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 -71.00%/yr vs -2.23%/yr for ULE. Their -0.11 correlation means they have often moved in opposite directions in the past. 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 -35.49% return, which is significantly lower than ULE's -4.39% return. Over the past 10 years, UVXY has underperformed ULE with an annualized return of -71.00%, while ULE has yielded a comparatively higher -2.23% annualized return.
UVXY
- 1D
- 1.09%
- 1M
- -6.53%
- 6M
- -36.87%
- YTD
- -35.49%
- 1Y
- -70.28%
- 3Y*
- -63.63%
- 5Y*
- -67.81%
- 10Y*
- -71.00%
- ALL TIME*
- -80.16%
ULE
- 1D
- 0.30%
- 1M
- 1.68%
- 6M
- -5.40%
- YTD
- -4.39%
- 1Y
- -2.08%
- 3Y*
- 2.23%
- 5Y*
- -2.91%
- 10Y*
- -2.23%
- ALL TIME*
- -3.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $31.14K | $34.01K | $49.82K | |
| $189.58M | $189.56M | $234.35M |
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 | -35.49% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
ULE ProShares Ultra Euro | -4.39% | 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 -0.21, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.21 |
Correlation (3Y) Balances recent behavior with more history. | -0.15 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.22 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 | -0.65 | ||
| Sortino ratioReturn per unit of downside risk | -1.25 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.98 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.18 | -0.81 |
| Martin ratioReturn relative to average drawdown | -1.47 | -0.34 | -1.13 |
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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 | -71.36% | -11.67% | -59.69% |
Max Drawdown (3Y)Largest decline over 3 years | -95.42% | -16.95% | -78.47% |
Max Drawdown (5Y)Largest decline over 5 years | -99.68% | -37.36% | -62.32% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -51.30% | -48.70% |
Current DrawdownCurrent decline from peak | -100.00% | -62.67% | -37.33% |
Average DrawdownAverage peak-to-trough decline | -98.76% | -46.21% | -52.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.86% | 6.20% | +41.66% |
Volatility
UVXY vs. ULE - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 21.98% compared to ProShares Ultra Euro (ULE) at 2.45%. 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 | 21.98% | 2.45% | +19.53% |
Volatility (6M)Calculated over the trailing 6-month period | 65.18% | 7.91% | +57.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 86.32% | 12.16% | +74.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.35% | 16.08% | +87.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.07% | 15.07% | +97.00% |
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 -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (21.98%) compared to ULE (2.45%). In terms of maximum drawdown, UVXY dropped -100.00% vs ULE's -72.74%.
On 10-year performance, ULE leads with -2.23% vs -71.00% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.45%. 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 -2.23% return vs -71.00%. 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 (-0.17 vs -0.82), 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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