EPV vs. UPV

Last updated Jul 14, 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 -22.51%/yr vs 11.66%/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.

Returns By Period

In the year-to-date period, EPV achieves a -13.88% return, which is significantly lower than UPV's 8.72% return. Over the past 10 years, EPV has underperformed UPV with an annualized return of -22.51%, while UPV has yielded a comparatively higher 11.66% annualized 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%

UPV

• 1D: -1.70%
• 1M: -1.91%
• 6M: 2.53%
• YTD: 8.72%
• 1Y: 24.66%
• 3Y*: 21.43%
• 5Y*: 8.50%
• 10Y*: 11.66%

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

EPV vs. UPV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EPV ProShares UltraShort FTSE Europe	-13.88%	-45.21%	2.02%	-30.81%	15.53%	-31.62%	-37.31%	-36.11%	32.22%	-39.79%
UPV ProShares Ultra Europe	8.72%	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 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	44.2%	36.9%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

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: 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

UPV

UPV Risk / Return Rank: 28
UPV Sharpe Ratio Rank: 27
UPV Sortino Ratio Rank: 28
UPV Omega Ratio Rank: 26
UPV Calmar Ratio Rank: 27
UPV Martin Ratio Rank: 30

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.

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 ratio: Return per unit of total volatility	-0.79	0.78	-1.57
Sortino ratio: Return per unit of downside risk	-1.01	1.27	-2.28
Omega ratio: Gain probability vs. loss probability	0.88	1.15	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.76	1.06	-1.81
Martin ratio: Return relative to average drawdown	-1.24	3.51	-4.75

EPV vs. UPV - Sharpe Ratio Comparison

The current EPV Sharpe Ratio is -0.79, which is lower than the UPV Sharpe Ratio of 0.78. 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.

Drawdowns

EPV vs. UPV - Drawdown Comparison

The maximum EPV drawdown since its inception was -99.40%, 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.

Drawdown Indicators

	EPV	UPV	Difference
Max Drawdown Largest peak-to-trough decline	-99.40%	-67.25%	-32.15%
Max Drawdown (1Y) Largest decline over 1 year	-33.63%	-23.41%	-10.22%
Max Drawdown (3Y) Largest decline over 3 years	-66.78%	-27.54%	-39.24%
Max Drawdown (5Y) Largest decline over 5 years	-79.99%	-58.33%	-21.66%
Max Drawdown (10Y) Largest decline over 10 years	-92.86%	-67.25%	-25.61%
Current Drawdown Current decline from peak	-99.37%	-6.23%	-93.14%
Average Drawdown Average peak-to-trough decline	-88.43%	-20.73%	-67.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.48%	7.04%	+13.44%

Volatility

EPV vs. UPV - Volatility Comparison

ProShares UltraShort FTSE Europe (EPV) has a higher volatility of 10.05% compared to ProShares Ultra Europe (UPV) at 9.50%. 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.

Volatility by Period

	EPV	UPV	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.05%	9.50%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	27.90%	27.31%	+0.59%
Volatility (1Y) Calculated over the trailing 1-year period	32.23%	31.73%	+0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.93%	35.54%	+0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.84%	36.14%	+0.70%

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 4.64%, more than UPV's 2.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EPV ProShares UltraShort FTSE Europe	4.64%	4.80%	4.83%	3.17%	0.33%	0.01%	0.09%	1.10%	0.19%
UPV ProShares Ultra Europe	2.28%	2.11%	2.70%	1.57%	0.00%	0.00%	0.00%	0.65%	3.80%

Frequently Asked Questions

Can I hold both EPV and UPV in my portfolio?

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.

Which is riskier, EPV or UPV?

EPV has higher volatility (10.05%) compared to UPV (9.50%). In terms of maximum drawdown, EPV dropped -99.40% vs UPV's -67.25%.

Which ETF is better, EPV or UPV?

On 10-year performance, UPV leads with 11.66% vs -22.51% for EPV. Both ETFs have the same 0.95% expense ratio. On volatility, UPV has been the lower-risk option at 9.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPV or UPV?

Over the 10-year period, UPV has performed better with a 11.66% return vs -22.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPV or UPV?

EPV and UPV have the same expense ratio: 0.95% per year.

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

EPV has the higher dividend yield at 4.64%, compared with 2.28% for UPV.

What is the main difference between EPV and UPV?

EPV tracks FTSE All Cap Developed Europe (-200%), while UPV tracks MSCI Europe Index (200%).

Which has better risk-adjusted returns?

UPV currently has the higher Sharpe Ratio (0.78 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.