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 -72.67%/yr vs -2.67%/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
Loading charts...
Returns By Period
In the year-to-date period, UVXY achieves a -19.06% return, which is significantly lower than ULE's -3.15% return. Over the past 10 years, UVXY has underperformed ULE with an annualized return of -72.67%, while ULE has yielded a comparatively higher -2.67% annualized return.
UVXY
- 1D
- -0.24%
- 1M
- -22.10%
- YTD
- -19.06%
- 6M
- -37.37%
- 1Y
- -72.91%
- 3Y*
- -64.55%
- 5Y*
- -67.90%
- 10Y*
- -72.67%
ULE
- 1D
- -0.47%
- 1M
- -1.98%
- YTD
- -3.15%
- 6M
- -2.71%
- 1Y
- 1.72%
- 3Y*
- 4.49%
- 5Y*
- -3.83%
- 10Y*
- -2.67%
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 | -19.06% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
ULE ProShares Ultra Euro | -3.15% | 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 -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
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 5, 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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
| UVXY | ULE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -1.89 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.03 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 0.17 | -1.14 |
| Martin ratioReturn relative to average drawdown | -1.31 | 0.36 | -1.67 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| UVXY | ULE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.87 | 0.13 | -0.99 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.66 | -0.24 | -0.42 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.64 | -0.18 | -0.46 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.68 | -0.21 | -0.46 |
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.
Loading charts...
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 | -75.22% | -10.40% | -64.82% |
Max Drawdown (3Y)Largest decline over 3 years | -95.45% | -17.44% | -78.01% |
Max Drawdown (5Y)Largest decline over 5 years | -99.68% | -40.94% | -58.74% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -51.30% | -48.70% |
Current DrawdownCurrent decline from peak | -100.00% | -62.19% | -37.81% |
Average DrawdownAverage peak-to-trough decline | -98.55% | -46.06% | -52.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.63% | 4.78% | +50.85% |
Volatility
UVXY vs. ULE - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 11.77% compared to ProShares Ultra Euro (ULE) at 2.40%. 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.
Loading charts...
Volatility by Period
| UVXY | ULE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.77% | 2.40% | +9.37% |
Volatility (6M)Calculated over the trailing 6-month period | 62.64% | 8.95% | +53.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 84.42% | 13.46% | +70.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.85% | 16.13% | +87.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 113.82% | 15.22% | +98.60% |
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 -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (11.77%) compared to ULE (2.40%). In terms of maximum drawdown, UVXY dropped -100.00% vs ULE's -72.74%.
On 10-year performance, ULE leads with -2.67% vs -72.67% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.40%. 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 -2.67% return vs -72.67%. 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 (0.13 vs -0.87), 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.
Find the right allocation for UVXY and ULE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer