ULE vs. UVXY
ULE (ProShares Ultra Euro) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, ULE returned -2.44%/yr vs -72.31%/yr for UVXY. At a correlation of -0.11, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
ULE vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, ULE achieves a -6.22% return, which is significantly higher than UVXY's -35.49% return. Over the past 10 years, ULE has outperformed UVXY with an annualized return of -2.44%, while UVXY has yielded a comparatively lower -72.31% annualized return.
ULE
- 1D
- -0.07%
- 1M
- -2.54%
- 6M
- -4.48%
- YTD
- -6.22%
- 1Y
- -6.08%
- 3Y*
- 1.51%
- 5Y*
- -3.50%
- 10Y*
- -2.44%
UVXY
- 1D
- -3.58%
- 1M
- -19.32%
- 6M
- -32.32%
- YTD
- -35.49%
- 1Y
- -72.78%
- 3Y*
- -63.56%
- 5Y*
- -68.08%
- 10Y*
- -72.31%
ULE vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULE ProShares Ultra Euro | -6.22% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -35.49% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between ULE and UVXY is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.12 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.11 |
The correlation between ULE and UVXY shifts across timeframes, from -0.22 (5 years) to -0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ULE vs. UVXY — Risk / Return Rank
ULE
UVXY
ULE vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.37 | ||
| Sortino ratioReturn per unit of downside risk | +0.94 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.82 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.54 | -0.99 | +0.45 |
| Martin ratioReturn relative to average drawdown | -1.12 | -1.49 | +0.37 |
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Drawdowns
ULE vs. UVXY - Drawdown Comparison
The maximum ULE drawdown since its inception was -72.74%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for ULE and UVXY.
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Drawdown Indicators
| ULE | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.74% | -100.00% | +27.26% |
Max Drawdown (1Y)Largest decline over 1 year | -11.67% | -73.42% | +61.75% |
Max Drawdown (3Y)Largest decline over 3 years | -17.44% | -95.32% | +77.88% |
Max Drawdown (5Y)Largest decline over 5 years | -37.59% | -99.74% | +62.15% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -100.00% | +48.70% |
Current DrawdownCurrent decline from peak | -63.39% | -100.00% | +36.61% |
Average DrawdownAverage peak-to-trough decline | -46.15% | -98.75% | +52.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.65% | 48.70% | -43.05% |
Volatility
ULE vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 2.65%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 22.69%. This indicates that ULE experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULE | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.65% | 22.69% | -20.04% |
Volatility (6M)Calculated over the trailing 6-month period | 8.90% | 66.50% | -57.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.03% | 85.17% | -72.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.08% | 103.78% | -87.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.09% | 111.99% | -96.90% |
ULE vs. UVXY - Expense Ratio Comparison
Both ULE and UVXY have an expense ratio of 0.95%.
Dividends
ULE vs. UVXY - Dividend Comparison
Neither ULE nor UVXY has paid dividends to shareholders.
Frequently Asked Questions
ULE and UVXY have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (22.69%) compared to ULE (2.65%). In terms of maximum drawdown, ULE dropped -72.74% vs UVXY's -100.00%.
On 10-year performance, ULE leads with -2.44% vs -72.31% for UVXY. 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, ULE has performed better with a -2.44% return vs -72.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ULE and UVXY have the same expense ratio: 0.95% per year.
ULE and UVXY have nearly identical dividend yields, around 0.00%.
ULE is categorized as Leveraged Currency, while UVXY is Volatility. ULE tracks USD/EUR Exchange Rate (-200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
ULE currently has the higher Sharpe Ratio (-0.49 vs -0.85), 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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