UPV vs. EFO
Compare and contrast key facts about ProShares Ultra Europe (UPV) and ProShares Ultra MSCI EAFE (EFO).
UPV and EFO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. EFO is a passively managed fund by ProShares that tracks the performance of the MSCI EAFE Index (200%). It was launched on Jun 2, 2009. Both UPV and EFO 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
UPV vs. EFO - Performance Comparison
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UPV vs. EFO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UPV ProShares Ultra Europe | -4.34% | 68.63% | -4.51% | 32.16% | -36.58% | 32.38% | -3.15% | 47.04% | -32.64% | 57.44% |
EFO ProShares Ultra MSCI EAFE | -0.08% | 58.51% | -2.15% | 25.77% | -33.62% | 19.38% | 2.29% | 40.93% | -30.91% | 51.78% |
Returns By Period
In the year-to-date period, UPV achieves a -4.34% return, which is significantly lower than EFO's -0.08% return. Both investments have delivered pretty close results over the past 10 years, with UPV having a 10.05% annualized return and EFO not far behind at 9.59%.
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%
EFO
- 1D
- 6.60%
- 1M
- -16.14%
- YTD
- -0.08%
- 6M
- 7.57%
- 1Y
- 37.55%
- 3Y*
- 19.30%
- 5Y*
- 7.06%
- 10Y*
- 9.59%
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UPV vs. EFO - Expense Ratio Comparison
Both UPV and EFO have an expense ratio of 0.95%.
Return for Risk
UPV vs. EFO — Risk / Return Rank
UPV
EFO
UPV vs. EFO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Europe (UPV) and ProShares Ultra MSCI EAFE (EFO). 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 | EFO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.95 | 1.08 | -0.12 |
Sortino ratioReturn per unit of downside risk | 1.46 | 1.60 | -0.14 |
Omega ratioGain probability vs. loss probability | 1.20 | 1.22 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | 1.32 | 1.59 | -0.28 |
Martin ratioReturn relative to average drawdown | 4.90 | 5.90 | -1.00 |
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 | EFO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.95 | 1.08 | -0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | 0.22 | +0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.27 | 0.28 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.21 | +0.02 |
Correlation
The correlation between UPV and EFO is 0.82, 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
UPV vs. EFO - Dividend Comparison
UPV's dividend yield for the trailing twelve months is around 2.39%, more than EFO's 1.73% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
UPV ProShares Ultra Europe | 2.39% | 2.11% | 2.70% | 1.57% | 0.00% | 0.00% | 0.00% | 0.65% | 3.80% |
EFO ProShares Ultra MSCI EAFE | 1.73% | 1.65% | 2.24% | 1.93% | 0.00% | 0.00% | 0.00% | 0.37% | 0.11% |
Drawdowns
UPV vs. EFO - Drawdown Comparison
The maximum UPV drawdown since its inception was -67.25%, which is greater than EFO's maximum drawdown of -63.52%. Use the drawdown chart below to compare losses from any high point for UPV and EFO.
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Drawdown Indicators
| UPV | EFO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.25% | -63.52% | -3.73% |
Max Drawdown (1Y)Largest decline over 1 year | -23.41% | -22.18% | -1.23% |
Max Drawdown (5Y)Largest decline over 5 years | -58.33% | -53.95% | -4.38% |
Max Drawdown (10Y)Largest decline over 10 years | -67.25% | -63.52% | -3.73% |
Current DrawdownCurrent decline from peak | -17.49% | -16.38% | -1.11% |
Average DrawdownAverage peak-to-trough decline | -20.97% | -18.78% | -2.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.29% | 6.00% | +0.29% |
Volatility
UPV vs. EFO - Volatility Comparison
ProShares Ultra Europe (UPV) and ProShares Ultra MSCI EAFE (EFO) have volatilities of 15.44% and 15.10%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UPV | EFO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.44% | 15.10% | +0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 21.88% | 21.89% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.13% | 35.11% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.00% | 32.58% | +2.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.94% | 33.87% | +3.07% |