ULE vs. UCC
ULE (ProShares Ultra Euro) and UCC (ProShares Ultra Consumer Services) are both exchange-traded funds - ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while UCC is a Leveraged Equities fund tracking the Dow Jones U.S. Consumer Services Index (200%). Both are passively managed. Over the past 10 years, ULE returned -2.46%/yr vs 13.99%/yr for UCC. At a 0.18 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
ULE vs. UCC - Performance Comparison
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Returns By Period
In the year-to-date period, ULE achieves a -3.77% return, which is significantly higher than UCC's -8.62% return. Over the past 10 years, ULE has underperformed UCC with an annualized return of -2.46%, while UCC has yielded a comparatively higher 13.99% annualized return.
ULE
- 1D
- 0.24%
- 1M
- -2.67%
- YTD
- -3.77%
- 6M
- -3.85%
- 1Y
- -2.21%
- 3Y*
- 3.78%
- 5Y*
- -3.70%
- 10Y*
- -2.46%
UCC
- 1D
- 0.57%
- 1M
- -4.21%
- YTD
- -8.62%
- 6M
- -10.29%
- 1Y
- 10.10%
- 3Y*
- 14.37%
- 5Y*
- -0.24%
- 10Y*
- 13.99%
ULE vs. UCC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULE ProShares Ultra Euro | -3.77% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
UCC ProShares Ultra Consumer Services | -8.62% | 2.21% | 44.24% | 61.67% | -57.59% | 20.92% | 46.55% | 53.76% | -4.94% | 42.05% |
Correlation
The correlation between ULE and UCC is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.18 |
The correlation between ULE and UCC shifts across timeframes, from 0.16 (10 years) to 0.28 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ULE vs. UCC — Risk / Return Rank
ULE
UCC
ULE vs. UCC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) and ProShares Ultra Consumer Services (UCC). 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 | UCC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.45 | ||
| Sortino ratioReturn per unit of downside risk | -0.80 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.08 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 0.35 | -0.56 |
| Martin ratioReturn relative to average drawdown | -0.44 | 0.97 | -1.41 |
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Drawdowns
ULE vs. UCC - Drawdown Comparison
The maximum ULE drawdown since its inception was -72.74%, smaller than the maximum UCC drawdown of -83.05%. Use the drawdown chart below to compare losses from any high point for ULE and UCC.
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Drawdown Indicators
| ULE | UCC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.74% | -83.05% | +10.31% |
Max Drawdown (1Y)Largest decline over 1 year | -10.40% | -29.14% | +18.74% |
Max Drawdown (3Y)Largest decline over 3 years | -17.44% | -48.01% | +30.57% |
Max Drawdown (5Y)Largest decline over 5 years | -40.32% | -61.77% | +21.45% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -61.77% | +10.47% |
Current DrawdownCurrent decline from peak | -62.43% | -18.41% | -44.02% |
Average DrawdownAverage peak-to-trough decline | -46.08% | -21.80% | -24.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.99% | 10.45% | -5.46% |
Volatility
ULE vs. UCC - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 2.37%, while ProShares Ultra Consumer Services (UCC) has a volatility of 12.41%. This indicates that ULE experiences smaller price fluctuations and is considered to be less risky than UCC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULE | UCC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.37% | 12.41% | -10.04% |
Volatility (6M)Calculated over the trailing 6-month period | 8.83% | 27.05% | -18.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.28% | 36.41% | -23.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.12% | 43.70% | -27.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.21% | 40.68% | -25.47% |
ULE vs. UCC - Expense Ratio Comparison
Both ULE and UCC have an expense ratio of 0.95%.
Dividends
ULE vs. UCC - Dividend Comparison
ULE has not paid dividends to shareholders, while UCC's dividend yield for the trailing twelve months is around 1.18%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UCC ProShares Ultra Consumer Services | 1.18% | 1.10% | 0.17% | 0.04% | 0.25% | 0.00% | 0.02% | 0.17% | 0.18% | 0.14% | 0.21% | 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% | 0.00% | 0.00% |
Frequently Asked Questions
ULE and UCC have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCC has higher volatility (12.41%) compared to ULE (2.37%). In terms of maximum drawdown, ULE dropped -72.74% vs UCC's -83.05%.
On 10-year performance, UCC leads with 13.99% vs -2.46% for ULE. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UCC has performed better with a 13.99% return vs -2.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ULE and UCC have the same expense ratio: 0.95% per year.
UCC has the higher dividend yield at 1.18%, compared with 0.00% for ULE.
ULE is categorized as Leveraged Currency, while UCC is Leveraged Equities. ULE tracks USD/EUR Exchange Rate (-200%), while UCC tracks Dow Jones U.S. Consumer Services Index (200%).
UCC currently has the higher Sharpe Ratio (0.28 vs -0.17), 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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