UVXY vs. ULE
Compare and contrast key facts about ProShares Ultra VIX Short-Term Futures ETF (UVXY) and ProShares Ultra Euro (ULE).
UVXY and ULE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UVXY is a passively managed fund by ProShares that tracks the performance of the S&P 500 VIX SHORT-TERM FUTURES TR (150%). It was launched on Oct 3, 2011. ULE is a passively managed fund by ProShares that tracks the performance of the USD/EUR Exchange Rate (-200%). It was launched on Nov 25, 2008. Both UVXY and ULE are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
UVXY vs. ULE - Performance Comparison
Loading graphics...
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 | 45.56% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
ULE ProShares Ultra Euro | -3.35% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
Returns By Period
In the year-to-date period, UVXY achieves a 45.56% return, which is significantly higher than ULE's -3.35% return. Over the past 10 years, UVXY has underperformed ULE with an annualized return of -72.70%, while ULE has yielded a comparatively higher -2.78% annualized return.
UVXY
- 1D
- -14.14%
- 1M
- 31.90%
- YTD
- 45.56%
- 6M
- 0.19%
- 1Y
- -55.36%
- 3Y*
- -64.43%
- 5Y*
- -67.05%
- 10Y*
- -72.70%
ULE
- 1D
- 2.13%
- 1M
- -4.20%
- YTD
- -3.35%
- 6M
- -3.70%
- 1Y
- 11.77%
- 3Y*
- 3.45%
- 5Y*
- -2.68%
- 10Y*
- -2.78%
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
UVXY vs. ULE - Expense Ratio Comparison
Both UVXY and ULE have an expense ratio of 0.95%.
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 | -0.49 | 0.69 | -1.18 |
Sortino ratioReturn per unit of downside risk | -0.25 | 1.17 | -1.42 |
Omega ratioGain probability vs. loss probability | 0.97 | 1.14 | -0.17 |
Calmar ratioReturn relative to maximum drawdown | -0.65 | 1.13 | -1.77 |
Martin ratioReturn relative to average drawdown | -0.78 | 2.74 | -3.52 |
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 graphics...
Sharpe Ratios by Period
| UVXY | ULE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.49 | 0.69 | -1.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.64 | -0.17 | -0.47 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.64 | -0.18 | -0.45 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | -0.21 | -0.46 |
Correlation
The correlation between UVXY and ULE is -0.11. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
UVXY vs. ULE - Dividend Comparison
Neither UVXY nor ULE has paid dividends to shareholders.
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 graphics...
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 | -85.64% | -10.40% | -75.24% |
Max Drawdown (5Y)Largest decline over 5 years | -99.77% | -41.35% | -58.42% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | -51.30% | -48.70% |
Current DrawdownCurrent decline from peak | -100.00% | -62.27% | -37.73% |
Average DrawdownAverage peak-to-trough decline | -98.53% | -45.90% | -52.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 70.91% | 4.28% | +66.63% |
Volatility
UVXY vs. ULE - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 45.17% compared to ProShares Ultra Euro (ULE) at 4.84%. 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 graphics...
Volatility by Period
| UVXY | ULE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 45.17% | 4.84% | +40.33% |
Volatility (6M)Calculated over the trailing 6-month period | 71.72% | 9.12% | +62.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.02% | 17.10% | +95.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 105.48% | 16.21% | +89.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 114.53% | 15.31% | +99.22% |