ULE vs. UPV
ULE (ProShares Ultra Euro) and UPV (ProShares Ultra Europe) are both exchange-traded funds - ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while UPV is a Leveraged Equities fund tracking the MSCI Europe Index (200%). Both are passively managed. Over the past 10 years, ULE returned -2.44%/yr vs 12.77%/yr for UPV. At a 0.43 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
ULE vs. UPV - 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 UPV's 10.42% return. Over the past 10 years, ULE has underperformed UPV with an annualized return of -2.44%, while UPV has yielded a comparatively higher 12.77% 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%
UPV
- 1D
- 0.02%
- 1M
- 1.70%
- YTD
- 10.42%
- 6M
- 11.40%
- 1Y
- 36.17%
- 3Y*
- 25.72%
- 5Y*
- 9.15%
- 10Y*
- 12.77%
ULE vs. UPV - 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% |
UPV ProShares Ultra Europe | 10.42% | 68.63% | -4.51% | 32.16% | -36.58% | 32.38% | -3.15% | 47.04% | -32.64% | 57.44% |
Correlation
The correlation between ULE and UPV is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since May 7, 2010 | 0.43 |
The correlation between ULE and UPV shifts across timeframes, from 0.43 (10 years) to 0.56 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ULE vs. UPV — Risk / Return Rank
ULE
UPV
ULE vs. UPV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) and ProShares Ultra Europe (UPV). 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 | UPV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.42 | ||
| Sortino ratioReturn per unit of downside risk | -2.00 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.21 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.33 | 1.55 | -1.88 |
| Martin ratioReturn relative to average drawdown | -0.67 | 5.22 | -5.89 |
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Drawdowns
ULE vs. UPV - Drawdown Comparison
The maximum ULE drawdown since its inception was -72.74%, which is greater than UPV's maximum drawdown of -67.25%. Use the drawdown chart below to compare losses from any high point for ULE and UPV.
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Drawdown Indicators
| ULE | UPV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.74% | -67.25% | -5.49% |
Max Drawdown (1Y)Largest decline over 1 year | -10.48% | -23.41% | +12.93% |
Max Drawdown (3Y)Largest decline over 3 years | -17.44% | -27.54% | +10.10% |
Max Drawdown (5Y)Largest decline over 5 years | -38.16% | -58.33% | +20.17% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -67.25% | +15.95% |
Current DrawdownCurrent decline from peak | -63.25% | -4.76% | -58.49% |
Average DrawdownAverage peak-to-trough decline | -46.09% | -20.78% | -25.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.16% | 6.95% | -1.79% |
Volatility
ULE vs. UPV - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 2.65%, while ProShares Ultra Europe (UPV) has a volatility of 9.63%. This indicates that ULE experiences smaller price fluctuations and is considered to be less risky than UPV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULE | UPV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.65% | 9.63% | -6.98% |
Volatility (6M)Calculated over the trailing 6-month period | 8.95% | 26.70% | -17.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.14% | 31.51% | -18.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.09% | 35.51% | -19.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.21% | 36.96% | -21.75% |
ULE vs. UPV - Expense Ratio Comparison
Both ULE and UPV have an expense ratio of 0.95%.
Dividends
ULE vs. UPV - Dividend Comparison
ULE has not paid dividends to shareholders, while UPV's dividend yield for the trailing twelve months is around 2.07%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
ULE ProShares Ultra Euro | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UPV ProShares Ultra Europe | 2.07% | 2.11% | 2.70% | 1.57% | 0.00% | 0.00% | 0.00% | 0.65% | 3.80% |
Frequently Asked Questions
ULE and UPV have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPV has higher volatility (9.63%) compared to ULE (2.65%). In terms of maximum drawdown, ULE dropped -72.74% vs UPV's -67.25%.
On 10-year performance, UPV leads with 12.77% vs -2.44% for ULE. Both ETFs have the same 0.95% expense ratio. 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, UPV has performed better with a 12.77% return vs -2.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ULE and UPV have the same expense ratio: 0.95% per year.
UPV has the higher dividend yield at 2.07%, compared with 0.00% for ULE.
ULE is categorized as Leveraged Currency, while UPV is Leveraged Equities. ULE tracks USD/EUR Exchange Rate (-200%), while UPV tracks MSCI Europe Index (200%).
UPV currently has the higher Sharpe Ratio (1.16 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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