EPV vs. VGK

Last updated Aug 4, 2026

EPV (ProShares UltraShort FTSE Europe) and VGK (Vanguard FTSE Europe ETF) are both exchange-traded funds - EPV is a Leveraged Equities fund tracking the FTSE All Cap Developed Europe (-200%), while VGK is a Europe Equities fund tracking the FTSE Developed Europe All Cap Index. Both are passively managed. Over the past 10 years, EPV returned -22.82%/yr vs 10.04%/yr for VGK. Their -0.99 correlation means they have often moved in opposite directions in the past. EPV charges 0.95%/yr vs 0.06%/yr for VGK.

Performance

EPV vs. VGK - Performance Comparison

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

Returns By Period

In the year-to-date period, EPV achieves a -19.77% return, which is significantly lower than VGK's 10.75% return. Over the past 10 years, EPV has underperformed VGK with an annualized return of -22.82%, while VGK has yielded a comparatively higher 10.04% 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%

VGK

• 1D: 0.38%
• 1M: 1.77%
• 6M: 4.99%
• YTD: 10.75%
• 1Y: 24.53%
• 3Y*: 17.52%
• 5Y*: 9.15%
• 10Y*: 10.04%
• ALL TIME*: 6.49%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EPV ProShares UltraShort FTSE Europe	$306.03K	$269.56K	$428.32K
VGK Vanguard FTSE Europe ETF	$216.43M	$182.63M	$227.46M

EPV vs. VGK - 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%
VGK Vanguard FTSE Europe ETF	10.75%	35.83%	1.88%	20.19%	-15.98%	16.89%	5.43%	24.85%	-14.89%	26.98%

Correlation

The correlation between EPV and VGK is -0.99, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.99
Correlation (3Y) Balances recent behavior with more history.	-0.99
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.99
Correlation (10Y) Provides a long-term view across more market conditions.	-0.99
Correlation (All Time) Calculated using the full available price history since Jun 19, 2009	-0.99

The correlation between EPV and VGK has been stable across timeframes, ranging from -0.99 to -0.99 - a consistent structural relationship.

EPV vs. VGK - Sectors Allocation Comparison

Sectors	EPV	VGK
Financial Services	43.2%	24.1%
Basic Materials	-	5.2%
Communication Services	-	2.8%
Consumer Cyclical	-	7.0%
Consumer Defensive	-	7.8%
Energy	-	4.5%
Healthcare	-	12.6%
Industrials	-	20.0%
Real Estate	-	1.5%
Technology	-	9.9%
Utilities	-	4.5%

Return for Risk

EPV vs. VGK — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EPV

EPV Risk / Return Rank: 1
EPV Sharpe Ratio Rank: 1
EPV Sortino Ratio Rank: 2
EPV Omega Ratio Rank: 2
EPV Calmar Ratio Rank: 0
EPV Martin Ratio Rank: 0

VGK

VGK Risk / Return Rank: 63
VGK Sharpe Ratio Rank: 66
VGK Sortino Ratio Rank: 67
VGK Omega Ratio Rank: 63
VGK Calmar Ratio Rank: 56
VGK Martin Ratio Rank: 63

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EPV vs. VGK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE Europe (EPV) and Vanguard FTSE Europe ETF (VGK). 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	VGK	Difference
Sharpe ratio: Return per unit of total volatility	-1.08	1.55	-2.64
Sortino ratio: Return per unit of downside risk	-1.55	2.25	-3.80
Omega ratio: Gain probability vs. loss probability	0.82	1.27	-0.45
Calmar ratio: Return relative to maximum drawdown	-1.05	2.04	-3.09
Martin ratio: Return relative to average drawdown	-1.72	7.76	-9.48

EPV vs. VGK - Sharpe Ratio Comparison

The current EPV Sharpe Ratio is -1.08, which is lower than the VGK Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of EPV and VGK, 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. VGK - Drawdown Comparison

The maximum EPV drawdown since its inception was -99.41%, which is greater than VGK's maximum drawdown of -63.61%. Use the drawdown chart below to compare losses from any high point for EPV and VGK.

Drawdown Indicators

	EPV	VGK	Difference
Max Drawdown Largest peak-to-trough decline	-99.41%	-63.61%	-35.80%
Max Drawdown (1Y) Largest decline over 1 year	-33.55%	-12.09%	-21.46%
Max Drawdown (3Y) Largest decline over 3 years	-67.49%	-14.31%	-53.18%
Max Drawdown (5Y) Largest decline over 5 years	-80.42%	-32.74%	-47.68%
Max Drawdown (10Y) Largest decline over 10 years	-93.02%	-37.24%	-55.78%
Current Drawdown Current decline from peak	-99.41%	-0.07%	-99.34%
Average Drawdown Average peak-to-trough decline	-88.47%	-13.25%	-75.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.92%	3.17%	+18.75%

Volatility

EPV vs. VGK - Volatility Comparison

ProShares UltraShort FTSE Europe (EPV) has a higher volatility of 9.50% compared to Vanguard FTSE Europe ETF (VGK) at 4.11%. This indicates that EPV's price experiences larger fluctuations and is considered to be riskier than VGK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EPV	VGK	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.50%	4.11%	+5.39%
Volatility (6M) Calculated over the trailing 6-month period	28.44%	13.73%	+14.71%
Volatility (1Y) Calculated over the trailing 1-year period	32.47%	15.88%	+16.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.99%	17.98%	+18.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.90%	18.49%	+18.41%

EPV vs. VGK - Expense Ratio Comparison

EPV has a 0.95% expense ratio, which is higher than VGK's 0.06% expense ratio.

Dividends

EPV vs. VGK - Dividend Comparison

EPV's dividend yield for the trailing twelve months is around 4.98%, more than VGK's 2.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPV ProShares UltraShort FTSE Europe	4.98%	4.80%	4.83%	3.17%	0.33%	0.01%	0.09%	1.10%	0.19%	0.00%	0.00%	0.00%
VGK Vanguard FTSE Europe ETF	2.82%	2.86%	3.61%	3.15%	3.25%	3.05%	2.11%	3.27%	3.95%	2.70%	3.52%	3.25%

Frequently Asked Questions

Can I hold both EPV and VGK in my portfolio?

EPV and VGK 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 VGK?

EPV has higher volatility (9.50%) compared to VGK (4.11%). In terms of maximum drawdown, EPV dropped -99.41% vs VGK's -63.61%.

Which ETF is better, EPV or VGK?

On 10-year performance, VGK leads with 10.04% vs -22.82% for EPV. On fees, VGK is cheaper at 0.06% per year. On volatility, VGK has been the lower-risk option at 4.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPV or VGK?

Over the 10-year period, VGK has performed better with a 10.04% return vs -22.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPV or VGK?

VGK is cheaper with a 0.06% expense ratio, compared with 0.95% for EPV.

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

EPV has the higher dividend yield at 4.98%, compared with 2.82% for VGK.

What is the main difference between EPV and VGK?

EPV is categorized as Leveraged Equities, while VGK is Europe Equities. EPV tracks FTSE All Cap Developed Europe (-200%), while VGK tracks FTSE Developed Europe All Cap Index. They also come from different issuers: ProShares and Vanguard. Their fees differ too: 0.95% for EPV and 0.06% for VGK.

Which has better risk-adjusted returns?

VGK currently has the higher Sharpe Ratio (1.55 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.