UWM vs. ULE
UWM (ProShares Ultra Russell2000) and ULE (ProShares Ultra Euro) are both exchange-traded funds - UWM is a Leveraged Equities fund tracking the Russell 2000 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, UWM returned 12.82%/yr vs -2.46%/yr for ULE. At a 0.20 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
UWM vs. ULE - Performance Comparison
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Returns By Period
In the year-to-date period, UWM achieves a 36.19% return, which is significantly higher than ULE's -3.77% return. Over the past 10 years, UWM has outperformed ULE with an annualized return of 12.82%, while ULE has yielded a comparatively lower -2.46% annualized return.
UWM
- 1D
- 1.73%
- 1M
- 10.49%
- YTD
- 36.19%
- 6M
- 28.56%
- 1Y
- 83.09%
- 3Y*
- 23.58%
- 5Y*
- 1.55%
- 10Y*
- 12.82%
ULE
- 1D
- 0.24%
- 1M
- -1.10%
- YTD
- -3.77%
- 6M
- -3.85%
- 1Y
- -1.53%
- 3Y*
- 3.78%
- 5Y*
- -3.70%
- 10Y*
- -2.46%
UWM vs. ULE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UWM ProShares Ultra Russell2000 | 36.19% | 13.59% | 11.32% | 22.62% | -43.69% | 23.91% | 16.57% | 48.62% | -25.89% | 26.92% |
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 UWM and ULE is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.20 |
The correlation between UWM and ULE shifts across timeframes, from 0.16 (10 years) to 0.31 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UWM vs. ULE — Risk / Return Rank
UWM
ULE
UWM vs. ULE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Russell2000 (UWM) 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.
| UWM | ULE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.13 | ||
| Sortino ratioReturn per unit of downside risk | +2.68 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 0.98 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 3.44 | -0.21 | +3.66 |
| Martin ratioReturn relative to average drawdown | 11.74 | -0.44 | +12.19 |
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Drawdowns
UWM vs. ULE - Drawdown Comparison
The maximum UWM drawdown since its inception was -88.21%, which is greater than ULE's maximum drawdown of -72.74%. Use the drawdown chart below to compare losses from any high point for UWM and ULE.
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Drawdown Indicators
| UWM | ULE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.21% | -72.74% | -15.47% |
Max Drawdown (1Y)Largest decline over 1 year | -22.28% | -10.40% | -11.88% |
Max Drawdown (3Y)Largest decline over 3 years | -49.79% | -17.44% | -32.35% |
Max Drawdown (5Y)Largest decline over 5 years | -61.62% | -39.01% | -22.61% |
Max Drawdown (10Y)Largest decline over 10 years | -71.46% | -51.30% | -20.16% |
Current DrawdownCurrent decline from peak | -0.39% | -62.43% | +62.04% |
Average DrawdownAverage peak-to-trough decline | -30.84% | -46.08% | +15.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.53% | 4.99% | +1.54% |
Volatility
UWM vs. ULE - Volatility Comparison
ProShares Ultra Russell2000 (UWM) has a higher volatility of 14.29% compared to ProShares Ultra Euro (ULE) at 2.37%. This indicates that UWM'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
| UWM | ULE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.29% | 2.37% | +11.92% |
Volatility (6M)Calculated over the trailing 6-month period | 28.35% | 8.83% | +19.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.11% | 13.28% | +25.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 45.18% | 16.12% | +29.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.16% | 15.21% | +30.95% |
UWM vs. ULE - Expense Ratio Comparison
Both UWM and ULE have an expense ratio of 0.95%.
Dividends
UWM vs. ULE - Dividend Comparison
UWM's dividend yield for the trailing twelve months is around 0.76%, 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% |
UWM ProShares Ultra Russell2000 | 0.76% | 1.05% | 1.16% | 0.34% | 0.40% | 0.00% | 0.07% | 0.55% | 0.41% | 0.11% | 0.27% | 0.23% |
Frequently Asked Questions
UWM and ULE have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UWM has higher volatility (14.29%) compared to ULE (2.37%). In terms of maximum drawdown, UWM dropped -88.21% vs ULE's -72.74%.
On 10-year performance, UWM leads with 12.82% 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, UWM has performed better with a 12.82% return vs -2.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UWM and ULE have the same expense ratio: 0.95% per year.
UWM has the higher dividend yield at 0.76%, compared with 0.00% for ULE.
UWM is categorized as Leveraged Equities, while ULE is Leveraged Currency. UWM tracks Russell 2000 Index (200%), while ULE tracks USD/EUR Exchange Rate (-200%).
UWM currently has the higher Sharpe Ratio (1.96 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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