ULE vs. SSO
Compare and contrast key facts about ProShares Ultra Euro (ULE) and ProShares Ultra S&P500 (SSO).
ULE and SSO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ULE is a passively managed fund by ProShares that tracks the performance of the USD/EUR Exchange Rate (-200%). It was launched on Nov 25, 2008. SSO is a passively managed fund by ProShares that tracks the performance of the S&P 500. It was launched on Jun 19, 2006. Both ULE and SSO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
ULE vs. SSO - Performance Comparison
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ULE vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULE ProShares Ultra Euro | -3.35% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
SSO ProShares Ultra S&P500 | -10.23% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
Returns By Period
In the year-to-date period, ULE achieves a -3.35% return, which is significantly higher than SSO's -10.23% return. Over the past 10 years, ULE has underperformed SSO with an annualized return of -2.78%, while SSO has yielded a comparatively higher 21.06% annualized return.
ULE
- 1D
- 2.13%
- 1M
- -4.20%
- YTD
- -3.35%
- 6M
- -3.70%
- 1Y
- 11.77%
- 3Y*
- 3.45%
- 5Y*
- -2.68%
- 10Y*
- -2.78%
SSO
- 1D
- 5.75%
- 1M
- -10.37%
- YTD
- -10.23%
- 6M
- -7.08%
- 1Y
- 26.35%
- 3Y*
- 28.27%
- 5Y*
- 15.34%
- 10Y*
- 21.06%
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ULE vs. SSO - Expense Ratio Comparison
ULE has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.
Return for Risk
ULE vs. SSO — Risk / Return Rank
ULE
SSO
ULE vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) and ProShares Ultra S&P500 (SSO). 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 | SSO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.69 | 0.73 | -0.04 |
Sortino ratioReturn per unit of downside risk | 1.17 | 1.23 | -0.07 |
Omega ratioGain probability vs. loss probability | 1.14 | 1.19 | -0.05 |
Calmar ratioReturn relative to maximum drawdown | 1.13 | 1.20 | -0.08 |
Martin ratioReturn relative to average drawdown | 2.74 | 5.18 | -2.44 |
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 | SSO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.69 | 0.73 | -0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.17 | 0.46 | -0.62 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.18 | 0.59 | -0.77 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.21 | 0.38 | -0.59 |
Correlation
The correlation between ULE and SSO is 0.22, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
ULE vs. SSO - Dividend Comparison
ULE has not paid dividends to shareholders, while SSO's dividend yield for the trailing twelve months is around 0.82%.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SSO ProShares Ultra S&P500 | 0.82% | 0.68% | 0.85% | 0.18% | 0.50% | 0.18% | 0.20% | 0.50% | 0.75% | 0.39% | 0.51% | 0.63% |
Drawdowns
ULE vs. SSO - Drawdown Comparison
The maximum ULE drawdown since its inception was -72.74%, smaller than the maximum SSO drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for ULE and SSO.
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Drawdown Indicators
| ULE | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.74% | -84.67% | +11.93% |
Max Drawdown (1Y)Largest decline over 1 year | -10.40% | -23.17% | +12.77% |
Max Drawdown (5Y)Largest decline over 5 years | -41.35% | -46.73% | +5.38% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -59.34% | +8.04% |
Current DrawdownCurrent decline from peak | -62.27% | -13.46% | -48.81% |
Average DrawdownAverage peak-to-trough decline | -45.90% | -19.72% | -26.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.28% | 5.38% | -1.10% |
Volatility
ULE vs. SSO - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 4.84%, while ProShares Ultra S&P500 (SSO) has a volatility of 10.60%. This indicates that ULE experiences smaller price fluctuations and is considered to be less risky than SSO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULE | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.84% | 10.60% | -5.76% |
Volatility (6M)Calculated over the trailing 6-month period | 9.12% | 18.95% | -9.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.10% | 36.45% | -19.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.21% | 33.66% | -17.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.31% | 35.86% | -20.55% |