UPV vs. CMGG
UPV (ProShares Ultra Europe) and CMGG (Leverage Shares 2X Long CMG Daily ETF) are both Leveraged Equities funds. UPV is passively managed, while CMGG is actively managed. At a 0.42 correlation, their price movements are largely independent. UPV charges 0.95%/yr vs 0.75%/yr for CMGG.
Performance
UPV vs. CMGG - Performance Comparison
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Returns By Period
In the year-to-date period, UPV achieves a 9.44% return, which is significantly higher than CMGG's -45.23% return.
UPV
- 1D
- 2.14%
- 1M
- 3.94%
- YTD
- 9.44%
- 6M
- 15.57%
- 1Y
- 29.48%
- 3Y*
- 25.27%
- 5Y*
- 8.07%
- 10Y*
- 10.86%
CMGG
- 1D
- -3.36%
- 1M
- -20.45%
- YTD
- -45.23%
- 6M
- -35.85%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
UPV vs. CMGG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
UPV ProShares Ultra Europe | 9.44% | 10.45% |
CMGG Leverage Shares 2X Long CMG Daily ETF | -45.23% | 43.86% |
Correlation
The correlation between UPV and CMGG is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 18, 2025 | 0.42 |
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Return for Risk
UPV vs. CMGG — Risk / Return Rank
UPV
CMGG
UPV vs. CMGG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Europe (UPV) and Leverage Shares 2X Long CMG Daily ETF (CMGG). 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.
| UPV | CMGG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.18 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.26 | — | — |
| Martin ratioReturn relative to average drawdown | 4.31 | — | — |
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
| UPV | CMGG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.96 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.23 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.29 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | -0.54 | +0.79 |
Drawdowns
UPV vs. CMGG - Drawdown Comparison
The maximum UPV drawdown since its inception was -67.25%, which is greater than CMGG's maximum drawdown of -54.58%. Use the drawdown chart below to compare losses from any high point for UPV and CMGG.
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Drawdown Indicators
| UPV | CMGG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.25% | -54.58% | -12.67% |
Max Drawdown (1Y)Largest decline over 1 year | -23.41% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -27.54% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -58.33% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -67.25% | — | — |
Current DrawdownCurrent decline from peak | -5.61% | -54.58% | +48.97% |
Average DrawdownAverage peak-to-trough decline | -20.82% | -21.08% | +0.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.86% | — | — |
Volatility
UPV vs. CMGG - Volatility Comparison
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Volatility by Period
| UPV | CMGG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.30% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 25.67% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 30.76% | 66.76% | -36.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.39% | 66.76% | -31.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.14% | 66.76% | -29.62% |
UPV vs. CMGG - Expense Ratio Comparison
UPV has a 0.95% expense ratio, which is higher than CMGG's 0.75% expense ratio.
Dividends
UPV vs. CMGG - Dividend Comparison
UPV's dividend yield for the trailing twelve months is around 2.09%, while CMGG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CMGG Leverage Shares 2X Long CMG Daily ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UPV ProShares Ultra Europe | 2.09% | 2.11% | 2.70% | 1.57% | 0.00% | 0.00% | 0.00% | 0.65% | 3.80% |
Frequently Asked Questions
UPV and CMGG have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CMGG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CMGG is cheaper with a 0.75% expense ratio, compared with 0.95% for UPV.
UPV has the higher dividend yield at 2.09%, compared with 0.00% for CMGG.
They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.95% for UPV and 0.75% for CMGG.
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