ULE vs. YCL
ULE (ProShares Ultra Euro) and YCL (ProShares Ultra Yen) are both Leveraged Currency funds from ProShares - ULE tracks the USD/EUR Exchange Rate (-200%) while YCL tracks the USD/JPY Exchange Rate (-200%). Both are passively managed. Over the past 10 years, ULE returned -2.44%/yr vs -13.39%/yr for YCL. At a 0.31 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
ULE vs. YCL - Performance Comparison
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Returns By Period
In the year-to-date period, ULE achieves a -5.86% return, which is significantly higher than YCL's -7.76% return. Over the past 10 years, ULE has outperformed YCL with an annualized return of -2.44%, while YCL has yielded a comparatively lower -13.39% 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%
YCL
- 1D
- -0.49%
- 1M
- -3.19%
- YTD
- -7.76%
- 6M
- -7.91%
- 1Y
- -22.35%
- 3Y*
- -14.02%
- 5Y*
- -19.29%
- 10Y*
- -13.39%
ULE vs. YCL - 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% |
YCL ProShares Ultra Yen | -7.76% | -6.34% | -25.97% | -20.46% | -26.92% | -20.94% | 7.16% | -2.99% | 0.17% | 3.48% |
Correlation
The correlation between ULE and YCL is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2008 | 0.31 |
Over the past year, ULE and YCL have become more correlated (0.62) than their long-term average of 0.31, meaning their price movements have been converging.
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Return for Risk
ULE vs. YCL — Risk / Return Rank
ULE
YCL
ULE vs. YCL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Euro (ULE) and ProShares Ultra Yen (YCL). 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 | YCL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.10 | ||
| Sortino ratioReturn per unit of downside risk | +1.82 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 0.77 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.33 | -0.91 | +0.58 |
| Martin ratioReturn relative to average drawdown | -0.67 | -1.37 | +0.70 |
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Drawdowns
ULE vs. YCL - Drawdown Comparison
The maximum ULE drawdown since its inception was -72.74%, smaller than the maximum YCL drawdown of -88.39%. Use the drawdown chart below to compare losses from any high point for ULE and YCL.
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Drawdown Indicators
| ULE | YCL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.74% | -88.39% | +15.65% |
Max Drawdown (1Y)Largest decline over 1 year | -10.48% | -24.74% | +14.26% |
Max Drawdown (3Y)Largest decline over 3 years | -17.44% | -41.14% | +23.70% |
Max Drawdown (5Y)Largest decline over 5 years | -38.16% | -66.88% | +28.72% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -77.19% | +25.89% |
Current DrawdownCurrent decline from peak | -63.25% | -88.39% | +25.14% |
Average DrawdownAverage peak-to-trough decline | -46.09% | -53.20% | +7.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.16% | 16.31% | -11.15% |
Volatility
ULE vs. YCL - Volatility Comparison
ProShares Ultra Euro (ULE) has a higher volatility of 2.65% compared to ProShares Ultra Yen (YCL) at 1.29%. This indicates that ULE's price experiences larger fluctuations and is considered to be riskier than YCL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULE | YCL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.65% | 1.29% | +1.36% |
Volatility (6M)Calculated over the trailing 6-month period | 8.95% | 11.22% | -2.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.14% | 16.46% | -3.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.09% | 20.51% | -4.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.21% | 18.57% | -3.36% |
ULE vs. YCL - Expense Ratio Comparison
Both ULE and YCL have an expense ratio of 0.95%.
Dividends
ULE vs. YCL - Dividend Comparison
Neither ULE nor YCL has paid dividends to shareholders.
Frequently Asked Questions
ULE and YCL have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ULE has higher volatility (2.65%) compared to YCL (1.29%). In terms of maximum drawdown, ULE dropped -72.74% vs YCL's -88.39%.
On 10-year performance, ULE leads with -2.44% vs -13.39% for YCL. Both ETFs have the same 0.95% expense ratio. On volatility, YCL has been the lower-risk option at 1.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ULE has performed better with a -2.44% return vs -13.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ULE and YCL have the same expense ratio: 0.95% per year.
ULE and YCL have nearly identical dividend yields, around 0.00%.
ULE tracks USD/EUR Exchange Rate (-200%), while YCL tracks USD/JPY Exchange Rate (-200%).
ULE currently has the higher Sharpe Ratio (-0.26 vs -1.37), 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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