FEZ vs. UPV

Last updated Jun 24, 2026

FEZ (State Street SPDR EURO STOXX 50 ETF) and UPV (ProShares Ultra Europe) are both exchange-traded funds - FEZ is a Europe Equities fund tracking the EURO STOXX 50 Index, while UPV is a Leveraged Equities fund tracking the MSCI Europe Index (200%). Both are passively managed. Over the past 10 years, FEZ returned 11.53%/yr vs 12.49%/yr for UPV. Their correlation of 0.90 suggests significant overlap in exposure. FEZ charges 0.29%/yr vs 0.95%/yr for UPV.

Performance

FEZ vs. UPV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR EURO STOXX 50 ETF (FEZ) 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, FEZ achieves a 6.43% return, which is significantly lower than UPV's 7.71% return. Over the past 10 years, FEZ has underperformed UPV with an annualized return of 11.53%, while UPV has yielded a comparatively higher 12.49% annualized return.

FEZ

• 1D: -1.75%
• 1M: 1.84%
• YTD: 6.43%
• 6M: 6.45%
• 1Y: 19.20%
• 3Y*: 18.06%
• 5Y*: 10.43%
• 10Y*: 11.53%

UPV

• 1D: -2.45%
• 1M: -0.79%
• YTD: 7.71%
• 6M: 7.70%
• 1Y: 30.83%
• 3Y*: 24.69%
• 5Y*: 8.18%
• 10Y*: 12.49%

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

FEZ vs. UPV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEZ State Street SPDR EURO STOXX 50 ETF	6.43%	37.81%	3.57%	27.16%	-14.27%	14.84%	4.84%	26.04%	-15.85%	24.80%
UPV ProShares Ultra Europe	7.71%	68.63%	-4.51%	32.16%	-36.58%	32.38%	-3.15%	47.04%	-32.64%	57.44%

Correlation

The correlation between FEZ and UPV is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since May 7, 2010	0.90

The correlation between FEZ and UPV has been stable across timeframes, ranging from 0.90 to 0.96 - a consistent structural relationship.

FEZ vs. UPV - Sectors Allocation Comparison

Sectors	FEZ	UPV
Financial Services	23.8%	37.5%
Technology	19.6%	-
Industrials	19.3%	-
Consumer Cyclical	9.3%	-
Consumer Defensive	5.9%	-
Healthcare	5.6%	-
Energy	5.3%	-
Utilities	5.0%	-
Basic Materials	3.8%	-
Communication Services	2.6%	-
Real Estate	-	-

Return for Risk

FEZ vs. UPV — Risk / Return Rank

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

FEZ

FEZ Risk / Return Rank: 30
FEZ Sharpe Ratio Rank: 30
FEZ Sortino Ratio Rank: 30
FEZ Omega Ratio Rank: 28
FEZ Calmar Ratio Rank: 29
FEZ Martin Ratio Rank: 34

UPV

UPV Risk / Return Rank: 29
UPV Sharpe Ratio Rank: 28
UPV Sortino Ratio Rank: 29
UPV Omega Ratio Rank: 28
UPV Calmar Ratio Rank: 28
UPV Martin Ratio Rank: 32

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.

FEZ vs. UPV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR EURO STOXX 50 ETF (FEZ) 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.

	FEZ	UPV	Difference
Sharpe ratio: Return per unit of total volatility	1.05	0.98	+0.07
Sortino ratio: Return per unit of downside risk	1.58	1.51	+0.07
Omega ratio: Gain probability vs. loss probability	1.19	1.18	+0.01
Calmar ratio: Return relative to maximum drawdown	1.42	1.32	+0.09
Martin ratio: Return relative to average drawdown	4.82	4.44	+0.38

FEZ vs. UPV - Sharpe Ratio Comparison

The current FEZ Sharpe Ratio is 1.05, which is comparable to the UPV Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of FEZ 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

FEZ vs. UPV - Drawdown Comparison

The maximum FEZ drawdown since its inception was -64.21%, roughly equal to the maximum UPV drawdown of -67.25%. Use the drawdown chart below to compare losses from any high point for FEZ and UPV.

Drawdown Indicators

	FEZ	UPV	Difference
Max Drawdown Largest peak-to-trough decline	-64.21%	-67.25%	+3.04%
Max Drawdown (1Y) Largest decline over 1 year	-13.63%	-23.41%	+9.78%
Max Drawdown (3Y) Largest decline over 3 years	-15.85%	-27.54%	+11.69%
Max Drawdown (5Y) Largest decline over 5 years	-35.05%	-58.33%	+23.28%
Max Drawdown (10Y) Largest decline over 10 years	-39.69%	-67.25%	+27.56%
Current Drawdown Current decline from peak	-2.33%	-7.10%	+4.77%
Average Drawdown Average peak-to-trough decline	-17.04%	-20.78%	+3.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.99%	6.96%	-2.97%

Volatility

FEZ vs. UPV - Volatility Comparison

The current volatility for State Street SPDR EURO STOXX 50 ETF (FEZ) is 5.85%, while ProShares Ultra Europe (UPV) has a volatility of 9.89%. This indicates that FEZ experiences smaller price fluctuations and is considered to be less risky than UPV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEZ	UPV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.85%	9.89%	-4.04%
Volatility (6M) Calculated over the trailing 6-month period	15.57%	26.79%	-11.22%
Volatility (1Y) Calculated over the trailing 1-year period	18.40%	31.55%	-13.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.70%	35.53%	-14.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.75%	36.43%	-15.68%

FEZ vs. UPV - Expense Ratio Comparison

FEZ has a 0.29% expense ratio, which is lower than UPV's 0.95% expense ratio.

Dividends

FEZ vs. UPV - Dividend Comparison

FEZ's dividend yield for the trailing twelve months is around 2.64%, more than UPV's 2.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEZ State Street SPDR EURO STOXX 50 ETF	2.64%	2.78%	2.94%	2.75%	3.06%	2.61%	2.13%	2.61%	3.45%	2.44%	3.35%	3.03%
UPV ProShares Ultra Europe	2.13%	2.11%	2.70%	1.57%	0.00%	0.00%	0.00%	0.65%	3.80%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FEZ and UPV in my portfolio?

With a correlation of 0.95, FEZ and UPV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FEZ or UPV?

UPV has higher volatility (9.89%) compared to FEZ (5.85%). In terms of maximum drawdown, FEZ dropped -64.21% vs UPV's -67.25%.

Which ETF is better, FEZ or UPV?

On 10-year performance, UPV leads with 12.49% vs 11.53% for FEZ. On fees, FEZ is cheaper at 0.29% per year. On volatility, FEZ has been the lower-risk option at 5.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEZ or UPV?

Over the 10-year period, UPV has performed better with a 12.49% return vs 11.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEZ or UPV?

FEZ is cheaper with a 0.29% expense ratio, compared with 0.95% for UPV.

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

FEZ has the higher dividend yield at 2.64%, compared with 2.13% for UPV.

What is the main difference between FEZ and UPV?

FEZ is categorized as Europe Equities, while UPV is Leveraged Equities. FEZ tracks EURO STOXX 50 Index, while UPV tracks MSCI Europe Index (200%). They also come from different issuers: State Street and ProShares. Their fees differ too: 0.29% for FEZ and 0.95% for UPV.

Which has better risk-adjusted returns?

FEZ currently has the higher Sharpe Ratio (1.05 vs 0.98), 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.