EPV vs. DFAI

Last updated Jul 14, 2026

EPV (ProShares UltraShort FTSE Europe) and DFAI (Dimensional International Core Equity Market ETF) are both exchange-traded funds - EPV is a Leveraged Equities fund tracking the FTSE All Cap Developed Europe (-200%), while DFAI is a Foreign Large Cap Equities fund actively managed by Dimensional. EPV is passively managed, while DFAI is actively managed. Over the past 5 years, EPV returned -18.56%/yr vs 9.85%/yr for DFAI. At a correlation of -0.96, they often move in opposite directions. EPV charges 0.95%/yr vs 0.18%/yr for DFAI.

Performance

EPV vs. DFAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort FTSE Europe (EPV) and Dimensional International Core Equity Market ETF (DFAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EPV achieves a -13.88% return, which is significantly lower than DFAI's 9.73% return.

EPV

• 1D: 1.98%
• 1M: 1.66%
• 6M: -8.73%
• YTD: -13.88%
• 1Y: -25.33%
• 3Y*: -22.94%
• 5Y*: -18.56%
• 10Y*: -22.51%

DFAI

• 1D: -0.82%
• 1M: -0.29%
• 6M: 5.95%
• YTD: 9.73%
• 1Y: 22.50%
• 3Y*: 16.93%
• 5Y*: 9.85%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

EPV vs. DFAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
EPV ProShares UltraShort FTSE Europe	-13.88%	-45.21%	2.02%	-30.81%	15.53%	-31.62%	-11.18%
DFAI Dimensional International Core Equity Market ETF	9.73%	34.04%	4.68%	17.60%	-12.95%	13.86%	5.34%

Correlation

The correlation between EPV and DFAI is -0.95, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.95
Correlation (3Y) Calculated over the trailing 3-year period	-0.95
Correlation (5Y) Calculated over the trailing 5-year period	-0.96
Correlation (All Time) Calculated using the full available price history since Nov 18, 2020	-0.96

The correlation between EPV and DFAI has been stable across timeframes, ranging from -0.96 to -0.95 - a consistent structural relationship.

EPV vs. DFAI - Sectors Allocation Comparison

Sectors	EPV	DFAI
Financial Services	44.2%	24.9%
Basic Materials	-	8.2%
Communication Services	-	2.8%
Consumer Cyclical	-	9.7%
Consumer Defensive	-	6.8%
Energy	-	6.1%
Healthcare	-	8.7%
Industrials	-	18.9%
Real Estate	-	1.6%
Technology	-	8.3%
Utilities	-	3.1%

Return for Risk

EPV vs. DFAI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EPV

EPV Risk / Return Rank: 3
EPV Sharpe Ratio Rank: 3
EPV Sortino Ratio Rank: 3
EPV Omega Ratio Rank: 3
EPV Calmar Ratio Rank: 3
EPV Martin Ratio Rank: 3

DFAI

DFAI Risk / Return Rank: 57
DFAI Sharpe Ratio Rank: 58
DFAI Sortino Ratio Rank: 58
DFAI Omega Ratio Rank: 57
DFAI Calmar Ratio Rank: 52
DFAI Martin Ratio Rank: 58

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EPV vs. DFAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE Europe (EPV) and Dimensional International Core Equity Market ETF (DFAI). 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.

	EPV	DFAI	Difference
Sharpe ratio: Return per unit of total volatility	-0.79	1.55	-2.34
Sortino ratio: Return per unit of downside risk	-1.01	2.21	-3.22
Omega ratio: Gain probability vs. loss probability	0.88	1.28	-0.40
Calmar ratio: Return relative to maximum drawdown	-0.76	2.06	-2.82
Martin ratio: Return relative to average drawdown	-1.24	8.01	-9.25

EPV vs. DFAI - Sharpe Ratio Comparison

The current EPV Sharpe Ratio is -0.79, which is lower than the DFAI Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of EPV and DFAI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EPV vs. DFAI - Drawdown Comparison

The maximum EPV drawdown since its inception was -99.40%, which is greater than DFAI's maximum drawdown of -27.44%. Use the drawdown chart below to compare losses from any high point for EPV and DFAI.

Drawdown Indicators

	EPV	DFAI	Difference
Max Drawdown Largest peak-to-trough decline	-99.40%	-27.44%	-71.96%
Max Drawdown (1Y) Largest decline over 1 year	-33.63%	-10.95%	-22.68%
Max Drawdown (3Y) Largest decline over 3 years	-66.78%	-13.25%	-53.53%
Max Drawdown (5Y) Largest decline over 5 years	-79.99%	-27.44%	-52.55%
Max Drawdown (10Y) Largest decline over 10 years	-92.86%	—	—
Current Drawdown Current decline from peak	-99.37%	-1.72%	-97.65%
Average Drawdown Average peak-to-trough decline	-88.43%	-5.05%	-83.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.48%	2.82%	+17.66%

Volatility

EPV vs. DFAI - Volatility Comparison

ProShares UltraShort FTSE Europe (EPV) has a higher volatility of 10.05% compared to Dimensional International Core Equity Market ETF (DFAI) at 4.26%. This indicates that EPV's price experiences larger fluctuations and is considered to be riskier than DFAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EPV	DFAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.05%	4.26%	+5.79%
Volatility (6M) Calculated over the trailing 6-month period	27.90%	12.50%	+15.40%
Volatility (1Y) Calculated over the trailing 1-year period	32.23%	14.61%	+17.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.93%	15.99%	+19.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.84%	15.70%	+21.14%

EPV vs. DFAI - Expense Ratio Comparison

EPV has a 0.95% expense ratio, which is higher than DFAI's 0.18% expense ratio.

Dividends

EPV vs. DFAI - Dividend Comparison

EPV's dividend yield for the trailing twelve months is around 4.64%, more than DFAI's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DFAI Dimensional International Core Equity Market ETF	2.35%	2.45%	2.72%	2.64%	2.72%	2.06%	0.09%	0.00%	0.00%
EPV ProShares UltraShort FTSE Europe	4.64%	4.80%	4.83%	3.17%	0.33%	0.01%	0.09%	1.10%	0.19%

Frequently Asked Questions

Can I hold both EPV and DFAI in my portfolio?

EPV and DFAI have a correlation of -0.95, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPV or DFAI?

EPV has higher volatility (10.05%) compared to DFAI (4.26%). In terms of maximum drawdown, EPV dropped -99.40% vs DFAI's -27.44%.

Which ETF is better, EPV or DFAI?

On 5-year performance, DFAI leads with 9.85% vs -18.56% for EPV. On fees, DFAI is cheaper at 0.18% per year. On volatility, DFAI has been the lower-risk option at 4.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPV or DFAI?

Over the 5-year period, DFAI has performed better with a 9.85% return vs -18.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPV or DFAI?

DFAI is cheaper with a 0.18% expense ratio, compared with 0.95% for EPV.

Which ETF pays a higher dividend yield, EPV or DFAI?

EPV has the higher dividend yield at 4.64%, compared with 2.35% for DFAI.

What is the main difference between EPV and DFAI?

EPV is categorized as Leveraged Equities, while DFAI is Foreign Large Cap Equities. They also come from different issuers: ProShares and Dimensional. Their fees differ too: 0.95% for EPV and 0.18% for DFAI.

Which has better risk-adjusted returns?

DFAI currently has the higher Sharpe Ratio (1.55 vs -0.79), 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.