UYG vs. ULE
UYG (ProShares Ultra Financials) and ULE (ProShares Ultra Euro) are both exchange-traded funds - UYG is a Leveraged Equities fund tracking the Dow Jones U.S. Financials 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, UYG returned 16.66%/yr vs -2.62%/yr for ULE. At a 0.18 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
UYG vs. ULE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UYG achieves a -12.27% return, which is significantly lower than ULE's -4.29% return. Over the past 10 years, UYG has outperformed ULE with an annualized return of 16.66%, while ULE has yielded a comparatively lower -2.62% annualized return.
UYG
- 1D
- -1.25%
- 1M
- 2.35%
- YTD
- -12.27%
- 6M
- -7.44%
- 1Y
- -2.19%
- 3Y*
- 27.27%
- 5Y*
- 9.44%
- 10Y*
- 16.66%
ULE
- 1D
- 0.00%
- 1M
- -4.32%
- YTD
- -4.29%
- 6M
- -2.71%
- 1Y
- 0.60%
- 3Y*
- 3.87%
- 5Y*
- -4.12%
- 10Y*
- -2.62%
UYG vs. ULE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UYG ProShares Ultra Financials | -12.27% | 19.77% | 55.71% | 22.14% | -32.11% | 76.26% | -20.32% | 66.15% | -22.61% | 39.28% |
ULE ProShares Ultra Euro | -4.29% | 25.97% | -11.73% | 5.08% | -15.51% | -15.66% | 14.74% | -8.90% | -13.40% | 23.92% |
Correlation
The correlation between UYG and ULE is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008 | 0.18 |
The correlation between UYG and ULE shifts across timeframes, from 0.13 (10 years) to 0.24 (5 years), 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
UYG vs. ULE — Risk / Return Rank
UYG
ULE
UYG vs. ULE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Financials (UYG) 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.
| UYG | ULE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.02 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.08 | 0.06 | -0.13 |
| Martin ratioReturn relative to average drawdown | -0.18 | 0.12 | -0.31 |
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
| UYG | ULE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.08 | 0.05 | -0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.26 | -0.26 | +0.52 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.41 | -0.17 | +0.58 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.00 | -0.22 | +0.21 |
Drawdowns
UYG vs. ULE - Drawdown Comparison
The maximum UYG drawdown since its inception was -97.90%, which is greater than ULE's maximum drawdown of -72.74%. Use the drawdown chart below to compare losses from any high point for UYG and ULE.
Loading charts...
Drawdown Indicators
| UYG | ULE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.90% | -72.74% | -25.16% |
Max Drawdown (1Y)Largest decline over 1 year | -28.91% | -10.40% | -18.51% |
Max Drawdown (3Y)Largest decline over 3 years | -30.35% | -17.44% | -12.91% |
Max Drawdown (5Y)Largest decline over 5 years | -47.77% | -40.65% | -7.12% |
Max Drawdown (10Y)Largest decline over 10 years | -69.98% | -51.30% | -18.68% |
Current DrawdownCurrent decline from peak | -17.15% | -62.64% | +45.49% |
Average DrawdownAverage peak-to-trough decline | -63.34% | -46.07% | -17.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.01% | 4.87% | +7.14% |
Volatility
UYG vs. ULE - Volatility Comparison
ProShares Ultra Financials (UYG) has a higher volatility of 8.39% compared to ProShares Ultra Euro (ULE) at 2.64%. This indicates that UYG'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
| UYG | ULE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.39% | 2.64% | +5.75% |
Volatility (6M)Calculated over the trailing 6-month period | 22.38% | 8.87% | +13.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.26% | 13.35% | +15.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.22% | 16.13% | +20.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.07% | 15.22% | +25.85% |
UYG vs. ULE - Expense Ratio Comparison
Both UYG and ULE have an expense ratio of 0.95%.
Dividends
UYG vs. ULE - Dividend Comparison
UYG's dividend yield for the trailing twelve months is around 13.32%, 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% |
UYG ProShares Ultra Financials | 13.32% | 11.72% | 0.51% | 0.79% | 0.77% | 9.39% | 0.66% | 0.90% | 1.28% | 0.56% | 0.76% | 0.72% |
Frequently Asked Questions
UYG and ULE have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UYG has higher volatility (8.39%) compared to ULE (2.64%). In terms of maximum drawdown, UYG dropped -97.90% vs ULE's -72.74%.
On 10-year performance, UYG leads with 16.66% vs -2.62% for ULE. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UYG has performed better with a 16.66% return vs -2.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UYG and ULE have the same expense ratio: 0.95% per year.
UYG has the higher dividend yield at 13.32%, compared with 0.00% for ULE.
UYG is categorized as Leveraged Equities, while ULE is Leveraged Currency. UYG tracks Dow Jones U.S. Financials Index (200%), while ULE tracks USD/EUR Exchange Rate (-200%).
ULE currently has the higher Sharpe Ratio (0.05 vs -0.08), 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 UYG 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