USD vs. ULE
USD (ProShares Ultra Semiconductors) and ULE (ProShares Ultra Euro) are both exchange-traded funds - USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%), while ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%). Both are passively managed. Over the past 10 years, USD returned 60.21%/yr vs -2.46%/yr for ULE. At a 0.16 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
USD vs. ULE - Performance Comparison
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Returns By Period
In the year-to-date period, USD achieves a 86.87% return, which is significantly higher than ULE's -3.77% return. Over the past 10 years, USD has outperformed ULE with an annualized return of 60.21%, while ULE has yielded a comparatively lower -2.46% annualized return.
USD
- 1D
- 2.08%
- 1M
- -1.66%
- YTD
- 86.87%
- 6M
- 97.77%
- 1Y
- 207.86%
- 3Y*
- 111.11%
- 5Y*
- 65.02%
- 10Y*
- 60.21%
ULE
- 1D
- 0.24%
- 1M
- -2.67%
- YTD
- -3.77%
- 6M
- -3.85%
- 1Y
- -2.21%
- 3Y*
- 3.78%
- 5Y*
- -3.70%
- 10Y*
- -2.46%
USD vs. ULE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 86.87% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
ULE ProShares Ultra Euro | -3.77% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
Correlation
The correlation between USD and ULE is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.16 |
The correlation between USD and ULE shifts across timeframes, from 0.07 (1 year) to 0.19 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
USD vs. ULE — Risk / Return Rank
USD
ULE
USD vs. ULE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) and ProShares Ultra Euro (ULE). 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.
| USD | ULE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.37 | ||
| Sortino ratioReturn per unit of downside risk | +3.20 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 0.98 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 6.58 | -0.21 | +6.79 |
| Martin ratioReturn relative to average drawdown | 18.43 | -0.44 | +18.87 |
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Drawdowns
USD vs. ULE - Drawdown Comparison
The maximum USD drawdown since its inception was -88.63%, which is greater than ULE's maximum drawdown of -72.74%. Use the drawdown chart below to compare losses from any high point for USD and ULE.
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Drawdown Indicators
| USD | ULE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.63% | -72.74% | -15.89% |
Max Drawdown (1Y)Largest decline over 1 year | -31.80% | -10.40% | -21.40% |
Max Drawdown (3Y)Largest decline over 3 years | -64.46% | -17.44% | -47.02% |
Max Drawdown (5Y)Largest decline over 5 years | -77.85% | -40.32% | -37.53% |
Max Drawdown (10Y)Largest decline over 10 years | -77.85% | -51.30% | -26.55% |
Current DrawdownCurrent decline from peak | -13.67% | -62.43% | +48.76% |
Average DrawdownAverage peak-to-trough decline | -32.32% | -46.08% | +13.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.34% | 4.99% | +6.35% |
Volatility
USD vs. ULE - Volatility Comparison
ProShares Ultra Semiconductors (USD) has a higher volatility of 29.56% compared to ProShares Ultra Euro (ULE) at 2.37%. This indicates that USD's price experiences larger fluctuations and is considered to be riskier than ULE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USD | ULE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.56% | 2.37% | +27.19% |
Volatility (6M)Calculated over the trailing 6-month period | 52.44% | 8.83% | +43.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 65.34% | 13.28% | +52.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 77.19% | 16.12% | +61.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.61% | 15.21% | +54.40% |
USD vs. ULE - Expense Ratio Comparison
Both USD and ULE have an expense ratio of 0.95%.
Dividends
USD vs. ULE - Dividend Comparison
USD's dividend yield for the trailing twelve months is around 0.25%, while ULE has not paid dividends to shareholders.
| 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% |
USD ProShares Ultra Semiconductors | 0.25% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
USD and ULE have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (29.56%) compared to ULE (2.37%). In terms of maximum drawdown, USD dropped -88.63% vs ULE's -72.74%.
On 10-year performance, USD leads with 60.21% vs -2.46% for ULE. Both ETFs have the same 0.95% expense ratio. 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, USD has performed better with a 60.21% return vs -2.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USD and ULE have the same expense ratio: 0.95% per year.
USD has the higher dividend yield at 0.25%, compared with 0.00% for ULE.
USD is categorized as Leveraged Equities, while ULE is Leveraged Currency. USD tracks Dow Jones U.S. Semiconductors Index (200%), while ULE tracks USD/EUR Exchange Rate (-200%).
USD currently has the higher Sharpe Ratio (3.20 vs -0.17), 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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