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 -2.49%/yr vs -13.42%/yr for YCL. Their 0.31 correlation means their historical movements had little consistent relationship. 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 -4.48% return, which is significantly higher than YCL's -5.82% return. Over the past 10 years, ULE has outperformed YCL with an annualized return of -2.49%, while YCL has yielded a comparatively lower -13.42% annualized return.
ULE
- 1D
- -0.06%
- 1M
- 1.58%
- 6M
- -5.98%
- YTD
- -4.48%
- 1Y
- -2.43%
- 3Y*
- 2.30%
- 5Y*
- -3.01%
- 10Y*
- -2.49%
- ALL TIME*
- -3.95%
YCL
- 1D
- 0.22%
- 1M
- 1.24%
- 6M
- -7.85%
- YTD
- -5.82%
- 1Y
- -18.77%
- 3Y*
- -13.30%
- 5Y*
- -19.30%
- 10Y*
- -13.42%
- ALL TIME*
- -9.77%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $30.31K | $35.90K | $64.55K | |
| $965.32K | $858.06K | $714.31K |
ULE vs. YCL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULE ProShares Ultra Euro | -4.48% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
YCL ProShares Ultra Yen | -5.82% | -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 0.57, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.57 |
Correlation (3Y) Balances recent behavior with more history. | 0.50 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.46 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 (0.57) 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 | +0.96 | ||
| Sortino ratioReturn per unit of downside risk | +1.56 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 0.85 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.05 | -0.65 | +0.70 |
| Martin ratioReturn relative to average drawdown | 0.09 | -1.03 | +1.12 |
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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 -88.74%. 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% | -88.74% | +16.00% |
Max Drawdown (1Y)Largest decline over 1 year | -11.67% | -23.28% | +11.61% |
Max Drawdown (3Y)Largest decline over 3 years | -16.95% | -39.44% | +22.49% |
Max Drawdown (5Y)Largest decline over 5 years | -37.36% | -67.75% | +30.39% |
Max Drawdown (10Y)Largest decline over 10 years | -51.30% | -77.87% | +26.57% |
Current DrawdownCurrent decline from peak | -62.71% | -88.15% | +25.44% |
Average DrawdownAverage peak-to-trough decline | -46.20% | -53.42% | +7.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.15% | 14.60% | -8.45% |
Volatility
ULE vs. YCL - Volatility Comparison
The current volatility for ProShares Ultra Euro (ULE) is 2.55%, while ProShares Ultra Yen (YCL) has a volatility of 5.60%. This indicates that ULE experiences smaller price fluctuations and is considered to be less risky 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 | 2.55% | 5.60% | -3.05% |
Volatility (6M)Calculated over the trailing 6-month period | 8.19% | 11.00% | -2.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.54% | 16.66% | -4.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.07% | 20.60% | -4.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.07% | 18.20% | -3.13% |
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 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YCL has higher volatility (5.60%) compared to ULE (2.55%). In terms of maximum drawdown, ULE dropped -72.74% vs YCL's -88.74%.
On 10-year performance, ULE leads with -2.49% vs -13.42% for YCL. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.55%. 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 -2.49% return vs -13.42%. 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 (0.04 vs -0.91), 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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