
- YTD
- -4.48%
- 1Y
- -2.43%
- 3Y*
- 2.30%
- 5Y*
- -3.01%
- 10Y*
- -2.49%
- ALL TIME*
- -3.95%
SQQQ
- 1D
- -1.99%
- 1M
- 9.46%
- 6M
- -32.40%
- YTD
- -34.61%
- 1Y
- -52.32%
- 3Y*
- -49.83%
- 5Y*
- -44.46%
- 10Y*
- -54.48%
- ALL TIME*
- -52.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.40B | $2.29B | $2.66B | |
| $30.31K | $35.90K | $64.55K |
ULE vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULE ProShares Ultra Euro | -4.48% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
SQQQ ProShares UltraPro Short QQQ | -34.61% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between ULE and SQQQ is -0.23, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.23 |
Correlation (3Y) Balances recent behavior with more history. | -0.16 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.23 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.14 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010 | -0.16 |
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Return for Risk
ULE vs. SQQQ — Risk / Return Rank
ULE
SQQQ
ULE vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) and ProShares UltraPro Short QQQ (SQQQ). 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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.90 | ||
| Sortino ratioReturn per unit of downside risk | +1.41 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 0.86 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.05 | -0.81 | +0.86 |
| Martin ratioReturn relative to average drawdown | 0.09 | -1.41 | +1.50 |
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Drawdowns
ULE vs. SQQQ - Drawdown Comparison
The maximum ULE drawdown since its inception was -72.74%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for ULE and SQQQ.
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Drawdown Indicators
| ULE | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.74% | -100.00% | +27.26% |
Max Drawdown (1Y)Largest decline over 1 year | -11.67% | -61.03% | +49.36% |
Max Drawdown (3Y)Largest decline over 3 years | -16.95% | -92.51% | +75.56% |
Max Drawdown (5Y)Largest decline over 5 years | -37.36% | -97.27% | +59.91% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -99.97% | +48.67% |
Current DrawdownCurrent decline from peak | -62.71% | -100.00% | +37.29% |
Average DrawdownAverage peak-to-trough decline | -46.20% | -92.78% | +46.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.15% | 35.08% | -28.93% |
Volatility
ULE vs. SQQQ - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 2.55%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 20.82%. This indicates that ULE experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULE | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.55% | 20.82% | -18.27% |
Volatility (6M)Calculated over the trailing 6-month period | 8.19% | 48.09% | -39.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.54% | 57.98% | -45.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.07% | 68.18% | -52.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.07% | 66.74% | -51.67% |
ULE vs. SQQQ - Expense Ratio Comparison
Both ULE and SQQQ have an expense ratio of 0.95%.
Dividends
ULE vs. SQQQ - Dividend Comparison
ULE has not paid dividends to shareholders, while SQQQ's dividend yield for the trailing twelve months is around 9.14%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | 9.14% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
ULE ProShares Ultra Euro | 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 SQQQ have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (20.82%) compared to ULE (2.55%). In terms of maximum drawdown, ULE dropped -72.74% vs SQQQ's -100.00%.
On 10-year performance, ULE leads with -2.49% vs -54.48% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ULE has performed better with a -2.49% return vs -54.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ULE and SQQQ have the same expense ratio: 0.95% per year.
SQQQ has the higher dividend yield at 9.14%, compared with 0.00% for ULE.
ULE is categorized as Leveraged Currency, while SQQQ is Leveraged Equities. ULE tracks USD/EUR Exchange Rate (-200%), while SQQQ tracks NASDAQ-100 Index (-300%).
ULE currently has the higher Sharpe Ratio (0.04 vs -0.86), 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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