UVXY vs. ULE
UVXY (ProShares Ultra VIX Short-Term Futures ETF) and ULE (ProShares Ultra Euro) are both exchange-traded funds - UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%), while ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%). Both are passively managed. Over the past 10 years, UVXY returned -72.24%/yr vs -2.34%/yr for ULE. At a correlation of -0.11, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
UVXY vs. ULE - Performance Comparison
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Returns By Period
In the year-to-date period, UVXY achieves a -36.79% return, which is significantly lower than ULE's -5.47% return. Over the past 10 years, UVXY has underperformed ULE with an annualized return of -72.24%, while ULE has yielded a comparatively higher -2.34% annualized return.
UVXY
- 1D
- -4.58%
- 1M
- -11.87%
- 6M
- -38.65%
- YTD
- -36.79%
- 1Y
- -73.68%
- 3Y*
- -62.59%
- 5Y*
- -68.51%
- 10Y*
- -72.24%
ULE
- 1D
- 0.72%
- 1M
- -2.07%
- 6M
- -3.86%
- YTD
- -5.47%
- 1Y
- -3.94%
- 3Y*
- 0.51%
- 5Y*
- -3.10%
- 10Y*
- -2.34%
UVXY vs. ULE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | -36.79% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
ULE ProShares Ultra Euro | -5.47% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
Correlation
The correlation between UVXY and ULE is -0.19, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.12 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.11 |
The correlation between UVXY and ULE shifts across timeframes, from -0.22 (5 years) to -0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UVXY vs. ULE — Risk / Return Rank
UVXY
ULE
UVXY vs. ULE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra VIX Short-Term Futures ETF (UVXY) 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.
| UVXY | ULE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.56 | ||
| Sortino ratioReturn per unit of downside risk | -1.27 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.96 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -0.34 | -0.66 |
| Martin ratioReturn relative to average drawdown | -1.49 | -0.69 | -0.81 |
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Drawdowns
UVXY vs. ULE - Drawdown Comparison
The maximum UVXY drawdown since its inception was -100.00%, which is greater than ULE's maximum drawdown of -72.74%. Use the drawdown chart below to compare losses from any high point for UVXY and ULE.
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Drawdown Indicators
| UVXY | ULE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -72.74% | -27.26% |
Max Drawdown (1Y)Largest decline over 1 year | -73.96% | -11.67% | -62.29% |
Max Drawdown (3Y)Largest decline over 3 years | -95.42% | -17.44% | -77.98% |
Max Drawdown (5Y)Largest decline over 5 years | -99.75% | -37.59% | -62.16% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -51.30% | -48.70% |
Current DrawdownCurrent decline from peak | -100.00% | -63.10% | -36.90% |
Average DrawdownAverage peak-to-trough decline | -98.76% | -46.16% | -52.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 49.34% | 5.76% | +43.58% |
Volatility
UVXY vs. ULE - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 19.67% compared to ProShares Ultra Euro (ULE) at 2.86%. This indicates that UVXY'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
| UVXY | ULE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.67% | 2.86% | +16.81% |
Volatility (6M)Calculated over the trailing 6-month period | 66.82% | 8.94% | +57.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 85.40% | 13.06% | +72.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.84% | 16.07% | +87.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.02% | 15.09% | +96.93% |
UVXY vs. ULE - Expense Ratio Comparison
Both UVXY and ULE have an expense ratio of 0.95%.
Dividends
UVXY vs. ULE - Dividend Comparison
Neither UVXY nor ULE has paid dividends to shareholders.
Frequently Asked Questions
UVXY and ULE have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (19.67%) compared to ULE (2.86%). In terms of maximum drawdown, UVXY dropped -100.00% vs ULE's -72.74%.
On 10-year performance, ULE leads with -2.34% vs -72.24% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.86%. 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 -2.34% return vs -72.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UVXY and ULE have the same expense ratio: 0.95% per year.
UVXY and ULE have nearly identical dividend yields, around 0.00%.
UVXY is categorized as Volatility, while ULE is Leveraged Currency. UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%), while ULE tracks USD/EUR Exchange Rate (-200%).
ULE currently has the higher Sharpe Ratio (-0.30 vs -0.86), 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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