EPV vs. USD

Last updated Jun 4, 2026

EPV (ProShares UltraShort FTSE Europe) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds from ProShares - EPV tracks the FTSE All Cap Developed Europe (-200%) while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, EPV returned -22.24%/yr vs 62.16%/yr for USD. At a correlation of -0.58, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

EPV vs. USD - Performance Comparison

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

Returns By Period

In the year-to-date period, EPV achieves a -11.73% return, which is significantly lower than USD's 114.00% return. Over the past 10 years, EPV has underperformed USD with an annualized return of -22.24%, while USD has yielded a comparatively higher 62.16% 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%

USD

• 1D: -1.14%
• 1M: 44.53%
• YTD: 114.00%
• 6M: 111.06%
• 1Y: 274.62%
• 3Y*: 127.67%
• 5Y*: 69.52%
• 10Y*: 62.16%

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

EPV vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
USD ProShares Ultra Semiconductors	114.00%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%

Correlation

The correlation between EPV and USD is -0.45, 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	-0.45
Correlation (3Y) Calculated over the trailing 3-year period	-0.44
Correlation (5Y) Calculated over the trailing 5-year period	-0.54
Correlation (10Y) Calculated over the trailing 10-year period	-0.55
Correlation (All Time) Calculated using the full available price history since Jun 22, 2009	-0.58

The correlation between EPV and USD shifts across timeframes, from -0.58 (all time) to -0.44 (3 years), reflecting how their relationship changes across market environments.

EPV vs. USD - Sectors Allocation Comparison

Sectors	EPV	USD
Financial Services	35.3%	27.8%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	27.4%
Utilities	-	-

Return for Risk

EPV vs. USD — Risk / Return Rank

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

EPV

EPV Risk / Return Rank: 2
EPV Sharpe Ratio Rank: 2
EPV Sortino Ratio Rank: 2
EPV Omega Ratio Rank: 2
EPV Calmar Ratio Rank: 2
EPV Martin Ratio Rank: 1

USD

USD Risk / Return Rank: 90
USD Sharpe Ratio Rank: 97
USD Sortino Ratio Rank: 83
USD Omega Ratio Rank: 83
USD Calmar Ratio Rank: 95
USD Martin Ratio Rank: 93

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. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE Europe (EPV) and ProShares Ultra Semiconductors (USD). 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.

	EPV	USD	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	4.53	-5.41
Sortino ratio: Return per unit of downside risk	-1.17	3.81	-4.98
Omega ratio: Gain probability vs. loss probability	0.87	1.51	-0.65
Calmar ratio: Return relative to maximum drawdown	-0.85	8.70	-9.55
Martin ratio: Return relative to average drawdown	-1.45	25.16	-26.61
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. USD - Sharpe Ratio Comparison

The current EPV Sharpe Ratio is -0.87, which is lower than the USD Sharpe Ratio of 4.53. The chart below compares the historical Sharpe Ratios of EPV and USD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EPV	USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.87	4.53	-5.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.50	0.91	-1.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.59	0.90	-1.49
Sharpe Ratio (All Time) Calculated using the full available price history	-0.61	0.49	-1.11

Drawdowns

EPV vs. USD - Drawdown Comparison

The maximum EPV drawdown since its inception was -99.38%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for EPV and USD.

Drawdown Indicators

	EPV	USD	Difference
Max Drawdown Largest peak-to-trough decline	-99.38%	-88.63%	-10.75%
Max Drawdown (1Y) Largest decline over 1 year	-31.91%	-31.80%	-0.11%
Max Drawdown (3Y) Largest decline over 3 years	-65.62%	-64.46%	-1.16%
Max Drawdown (5Y) Largest decline over 5 years	-79.29%	-77.85%	-1.44%
Max Drawdown (10Y) Largest decline over 10 years	-93.61%	-77.85%	-15.76%
Current Drawdown Current decline from peak	-99.35%	-1.14%	-98.21%
Average Drawdown Average peak-to-trough decline	-88.38%	-32.35%	-56.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.69%	10.97%	+7.72%

Volatility

EPV vs. USD - Volatility Comparison

The current volatility for ProShares UltraShort FTSE Europe (EPV) is 11.72%, while ProShares Ultra Semiconductors (USD) has a volatility of 20.36%. This indicates that EPV experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EPV	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.72%	20.36%	-8.64%
Volatility (6M) Calculated over the trailing 6-month period	26.10%	46.39%	-20.29%
Volatility (1Y) Calculated over the trailing 1-year period	31.19%	61.22%	-30.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.76%	76.55%	-40.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.80%	69.23%	-31.43%

EPV vs. USD - Expense Ratio Comparison

Both EPV and USD have an expense ratio of 0.95%.

Dividends

EPV vs. USD - Dividend Comparison

EPV's dividend yield for the trailing twelve months is around 4.79%, more than USD's 0.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPV ProShares UltraShort FTSE Europe	4.79%	4.80%	4.83%	3.17%	0.33%	0.01%	0.09%	1.10%	0.19%	0.00%	0.00%	0.00%
USD ProShares Ultra Semiconductors	0.21%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%

Frequently Asked Questions

Can I hold both EPV and USD in my portfolio?

EPV and USD have a correlation of -0.45, 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 USD?

USD has higher volatility (20.36%) compared to EPV (11.72%). In terms of maximum drawdown, EPV dropped -99.38% vs USD's -88.63%.

Which ETF is better, EPV or USD?

On 10-year performance, USD leads with 62.16% vs -22.24% for EPV. Both ETFs have the same 0.95% expense ratio. On volatility, EPV has been the lower-risk option at 11.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPV or USD?

Over the 10-year period, USD has performed better with a 62.16% return vs -22.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPV or USD?

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

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

EPV has the higher dividend yield at 4.79%, compared with 0.21% for USD.

What is the main difference between EPV and USD?

EPV tracks FTSE All Cap Developed Europe (-200%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (4.53 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.