ULE vs. VGK

Last updated Jun 23, 2026

ULE (ProShares Ultra Euro) and VGK (Vanguard FTSE Europe ETF) are both exchange-traded funds - ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while VGK is a Europe Equities fund tracking the FTSE Developed Europe All Cap Index. Both are passively managed. Over the past 10 years, ULE returned -2.44%/yr vs 10.52%/yr for VGK. At a 0.48 correlation, their price movements are largely independent. ULE charges 0.95%/yr vs 0.06%/yr for VGK.

Performance

ULE vs. VGK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Euro (ULE) and Vanguard FTSE Europe ETF (VGK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ULE achieves a -5.86% return, which is significantly lower than VGK's 7.49% return. Over the past 10 years, ULE has underperformed VGK with an annualized return of -2.44%, while VGK has yielded a comparatively higher 10.52% 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%

VGK

• 1D: -0.02%
• 1M: 1.12%
• YTD: 7.49%
• 6M: 7.98%
• 1Y: 21.63%
• 3Y*: 17.25%
• 5Y*: 9.05%
• 10Y*: 10.52%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ULE vs. VGK - 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%
VGK Vanguard FTSE Europe ETF	7.49%	35.83%	1.88%	20.19%	-15.98%	16.89%	5.43%	24.85%	-14.89%	26.98%

Correlation

The correlation between ULE and VGK 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	0.45
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008	0.48

The correlation between ULE and VGK shifts across timeframes, from 0.45 (10 years) to 0.56 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

ULE vs. VGK — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ULE

ULE Risk / Return Rank: 6
ULE Sharpe Ratio Rank: 6
ULE Sortino Ratio Rank: 6
ULE Omega Ratio Rank: 6
ULE Calmar Ratio Rank: 6
ULE Martin Ratio Rank: 6

VGK

VGK Risk / Return Rank: 39
VGK Sharpe Ratio Rank: 40
VGK Sortino Ratio Rank: 40
VGK Omega Ratio Rank: 38
VGK Calmar Ratio Rank: 37
VGK Martin Ratio Rank: 43

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ULE vs. VGK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) and Vanguard FTSE Europe ETF (VGK). 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	VGK	Difference
Sharpe ratio: Return per unit of total volatility	-0.26	1.38	-1.64
Sortino ratio: Return per unit of downside risk	-0.29	2.00	-2.30
Omega ratio: Gain probability vs. loss probability	0.97	1.25	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.33	1.80	-2.13
Martin ratio: Return relative to average drawdown	-0.67	6.67	-7.34

ULE vs. VGK - Sharpe Ratio Comparison

The current ULE Sharpe Ratio is -0.26, which is lower than the VGK Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of ULE and VGK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ULE vs. VGK - Drawdown Comparison

The maximum ULE drawdown since its inception was -72.74%, which is greater than VGK's maximum drawdown of -63.61%. Use the drawdown chart below to compare losses from any high point for ULE and VGK.

Drawdown Indicators

	ULE	VGK	Difference
Max Drawdown Largest peak-to-trough decline	-72.74%	-63.61%	-9.13%
Max Drawdown (1Y) Largest decline over 1 year	-10.48%	-12.09%	+1.61%
Max Drawdown (3Y) Largest decline over 3 years	-17.44%	-14.31%	-3.13%
Max Drawdown (5Y) Largest decline over 5 years	-38.16%	-32.74%	-5.42%
Max Drawdown (10Y) Largest decline over 10 years	-51.30%	-37.24%	-14.06%
Current Drawdown Current decline from peak	-63.25%	-0.68%	-62.57%
Average Drawdown Average peak-to-trough decline	-46.09%	-13.31%	-32.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.16%	3.25%	+1.91%

Volatility

ULE vs. VGK - Volatility Comparison

The current volatility for ProShares Ultra Euro (ULE) is 2.65%, while Vanguard FTSE Europe ETF (VGK) has a volatility of 4.82%. This indicates that ULE experiences smaller price fluctuations and is considered to be less risky than VGK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ULE	VGK	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	4.82%	-2.17%
Volatility (6M) Calculated over the trailing 6-month period	8.95%	13.33%	-4.38%
Volatility (1Y) Calculated over the trailing 1-year period	13.14%	15.79%	-2.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.09%	17.96%	-1.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.21%	18.90%	-3.69%

ULE vs. VGK - Expense Ratio Comparison

ULE has a 0.95% expense ratio, which is higher than VGK's 0.06% expense ratio.

Dividends

ULE vs. VGK - Dividend Comparison

ULE has not paid dividends to shareholders, while VGK's dividend yield for the trailing twelve months is around 2.91%.

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%
VGK Vanguard FTSE Europe ETF	2.91%	2.86%	3.61%	3.15%	3.25%	3.05%	2.11%	3.27%	3.95%	2.70%	3.52%	3.25%

Frequently Asked Questions

Can I hold both ULE and VGK in my portfolio?

ULE and VGK 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.

Which is riskier, ULE or VGK?

VGK has higher volatility (4.82%) compared to ULE (2.65%). In terms of maximum drawdown, ULE dropped -72.74% vs VGK's -63.61%.

Which ETF is better, ULE or VGK?

On 10-year performance, VGK leads with 10.52% vs -2.44% for ULE. On fees, VGK is cheaper at 0.06% 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.

Which ETF has performed better, ULE or VGK?

Over the 10-year period, VGK has performed better with a 10.52% return vs -2.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ULE or VGK?

VGK is cheaper with a 0.06% expense ratio, compared with 0.95% for ULE.

Which ETF pays a higher dividend yield, ULE or VGK?

VGK has the higher dividend yield at 2.91%, compared with 0.00% for ULE.

What is the main difference between ULE and VGK?

ULE is categorized as Leveraged Currency, while VGK is Europe Equities. ULE tracks USD/EUR Exchange Rate (-200%), while VGK tracks FTSE Developed Europe All Cap Index. They also come from different issuers: ProShares and Vanguard. Their fees differ too: 0.95% for ULE and 0.06% for VGK.

Which has better risk-adjusted returns?

VGK currently has the higher Sharpe Ratio (1.38 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.