EPV vs. UVXY
EPV (ProShares UltraShort FTSE Europe) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - EPV is a Leveraged Equities fund tracking the FTSE All Cap Developed Europe (-200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, EPV returned -22.24%/yr vs -72.67%/yr for UVXY. A 0.65 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
EPV vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, EPV achieves a -11.73% return, which is significantly higher than UVXY's -19.06% return. Over the past 10 years, EPV has outperformed UVXY with an annualized return of -22.24%, while UVXY has yielded a comparatively lower -72.67% 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%
UVXY
- 1D
- -0.24%
- 1M
- -22.10%
- YTD
- -19.06%
- 6M
- -37.37%
- 1Y
- -72.91%
- 3Y*
- -64.55%
- 5Y*
- -67.90%
- 10Y*
- -72.67%
EPV vs. UVXY - 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -19.06% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between EPV and UVXY is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011 | 0.65 |
The correlation between EPV and UVXY has been stable across timeframes, ranging from 0.56 to 0.65 - a consistent structural relationship.
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Return for Risk
EPV vs. UVXY — Risk / Return Rank
EPV
UVXY
EPV vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE Europe (EPV) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.43 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.82 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | -0.97 | +0.12 |
| Martin ratioReturn relative to average drawdown | -1.45 | -1.31 | -0.14 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EPV | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.87 | -0.87 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.50 | -0.66 | +0.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.59 | -0.64 | +0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.61 | -0.68 | +0.06 |
Drawdowns
EPV vs. UVXY - Drawdown Comparison
The maximum EPV drawdown since its inception was -99.38%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for EPV and UVXY.
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Drawdown Indicators
| EPV | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.38% | -100.00% | +0.62% |
Max Drawdown (1Y)Largest decline over 1 year | -31.91% | -75.22% | +43.31% |
Max Drawdown (3Y)Largest decline over 3 years | -65.62% | -95.45% | +29.83% |
Max Drawdown (5Y)Largest decline over 5 years | -79.29% | -99.68% | +20.39% |
Max Drawdown (10Y)Largest decline over 10 years | -93.61% | -100.00% | +6.39% |
Current DrawdownCurrent decline from peak | -99.35% | -100.00% | +0.65% |
Average DrawdownAverage peak-to-trough decline | -88.38% | -98.55% | +10.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.69% | 55.63% | -36.94% |
Volatility
EPV vs. UVXY - Volatility Comparison
ProShares UltraShort FTSE Europe (EPV) and ProShares Ultra VIX Short-Term Futures ETF (UVXY) have volatilities of 11.72% and 11.77%, 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
| EPV | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.72% | 11.77% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 26.10% | 62.64% | -36.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.19% | 84.42% | -53.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.76% | 103.85% | -68.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.80% | 113.82% | -76.02% |
EPV vs. UVXY - Expense Ratio Comparison
Both EPV and UVXY have an expense ratio of 0.95%.
Dividends
EPV vs. UVXY - Dividend Comparison
EPV's dividend yield for the trailing twelve months is around 4.79%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EPV ProShares UltraShort FTSE Europe | 4.79% | 4.80% | 4.83% | 3.17% | 0.33% | 0.01% | 0.09% | 1.10% | 0.19% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EPV and UVXY have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (11.77%) compared to EPV (11.72%). In terms of maximum drawdown, EPV dropped -99.38% vs UVXY's -100.00%.
On 10-year performance, EPV leads with -22.24% vs -72.67% for UVXY. Both ETFs have the same 0.95% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EPV has performed better with a -22.24% return vs -72.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EPV and UVXY have the same expense ratio: 0.95% per year.
EPV has the higher dividend yield at 4.79%, compared with 0.00% for UVXY.
EPV is categorized as Leveraged Equities, while UVXY is Volatility. EPV tracks FTSE All Cap Developed Europe (-200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UVXY currently has the higher Sharpe Ratio (-0.87 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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