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 -22.82%/yr vs -71.03%/yr for UVXY. Their 0.65 correlation means they have sometimes moved together and sometimes differently. 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 -19.77% return, which is significantly higher than UVXY's -36.18% return. Over the past 10 years, EPV has outperformed UVXY with an annualized return of -22.82%, while UVXY has yielded a comparatively lower -71.03% 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%
UVXY
- 1D
- -1.46%
- 1M
- -7.54%
- 6M
- -33.79%
- YTD
- -36.18%
- 1Y
- -73.63%
- 3Y*
- -63.76%
- 5Y*
- -68.11%
- 10Y*
- -71.03%
- ALL TIME*
- -80.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $306.03K | $269.56K | $428.32K | |
| $186.30M | $190.88M | $236.21M |
EPV vs. UVXY - 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -36.18% | -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 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.62 |
Correlation (3Y) Balances recent behavior with more history. | 0.57 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.61 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.62 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.65 |
The correlation between EPV and UVXY has been stable across timeframes, ranging from 0.57 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.
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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.82 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -1.05 | -1.03 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.72 | -1.54 | -0.18 |
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Drawdowns
EPV vs. UVXY - Drawdown Comparison
The maximum EPV drawdown since its inception was -99.41%, 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 | -99.41% | -100.00% | +0.59% |
Max Drawdown (1Y)Largest decline over 1 year | -33.55% | -71.36% | +37.81% |
Max Drawdown (3Y)Largest decline over 3 years | -67.49% | -95.42% | +27.93% |
Max Drawdown (5Y)Largest decline over 5 years | -80.42% | -99.68% | +19.26% |
Max Drawdown (10Y)Largest decline over 10 years | -93.02% | -100.00% | +6.98% |
Current DrawdownCurrent decline from peak | -99.41% | -100.00% | +0.59% |
Average DrawdownAverage peak-to-trough decline | -88.47% | -98.76% | +10.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.92% | 51.81% | -29.89% |
Volatility
EPV vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraShort FTSE Europe (EPV) is 9.50%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 22.30%. This indicates that EPV experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. 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 | 9.50% | 22.30% | -12.80% |
Volatility (6M)Calculated over the trailing 6-month period | 28.44% | 65.53% | -37.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.47% | 86.48% | -54.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.99% | 103.34% | -67.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.90% | 112.09% | -75.19% |
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 4.98%, while UVXY has not paid dividends to shareholders.
| 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% |
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 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (22.30%) compared to EPV (9.50%). In terms of maximum drawdown, EPV dropped -99.41% vs UVXY's -100.00%.
On 10-year performance, EPV leads with -22.82% vs -71.03% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, EPV has been the lower-risk option at 9.50%. 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 -22.82% return vs -71.03%. 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 4.98%, 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 (-0.85 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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