ULE vs. UPRO
ULE (ProShares Ultra Euro) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, ULE returned -2.44%/yr vs 30.75%/yr for UPRO. At a 0.21 correlation, their price movements are largely independent. ULE charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
ULE vs. UPRO - Performance Comparison
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Returns By Period
In the year-to-date period, ULE achieves a -5.86% return, which is significantly lower than UPRO's 22.44% return. Over the past 10 years, ULE has underperformed UPRO with an annualized return of -2.44%, while UPRO has yielded a comparatively higher 30.75% annualized return.
ULE
- 1D
- -0.36%
- 1M
- -2.95%
- YTD
- -5.86%
- 6M
- -6.24%
- 1Y
- -3.43%
- 3Y*
- 2.41%
- 5Y*
- -3.57%
- 10Y*
- -2.44%
UPRO
- 1D
- -0.97%
- 1M
- -1.16%
- YTD
- 22.44%
- 6M
- 20.56%
- 1Y
- 74.57%
- 3Y*
- 48.38%
- 5Y*
- 21.85%
- 10Y*
- 30.75%
ULE vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULE ProShares Ultra Euro | -5.86% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
UPRO ProShares UltraPro S&P 500 | 22.44% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between ULE and UPRO is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009 | 0.21 |
The correlation between ULE and UPRO shifts across timeframes, from 0.17 (10 years) to 0.29 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ULE vs. UPRO — Risk / Return Rank
ULE
UPRO
ULE vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) and ProShares UltraPro S&P 500 (UPRO). 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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.28 | ||
| Sortino ratioReturn per unit of downside risk | -2.76 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.33 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.33 | 2.80 | -3.13 |
| Martin ratioReturn relative to average drawdown | -0.67 | 11.45 | -12.12 |
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Drawdowns
ULE vs. UPRO - Drawdown Comparison
The maximum ULE drawdown since its inception was -72.74%, smaller than the maximum UPRO drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for ULE and UPRO.
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Drawdown Indicators
| ULE | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.74% | -76.82% | +4.08% |
Max Drawdown (1Y)Largest decline over 1 year | -10.48% | -26.78% | +16.30% |
Max Drawdown (3Y)Largest decline over 3 years | -17.44% | -48.87% | +31.43% |
Max Drawdown (5Y)Largest decline over 5 years | -38.16% | -63.94% | +25.78% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -76.82% | +25.52% |
Current DrawdownCurrent decline from peak | -63.25% | -6.26% | -56.99% |
Average DrawdownAverage peak-to-trough decline | -46.09% | -14.39% | -31.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.16% | 6.53% | -1.37% |
Volatility
ULE vs. UPRO - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 2.65%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 14.03%. This indicates that ULE experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULE | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.65% | 14.03% | -11.38% |
Volatility (6M)Calculated over the trailing 6-month period | 8.95% | 29.21% | -20.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.14% | 37.15% | -24.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.09% | 50.59% | -34.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.21% | 53.89% | -38.68% |
ULE vs. UPRO - Expense Ratio Comparison
ULE has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
ULE vs. UPRO - Dividend Comparison
ULE has not paid dividends to shareholders, while UPRO's dividend yield for the trailing twelve months is around 0.71%.
| Position | 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% |
UPRO ProShares UltraPro S&P 500 | 0.71% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
ULE and UPRO have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (14.03%) compared to ULE (2.65%). In terms of maximum drawdown, ULE dropped -72.74% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 30.75% vs -2.44% for ULE. On fees, UPRO is cheaper at 0.89% 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, UPRO has performed better with a 30.75% return vs -2.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for ULE.
UPRO has the higher dividend yield at 0.71%, compared with 0.00% for ULE.
ULE is categorized as Leveraged Currency, while UPRO is Leveraged Equities. ULE tracks USD/EUR Exchange Rate (-200%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for ULE and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (2.02 vs -0.26), 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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