ULE vs. UVXY
Compare and contrast key facts about ProShares Ultra Euro (ULE) and ProShares Ultra VIX Short-Term Futures ETF (UVXY).
ULE and UVXY 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. UVXY is a passively managed fund by ProShares that tracks the performance of the S&P 500 VIX SHORT-TERM FUTURES TR (150%). It was launched on Oct 3, 2011. Both ULE and UVXY 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. UVXY - Performance Comparison
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ULE vs. UVXY - 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 45.56% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Returns By Period
In the year-to-date period, ULE achieves a -3.35% return, which is significantly lower than UVXY's 45.56% return. Over the past 10 years, ULE has outperformed UVXY with an annualized return of -2.78%, while UVXY has yielded a comparatively lower -72.70% 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%
UVXY
- 1D
- -14.14%
- 1M
- 31.90%
- YTD
- 45.56%
- 6M
- 0.19%
- 1Y
- -55.36%
- 3Y*
- -64.43%
- 5Y*
- -67.05%
- 10Y*
- -72.70%
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ULE vs. UVXY - Expense Ratio Comparison
Both ULE and UVXY have an expense ratio of 0.95%.
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.
| ULE | UVXY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.69 | -0.49 | +1.18 |
Sortino ratioReturn per unit of downside risk | 1.17 | -0.25 | +1.42 |
Omega ratioGain probability vs. loss probability | 1.14 | 0.97 | +0.17 |
Calmar ratioReturn relative to maximum drawdown | 1.13 | -0.65 | +1.77 |
Martin ratioReturn relative to average drawdown | 2.74 | -0.78 | +3.52 |
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 | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.69 | -0.49 | +1.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.17 | -0.64 | +0.47 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.18 | -0.64 | +0.45 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.21 | -0.67 | +0.46 |
Correlation
The correlation between ULE and UVXY is -0.11. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
ULE vs. UVXY - Dividend Comparison
Neither ULE nor UVXY has paid dividends to shareholders.
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 | -10.40% | -85.64% | +75.24% |
Max Drawdown (5Y)Largest decline over 5 years | -41.35% | -99.77% | +58.42% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -100.00% | +48.70% |
Current DrawdownCurrent decline from peak | -62.27% | -100.00% | +37.73% |
Average DrawdownAverage peak-to-trough decline | -45.90% | -98.53% | +52.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.28% | 70.91% | -66.63% |
Volatility
ULE vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 4.84%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 45.17%. 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 | 4.84% | 45.17% | -40.33% |
Volatility (6M)Calculated over the trailing 6-month period | 9.12% | 71.72% | -62.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.10% | 113.02% | -95.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.21% | 105.48% | -89.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.31% | 114.53% | -99.22% |