ULE vs. UYG
ULE (ProShares Ultra Euro) and UYG (ProShares Ultra Financials) are both exchange-traded funds - ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while UYG is a Leveraged Equities fund tracking the Dow Jones U.S. Financials Index (200%). Both are passively managed. Over the past 10 years, ULE returned -2.46%/yr vs 17.73%/yr for UYG. At a 0.18 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
ULE vs. UYG - 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 UYG's -7.85% return. Over the past 10 years, ULE has underperformed UYG with an annualized return of -2.46%, while UYG has yielded a comparatively higher 17.73% 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%
UYG
- 1D
- 2.73%
- 1M
- 8.46%
- YTD
- -7.85%
- 6M
- -7.84%
- 1Y
- 4.18%
- 3Y*
- 29.02%
- 5Y*
- 10.61%
- 10Y*
- 17.73%
ULE vs. UYG - 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% |
UYG ProShares Ultra Financials | -7.85% | 19.77% | 55.71% | 22.14% | -32.11% | 76.26% | -20.32% | 66.15% | -22.61% | 39.28% |
Correlation
The correlation between ULE and UYG is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.18 |
The correlation between ULE and UYG shifts across timeframes, from 0.13 (10 years) to 0.24 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ULE vs. UYG — Risk / Return Rank
ULE
UYG
ULE vs. UYG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) and ProShares Ultra Financials (UYG). 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 | UYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.55 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.05 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 0.15 | -0.36 |
| Martin ratioReturn relative to average drawdown | -0.44 | 0.35 | -0.79 |
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Drawdowns
ULE vs. UYG - Drawdown Comparison
The maximum ULE drawdown since its inception was -72.74%, smaller than the maximum UYG drawdown of -97.90%. Use the drawdown chart below to compare losses from any high point for ULE and UYG.
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Drawdown Indicators
| ULE | UYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.74% | -97.90% | +25.16% |
Max Drawdown (1Y)Largest decline over 1 year | -10.40% | -28.91% | +18.51% |
Max Drawdown (3Y)Largest decline over 3 years | -17.44% | -30.35% | +12.91% |
Max Drawdown (5Y)Largest decline over 5 years | -40.32% | -47.77% | +7.45% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -69.98% | +18.68% |
Current DrawdownCurrent decline from peak | -62.43% | -12.97% | -49.46% |
Average DrawdownAverage peak-to-trough decline | -46.08% | -63.29% | +17.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.99% | 12.16% | -7.17% |
Volatility
ULE vs. UYG - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 2.37%, while ProShares Ultra Financials (UYG) has a volatility of 8.35%. This indicates that ULE experiences smaller price fluctuations and is considered to be less risky than UYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULE | UYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.37% | 8.35% | -5.98% |
Volatility (6M)Calculated over the trailing 6-month period | 8.83% | 22.51% | -13.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.28% | 29.37% | -16.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.12% | 36.22% | -20.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.21% | 41.06% | -25.85% |
ULE vs. UYG - Expense Ratio Comparison
Both ULE and UYG have an expense ratio of 0.95%.
Dividends
ULE vs. UYG - Dividend Comparison
ULE has not paid dividends to shareholders, while UYG's dividend yield for the trailing twelve months is around 12.68%.
| 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% |
UYG ProShares Ultra Financials | 12.68% | 11.72% | 0.51% | 0.79% | 0.77% | 9.39% | 0.66% | 0.90% | 1.28% | 0.56% | 0.76% | 0.72% |
Frequently Asked Questions
ULE and UYG have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UYG has higher volatility (8.35%) compared to ULE (2.37%). In terms of maximum drawdown, ULE dropped -72.74% vs UYG's -97.90%.
On 10-year performance, UYG leads with 17.73% 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, UYG has performed better with a 17.73% return vs -2.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ULE and UYG have the same expense ratio: 0.95% per year.
UYG has the higher dividend yield at 12.68%, compared with 0.00% for ULE.
ULE is categorized as Leveraged Currency, while UYG is Leveraged Equities. ULE tracks USD/EUR Exchange Rate (-200%), while UYG tracks Dow Jones U.S. Financials Index (200%).
UYG currently has the higher Sharpe Ratio (0.14 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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