ULE vs. VOO

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares Ultra Euro (ULE) and Vanguard S&P 500 ETF (VOO).

ULE and VOO 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. VOO is a passively managed fund by Vanguard that tracks the performance of the S&P 500 Index. It was launched on Sep 7, 2010. Both ULE and VOO 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. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Euro (ULE) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

ULE vs. VOO - 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%
VOO Vanguard S&P 500 ETF	-4.42%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Returns By Period

In the year-to-date period, ULE achieves a -3.35% return, which is significantly higher than VOO's -4.42% return. Over the past 10 years, ULE has underperformed VOO with an annualized return of -2.78%, while VOO has yielded a comparatively higher 14.05% 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%

VOO

• 1D: 2.86%
• 1M: -5.01%
• YTD: -4.42%
• 6M: -1.84%
• 1Y: 17.67%
• 3Y*: 18.27%
• 5Y*: 11.75%
• 10Y*: 14.05%

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

ULE vs. VOO - Expense Ratio Comparison

ULE has a 0.95% expense ratio, which is higher than VOO's 0.03% expense ratio.

ULE

ProShares Ultra Euro

VOO

Vanguard S&P 500 ETF

Return for Risk

ULE vs. VOO — Risk / Return Rank

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

ULE

ULE Risk / Return Rank: 38
ULE Sharpe Ratio Rank: 38
ULE Sortino Ratio Rank: 42
ULE Omega Ratio Rank: 34
ULE Calmar Ratio Rank: 44
ULE Martin Ratio Rank: 31

VOO

VOO Risk / Return Rank: 65
VOO Sharpe Ratio Rank: 59
VOO Sortino Ratio Rank: 62
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 65
VOO Martin Ratio Rank: 75

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. 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 ratio Return per unit of total volatility	0.69	0.98	-0.29
Sortino ratio Return per unit of downside risk	1.17	1.50	-0.33
Omega ratio Gain probability vs. loss probability	1.14	1.23	-0.09
Calmar ratio Return relative to maximum drawdown	1.13	1.53	-0.41
Martin ratio Return relative to average drawdown	2.74	7.29	-4.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ULE vs. VOO - Sharpe Ratio Comparison

The current ULE Sharpe Ratio is 0.69, which is comparable to the VOO Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of ULE and VOO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ULE	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.69	0.98	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.17	0.70	-0.87
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.18	0.78	-0.97
Sharpe Ratio (All Time) Calculated using the full available price history	-0.21	0.83	-1.05

Correlation

The correlation between ULE and VOO is 0.18, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

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 1.19%.

	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	1.19%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

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.

Drawdown Indicators

	ULE	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-72.74%	-33.99%	-38.75%
Max Drawdown (1Y) Largest decline over 1 year	-10.40%	-11.98%	+1.58%
Max Drawdown (5Y) Largest decline over 5 years	-41.35%	-24.52%	-16.83%
Max Drawdown (10Y) Largest decline over 10 years	-51.30%	-33.99%	-17.31%
Current Drawdown Current decline from peak	-62.27%	-6.29%	-55.98%
Average Drawdown Average peak-to-trough decline	-45.90%	-3.72%	-42.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.28%	2.52%	+1.76%

Volatility

ULE vs. VOO - Volatility Comparison

The current volatility for ProShares Ultra Euro (ULE) is 4.84%, while Vanguard S&P 500 ETF (VOO) has a volatility of 5.29%. 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.

Volatility by Period

	ULE	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.84%	5.29%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	9.12%	9.44%	-0.32%
Volatility (1Y) Calculated over the trailing 1-year period	17.10%	18.10%	-1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.21%	16.82%	-0.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.31%	17.99%	-2.68%