ULE vs. VOO
ULE (ProShares Ultra Euro) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, ULE returned -2.62%/yr vs 15.65%/yr for VOO. At a 0.18 correlation, their price movements are largely independent. ULE charges 0.95%/yr vs 0.03%/yr for VOO.
Performance
ULE vs. VOO - Performance Comparison
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Returns By Period
In the year-to-date period, ULE achieves a -2.69% return, which is significantly lower than VOO's 11.69% return. Over the past 10 years, ULE has underperformed VOO with an annualized return of -2.62%, while VOO has yielded a comparatively higher 15.65% annualized return.
ULE
- 1D
- 0.01%
- 1M
- -1.82%
- YTD
- -2.69%
- 6M
- -0.88%
- 1Y
- 0.67%
- 3Y*
- 4.66%
- 5Y*
- -3.56%
- 10Y*
- -2.62%
VOO
- 1D
- 0.14%
- 1M
- 5.39%
- YTD
- 11.69%
- 6M
- 12.11%
- 1Y
- 29.68%
- 3Y*
- 22.73%
- 5Y*
- 14.26%
- 10Y*
- 15.65%
ULE vs. VOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULE ProShares Ultra Euro | -2.69% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
VOO Vanguard S&P 500 ETF | 11.69% | 17.82% | 24.98% | 26.32% | -18.17% | 28.79% | 18.32% | 31.37% | -4.50% | 21.77% |
Correlation
The correlation between ULE and VOO is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2010 | 0.19 |
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Return for Risk
ULE vs. VOO — Risk / Return Rank
ULE
VOO
ULE vs. VOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) and Vanguard S&P 500 ETF (VOO). 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 | VOO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.05 | 2.53 | -2.48 |
Sortino ratioReturn per unit of downside risk | 0.17 | 3.43 | -3.26 |
Omega ratioGain probability vs. loss probability | 1.02 | 1.46 | -0.44 |
Calmar ratioReturn relative to maximum drawdown | 0.25 | 3.42 | -3.16 |
Martin ratioReturn relative to average drawdown | 0.56 | 15.95 | -15.39 |
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 | VOO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.05 | 2.53 | -2.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.22 | 0.85 | -1.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.17 | 0.87 | -1.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.21 | 0.89 | -1.10 |
Drawdowns
ULE vs. VOO - Drawdown Comparison
The maximum ULE drawdown since its inception was -72.74%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for ULE and VOO.
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Drawdown Indicators
| ULE | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.74% | -33.99% | -38.75% |
Max Drawdown (1Y)Largest decline over 1 year | -10.40% | -8.90% | -1.50% |
Max Drawdown (3Y)Largest decline over 3 years | -17.44% | -18.69% | +1.25% |
Max Drawdown (5Y)Largest decline over 5 years | -40.94% | -24.52% | -16.42% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -33.99% | -17.31% |
Current DrawdownCurrent decline from peak | -62.01% | 0.00% | -62.01% |
Average DrawdownAverage peak-to-trough decline | -46.05% | -3.69% | -42.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.76% | 1.91% | +2.85% |
Volatility
ULE vs. VOO - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 2.37%, while Vanguard S&P 500 ETF (VOO) has a volatility of 2.74%. This indicates that ULE experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULE | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.37% | 2.74% | -0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 8.94% | 8.88% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.60% | 11.78% | +1.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.15% | 16.81% | -0.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.22% | 18.01% | -2.79% |
ULE vs. VOO - Expense Ratio Comparison
ULE has a 0.95% expense ratio, which is higher than VOO's 0.03% expense ratio.
Dividends
ULE vs. VOO - Dividend Comparison
ULE has not paid dividends to shareholders, while VOO's dividend yield for the trailing twelve months is around 1.02%.
| 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% |
VOO Vanguard S&P 500 ETF | 1.02% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
ULE and VOO have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VOO has higher volatility (2.74%) compared to ULE (2.37%). In terms of maximum drawdown, ULE dropped -72.74% vs VOO's -33.99%.
On 10-year performance, VOO leads with 15.65% vs -2.62% for ULE. On fees, VOO is cheaper at 0.03% per year. 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, VOO has performed better with a 15.65% return vs -2.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOO is cheaper with a 0.03% expense ratio, compared with 0.95% for ULE.
VOO has the higher dividend yield at 1.02%, compared with 0.00% for ULE.
ULE is categorized as Leveraged Currency, while VOO is S&P 500. ULE tracks USD/EUR Exchange Rate (-200%), while VOO tracks S&P 500 Index. They also come from different issuers: ProShares and Vanguard. Their fees differ too: 0.95% for ULE and 0.03% for VOO.
VOO currently has the higher Sharpe Ratio (2.53 vs 0.05), 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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