EPV vs. UPV
EPV (ProShares UltraShort FTSE Europe) and UPV (ProShares Ultra Europe) are both Leveraged Equities funds from ProShares - EPV tracks the FTSE All Cap Developed Europe (-200%) while UPV tracks the MSCI Europe Index (200%). Both are passively managed. Over the past 10 years, EPV returned -22.82%/yr vs 12.24%/yr for UPV. Their -0.92 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
EPV vs. UPV - Performance Comparison
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Returns By Period
In the year-to-date period, EPV achieves a -19.77% return, which is significantly lower than UPV's 15.98% return. Over the past 10 years, EPV has underperformed UPV with an annualized return of -22.82%, while UPV has yielded a comparatively higher 12.24% annualized return.
EPV
- 1D
- -1.09%
- 1M
- -3.19%
- 6M
- -10.92%
- YTD
- -19.77%
- 1Y
- -35.04%
- 3Y*
- -26.13%
- 5Y*
- -19.02%
- 10Y*
- -22.82%
- ALL TIME*
- -25.54%
UPV
- 1D
- 0.63%
- 1M
- 2.83%
- 6M
- 4.96%
- YTD
- 15.98%
- 1Y
- 42.56%
- 3Y*
- 26.39%
- 5Y*
- 9.15%
- 10Y*
- 12.24%
- ALL TIME*
- 10.14%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $306.03K | $269.56K | $428.32K | |
| $56.46K | $47.02K | $104.22K |
EPV vs. UPV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EPV ProShares UltraShort FTSE Europe | -19.77% | -45.21% | 2.02% | -30.81% | 15.53% | -31.62% | -37.31% | -36.11% | 32.22% | -39.79% |
UPV ProShares Ultra Europe | 15.98% | 68.63% | -4.51% | 32.16% | -36.58% | 32.38% | -3.15% | 47.04% | -32.64% | 57.44% |
Correlation
The correlation between EPV and UPV is -0.99, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.99 |
Correlation (3Y) Balances recent behavior with more history. | -0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.93 |
Correlation (All Time) Calculated using the full available price history since May 7, 2010 | -0.92 |
The correlation between EPV and UPV has been stable across timeframes, ranging from -0.99 to -0.92 - a consistent structural relationship.
EPV vs. UPV - Sectors Allocation Comparison
Sectors
EPV
UPV
Financial Services
Basic Materials
-
-
Communication Services
-
-
Consumer Cyclical
-
-
Consumer Defensive
-
-
Energy
-
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Technology
-
-
Utilities
-
-
Financial Services
EPV
UPV
Basic Materials
EPV
-
UPV
-
Communication Services
EPV
-
UPV
-
Consumer Cyclical
EPV
-
UPV
-
Consumer Defensive
EPV
-
UPV
-
Energy
EPV
-
UPV
-
Healthcare
EPV
-
UPV
-
Industrials
EPV
-
UPV
-
Real Estate
EPV
-
UPV
-
Technology
EPV
-
UPV
-
Utilities
EPV
-
UPV
-
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Return for Risk
EPV vs. UPV — Risk / Return Rank
EPV
UPV
EPV vs. UPV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE Europe (EPV) and ProShares Ultra Europe (UPV). 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 | UPV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.44 | ||
| Sortino ratioReturn per unit of downside risk | -3.49 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.24 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -1.05 | 1.83 | -2.87 |
| Martin ratioReturn relative to average drawdown | -1.72 | 6.16 | -7.89 |
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Drawdowns
EPV vs. UPV - Drawdown Comparison
The maximum EPV drawdown since its inception was -99.41%, which is greater than UPV's maximum drawdown of -67.25%. Use the drawdown chart below to compare losses from any high point for EPV and UPV.
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Drawdown Indicators
| EPV | UPV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.41% | -67.25% | -32.16% |
Max Drawdown (1Y)Largest decline over 1 year | -33.55% | -23.41% | -10.14% |
Max Drawdown (3Y)Largest decline over 3 years | -67.49% | -27.54% | -39.95% |
Max Drawdown (5Y)Largest decline over 5 years | -80.42% | -58.33% | -22.09% |
Max Drawdown (10Y)Largest decline over 10 years | -93.02% | -67.25% | -25.77% |
Current DrawdownCurrent decline from peak | -99.41% | -0.15% | -99.26% |
Average DrawdownAverage peak-to-trough decline | -88.47% | -20.66% | -67.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.92% | 6.92% | +15.00% |
Volatility
EPV vs. UPV - Volatility Comparison
ProShares UltraShort FTSE Europe (EPV) has a higher volatility of 9.50% compared to ProShares Ultra Europe (UPV) at 8.21%. This indicates that EPV's price experiences larger fluctuations and is considered to be riskier than UPV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EPV | UPV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.50% | 8.21% | +1.29% |
Volatility (6M)Calculated over the trailing 6-month period | 28.44% | 27.42% | +1.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.47% | 31.69% | +0.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.99% | 35.54% | +0.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.90% | 36.17% | +0.73% |
EPV vs. UPV - Expense Ratio Comparison
Both EPV and UPV have an expense ratio of 0.95%.
Dividends
EPV vs. UPV - Dividend Comparison
EPV's dividend yield for the trailing twelve months is around 4.98%, more than UPV's 2.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EPV ProShares UltraShort FTSE Europe | 4.98% | 4.80% | 4.83% | 3.17% | 0.33% | 0.01% | 0.09% | 1.10% | 0.19% |
UPV ProShares Ultra Europe | 2.14% | 2.11% | 2.70% | 1.57% | 0.00% | 0.00% | 0.00% | 0.65% | 3.80% |
Frequently Asked Questions
EPV and UPV have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EPV has higher volatility (9.50%) compared to UPV (8.21%). In terms of maximum drawdown, EPV dropped -99.41% vs UPV's -67.25%.
On 10-year performance, UPV leads with 12.24% vs -22.82% for EPV. Both ETFs have the same 0.95% expense ratio. On volatility, UPV has been the lower-risk option at 8.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPV has performed better with a 12.24% return vs -22.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EPV and UPV have the same expense ratio: 0.95% per year.
EPV has the higher dividend yield at 4.98%, compared with 2.14% for UPV.
EPV tracks FTSE All Cap Developed Europe (-200%), while UPV tracks MSCI Europe Index (200%).
UPV currently has the higher Sharpe Ratio (1.35 vs -1.08), 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.
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