UPV vs. COTG

Last updated Jun 4, 2026

UPV (ProShares Ultra Europe) and COTG (Leverage Shares 2X Long COST Daily ETF) are both Leveraged Equities funds. UPV is passively managed, while COTG is actively managed. At a correlation of -0.07, they often move in opposite directions. UPV charges 0.95%/yr vs 0.75%/yr for COTG.

Performance

UPV vs. COTG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Europe (UPV) and Leverage Shares 2X Long COST Daily ETF (COTG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPV achieves a 7.15% return, which is significantly lower than COTG's 17.32% return.

UPV

• 1D: -2.27%
• 1M: 5.04%
• YTD: 7.15%
• 6M: 12.94%
• 1Y: 28.43%
• 3Y*: 23.81%
• 5Y*: 7.61%
• 10Y*: 10.63%

COTG

• 1D: 1.39%
• 1M: -11.21%
• YTD: 17.32%
• 6M: 1.51%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UPV vs. COTG - Yearly Performance Comparison

	2026 (YTD)	2025
UPV ProShares Ultra Europe	7.15%	10.68%
COTG Leverage Shares 2X Long COST Daily ETF	17.32%	-21.71%

Correlation

The correlation between UPV and COTG is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 19, 2025	-0.07

Return for Risk

UPV vs. COTG — Risk / Return Rank

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

UPV

UPV Risk / Return Rank: 26
UPV Sharpe Ratio Rank: 26
UPV Sortino Ratio Rank: 26
UPV Omega Ratio Rank: 25
UPV Calmar Ratio Rank: 26
UPV Martin Ratio Rank: 29

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.

UPV vs. COTG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Europe (UPV) and Leverage Shares 2X Long COST Daily ETF (COTG). 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	COTG	Difference
Sharpe ratio: Return per unit of total volatility	0.93	—	—
Sortino ratio: Return per unit of downside risk	1.43	—	—
Omega ratio: Gain probability vs. loss probability	1.17	—	—
Calmar ratio: Return relative to maximum drawdown	1.22	—	—
Martin ratio: Return relative to average drawdown	4.16	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	UPV	COTG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.93	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	—	—
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	-0.28	+0.53

Drawdowns

UPV vs. COTG - Drawdown Comparison

The maximum UPV drawdown since its inception was -67.25%, which is greater than COTG's maximum drawdown of -25.69%. Use the drawdown chart below to compare losses from any high point for UPV and COTG.

Drawdown Indicators

	UPV	COTG	Difference
Max Drawdown Largest peak-to-trough decline	-67.25%	-25.69%	-41.56%
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 Drawdown Current decline from peak	-7.58%	-23.48%	+15.90%
Average Drawdown Average peak-to-trough decline	-20.83%	-8.35%	-12.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.85%	—	—

Volatility

Volatility by Period

	UPV	COTG	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.54%	—	—
Volatility (6M) Calculated over the trailing 6-month period	25.61%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	30.74%	40.65%	-9.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.38%	40.65%	-5.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.14%	40.65%	-3.51%

UPV vs. COTG - Expense Ratio Comparison

UPV has a 0.95% expense ratio, which is higher than COTG's 0.75% expense ratio.

Dividends

UPV vs. COTG - Dividend Comparison

UPV's dividend yield for the trailing twelve months is around 2.14%, while COTG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
COTG Leverage Shares 2X Long COST Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UPV ProShares Ultra Europe	2.14%	2.11%	2.70%	1.57%	0.00%	0.00%	0.00%	0.65%	3.80%

Frequently Asked Questions

Can I hold both UPV and COTG in my portfolio?

UPV and COTG have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UPV or COTG?

On fees, COTG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UPV or COTG?

COTG is cheaper with a 0.75% expense ratio, compared with 0.95% for UPV.

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

UPV has the higher dividend yield at 2.14%, compared with 0.00% for COTG.

What is the main difference between UPV and COTG?

They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.95% for UPV and 0.75% for COTG.