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EPV vs. UPV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EPV vs. UPV

Last updated Jun 4, 2026

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 -22.24%/yr vs 10.63%/yr for UPV. At a correlation of -0.92, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

EPV vs. UPV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort FTSE Europe (EPV) and ProShares Ultra Europe (UPV). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, EPV achieves a -11.73% return, which is significantly lower than UPV's 7.15% return. Over the past 10 years, EPV has underperformed UPV with an annualized return of -22.24%, while UPV has yielded a comparatively higher 10.63% annualized return.

EPV

1D
2.25%
1M
-5.85%
YTD
-11.73%
6M
-16.26%
1Y
-27.09%
3Y*
-24.57%
5Y*
-17.86%
10Y*
-22.24%

UPV

1D
-2.27%
1M
5.04%
YTD
7.15%
6M
12.94%
1Y
28.43%
3Y*
23.81%
5Y*
7.61%
10Y*
10.63%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EPV vs. UPV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EPV
ProShares UltraShort FTSE Europe		-11.73%-45.21%2.02%-30.81%15.53%-31.62%-37.31%-36.11%32.22%-39.79%
UPV
ProShares Ultra Europe		7.15%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 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

-0.99

Correlation (3Y)
Calculated over the trailing 3-year period

-0.99

Correlation (5Y)
Calculated over the trailing 5-year period

-0.99

Correlation (10Y)
Calculated over the trailing 10-year period

-0.93

Correlation (All Time)
Calculated using the full available price history since May 10, 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

35.3%
35.5%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

EPV
35.3%
UPV
35.5%

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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ProShares UltraShort FTSE Europe

ProShares Ultra Europe

Often compared with EPV:
EPV vs. VOOEPV vs. USDUEPV vs. SCHYEPV vs. UUPEPV vs. TQQQEPV vs. AMDGEPV vs. BITU
Often compared with UPV:
UPV vs. HEDJUPV vs. UPROUPV vs. UDOWUPV vs. EURLUPV vs. SCHFUPV vs. FEZUPV vs. VGK

Return for Risk

EPV vs. UPV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EPV
EPV Risk / Return Rank: 22
Overall Rank
EPV Sharpe Ratio Rank: 22
Sharpe Ratio Rank
EPV Sortino Ratio Rank: 22
Sortino Ratio Rank
EPV Omega Ratio Rank: 22
Omega Ratio Rank
EPV Calmar Ratio Rank: 22
Calmar Ratio Rank
EPV Martin Ratio Rank: 11
Martin Ratio Rank
UPV
UPV Risk / Return Rank: 2626
Overall Rank
UPV Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
UPV Sortino Ratio Rank: 2626
Sortino Ratio Rank
UPV Omega Ratio Rank: 2525
Omega Ratio Rank
UPV Calmar Ratio Rank: 2626
Calmar Ratio Rank
UPV Martin Ratio Rank: 2929
Martin Ratio Rank
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. 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.

EPVUPVDifference
Sharpe ratioReturn per unit of total volatility
-0.87
0.93

-1.80

Sortino ratioReturn per unit of downside risk
-1.17
1.43

-2.60

Omega ratioGain probability vs. loss probability

0.87

1.17

-0.31

Calmar ratioReturn relative to maximum drawdown

-0.85

1.22

-2.07

Martin ratioReturn relative to average drawdown

-1.45

4.16

-5.61

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EPV vs. UPV - Sharpe Ratio Comparison

The current EPV Sharpe Ratio is -0.87, which is lower than the UPV Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of EPV and UPV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

EPVUPVDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.87

0.93

-1.80

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.50

0.22

-0.72

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.59

0.29

-0.88

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.61

0.25

-0.87

Drawdowns

EPV vs. UPV - Drawdown Comparison

The maximum EPV drawdown since its inception was -99.38%, 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

EPVUPVDifference

Max Drawdown

Largest peak-to-trough decline

-99.38%

-67.25%

-32.13%

Max Drawdown (1Y)

Largest decline over 1 year

-31.91%

-23.41%

-8.50%

Max Drawdown (3Y)

Largest decline over 3 years

-65.62%

-27.54%

-38.08%

Max Drawdown (5Y)

Largest decline over 5 years

-79.29%

-58.33%

-20.96%

Max Drawdown (10Y)

Largest decline over 10 years

-93.61%

-67.25%

-26.36%

Current Drawdown

Current decline from peak

-99.35%

-7.58%

-91.77%

Average Drawdown

Average peak-to-trough decline

-88.38%

-20.83%

-67.55%

Ulcer Index

Depth and duration of drawdowns from previous peaks

18.69%

6.85%

+11.84%

Volatility

EPV vs. UPV - Volatility Comparison

ProShares UltraShort FTSE Europe (EPV) and ProShares Ultra Europe (UPV) have volatilities of 11.72% and 11.54%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EPVUPVDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.72%

11.54%

+0.18%

Volatility (6M)

Calculated over the trailing 6-month period

26.10%

25.61%

+0.49%

Volatility (1Y)

Calculated over the trailing 1-year period

31.19%

30.74%

+0.45%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

35.76%

35.38%

+0.38%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

37.80%

37.14%

+0.66%

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 4.79%, more than UPV's 2.14% yield.

PositionTTM20252024202320222021202020192018
EPV
ProShares UltraShort FTSE Europe		4.79%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 (11.72%) compared to UPV (11.54%). In terms of maximum drawdown, EPV dropped -99.38% vs UPV's -67.25%.

On 10-year performance, UPV leads with 10.63% vs -22.24% for EPV. Both ETFs have the same 0.95% expense ratio. On volatility, UPV has been the lower-risk option at 11.54%. 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 10.63% return vs -22.24%. 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 4.79%, 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 (0.93 vs -0.87), 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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