EUO vs ULE
ProShares UltraShort Euro vs ProShares Ultra Euro
Which is better, EUO or ULE?
Opposite sides of the same exposure.
ULE has a lower expense ratio. EUO led over 1Y, 5Y and the full window, ULE over 3Y. The two move opposite each other, correlation -0.99, so holding both offsets the exposure while paying both fees.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | EUO | ULE |
|---|---|---|
| Expense Ratio | 0.98% | 0.95%Best |
| AUM | $40M | $4M |
| Dividend Yield | 0.00% | 0.00% |
| Holdings | 6 | 2 |
| YTD Return | +14.42%Best | -10.14% |
| 1Y Return | +13.30%Best | -8.77% |
| 3Y Return (annualized) | +1.12% | +2.73%Best |
| 5Y Return (annualized) | +5.60%Best | -3.39% |
| Volatility (annualized) | 17.9%Best | 18.0% |
| Max Drawdown | -38.6%Best | -72.7% |
| $10,000 over 5 years | $13,132Best | $8,416 |
| Fund Family | ProShares | ProShares |
| Category | Alternative | Alternative |
| Inception | Nov 24, 2008 | Nov 24, 2008 |
Not shown on this pair: Top 10 Weight, Style.
Volatility and max drawdown are measured over the window both funds cover: Nov 25, 2008 to Oct 14, 2026 (17.9 years).
EUO vs ULE growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 17.9 years both funds cover.
EUO vs ULE Performance
ProShares UltraShort Euro (EUO) is an ETF from ProShares and ProShares Ultra Euro (ULE) is an ETF from ProShares. Over the past year EUO returned +13.30% while ULE returned -8.77%. Year to date, EUO is up 14.42% versus a loss of 10.14% for ULE.
Over three years, EUO compounded at +1.12% per year against +2.73% for ULE; over five years the annualized figures are +5.60% and -3.39% respectively. Across the full 18-year window we track, EUO has the edge at +1.56% annualized vs -4.21%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
ULE has been the more volatile fund, with annualized monthly volatility of 18.0% compared with 17.9% for EUO. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -38.6% for EUO and -72.7% for ULE. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at -0.99. They move opposite each other. Holding both offsets the exposure rather than spreading it, while paying both funds' fees.
Fees and Cost Over Time
EUO charges 0.98% per year while ULE charges 0.95%. On a $10,000 position that is $98 vs $95 annually, a gap of $3 per year that compounds over a long holding period. On income, EUO currently yields 0.00% against 0.00% for ULE.
You are not choosing between two funds in isolation.
Whichever of EUO and ULE you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, EUO or ULE?
EUO has an expense ratio of 0.98% while ULE charges 0.95%. ULE is the cheaper option, by $3 a year on a $10,000 investment.
Which performed better, EUO or ULE?
Over the past year EUO returned +13.30% vs -8.77% for ULE, so EUO leads on 1-year performance. Over the longest common window we track (18 years), EUO annualized +1.56% vs -4.21% for ULE. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, EUO or ULE?
ULE has been the more volatile fund at 18.0% annualized versus 17.9% for EUO. Worst drawdown: EUO -38.6% vs ULE -72.7%.
Should I hold both EUO and ULE?
EUO and ULE have a monthly-return correlation of -0.99, so they move opposite each other. Holding both offsets the exposure rather than spreading it, and pays both funds' fees on the way. This is information, not a recommendation.
Which pays a higher dividend, EUO or ULE?
EUO yields 0.00% while ULE yields 0.00%, so ULE currently pays the higher dividend yield.
Is ULE better than EUO?
ULE has a lower expense ratio. EUO led over 1Y, 5Y and the full window, ULE over 3Y. The two move opposite each other, correlation -0.99, so holding both offsets the exposure while paying both fees. Which one suits a particular account depends on what it is for. This is information, not a recommendation.