FEZ vs. UPV
Compare and contrast key facts about SPDR EURO STOXX 50 ETF (FEZ) and ProShares Ultra Europe (UPV).
FEZ and UPV are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FEZ is a passively managed fund by State Street that tracks the performance of the EURO STOXX 50 Index. It was launched on Oct 21, 2002. UPV is a passively managed fund by ProShares that tracks the performance of the MSCI Europe Index (200%). It was launched on Apr 30, 2010. Both FEZ and UPV are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
FEZ vs. UPV - Performance Comparison
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FEZ vs. UPV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FEZ SPDR EURO STOXX 50 ETF | -3.44% | 37.81% | 3.57% | 27.16% | -14.27% | 14.84% | 4.84% | 26.04% | -15.85% | 24.80% |
UPV ProShares Ultra Europe | -4.34% | 68.63% | -4.51% | 32.16% | -36.58% | 32.38% | -3.15% | 47.04% | -32.64% | 57.44% |
Returns By Period
In the year-to-date period, FEZ achieves a -3.44% return, which is significantly higher than UPV's -4.34% return. Both investments have delivered pretty close results over the past 10 years, with FEZ having a 9.68% annualized return and UPV not far ahead at 10.05%.
FEZ
- 1D
- 3.76%
- 1M
- -9.30%
- YTD
- -3.44%
- 6M
- 0.89%
- 1Y
- 17.45%
- 3Y*
- 14.62%
- 5Y*
- 9.71%
- 10Y*
- 9.68%
UPV
- 1D
- 6.31%
- 1M
- -16.80%
- YTD
- -4.34%
- 6M
- 5.15%
- 1Y
- 33.34%
- 3Y*
- 19.59%
- 5Y*
- 8.73%
- 10Y*
- 10.05%
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FEZ vs. UPV - Expense Ratio Comparison
FEZ has a 0.29% expense ratio, which is lower than UPV's 0.95% expense ratio.
Return for Risk
FEZ vs. UPV — Risk / Return Rank
FEZ
UPV
FEZ vs. UPV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for 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.
| FEZ | UPV | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.88 | 0.95 | -0.07 |
Sortino ratioReturn per unit of downside risk | 1.36 | 1.46 | -0.10 |
Omega ratioGain probability vs. loss probability | 1.18 | 1.20 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | 1.19 | 1.32 | -0.13 |
Martin ratioReturn relative to average drawdown | 4.39 | 4.90 | -0.50 |
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
| FEZ | UPV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.88 | 0.95 | -0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.48 | 0.25 | +0.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.46 | 0.27 | +0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.29 | 0.23 | +0.05 |
Correlation
The correlation between FEZ and UPV is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
FEZ vs. UPV - Dividend Comparison
FEZ's dividend yield for the trailing twelve months is around 2.80%, more than UPV's 2.39% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FEZ SPDR EURO STOXX 50 ETF | 2.80% | 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 | 2.39% | 2.11% | 2.70% | 1.57% | 0.00% | 0.00% | 0.00% | 0.65% | 3.80% | 0.00% | 0.00% | 0.00% |
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.
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Drawdown Indicators
| FEZ | UPV | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 (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 DrawdownCurrent decline from peak | -10.33% | -17.49% | +7.16% |
Average DrawdownAverage peak-to-trough decline | -17.17% | -20.97% | +3.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.68% | 6.29% | -2.61% |
Volatility
FEZ vs. UPV - Volatility Comparison
The current volatility for SPDR EURO STOXX 50 ETF (FEZ) is 8.77%, while ProShares Ultra Europe (UPV) has a volatility of 15.44%. 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.
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Volatility by Period
| FEZ | UPV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.77% | 15.44% | -6.67% |
Volatility (6M)Calculated over the trailing 6-month period | 12.59% | 21.88% | -9.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.94% | 35.13% | -15.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.38% | 35.00% | -14.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.00% | 36.94% | -15.94% |