UPV vs. EPV

Last updated Aug 2, 2026

UPV (ProShares Ultra Europe) and EPV (ProShares UltraShort FTSE Europe) are both Leveraged Equities funds from ProShares - UPV tracks the MSCI Europe Index (200%) while EPV tracks the FTSE All Cap Developed Europe (-200%). Both are passively managed. Over the past 10 years, UPV returned 12.29%/yr vs -22.79%/yr for EPV. Their -0.92 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.

Performance

UPV vs. EPV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Europe (UPV) and ProShares UltraShort FTSE Europe (EPV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPV achieves a 15.25% return, which is significantly higher than EPV's -18.89% return. Over the past 10 years, UPV has outperformed EPV with an annualized return of 12.29%, while EPV has yielded a comparatively lower -22.79% annualized return.

UPV

• 1D: -0.78%
• 1M: 2.19%
• 6M: 5.99%
• YTD: 15.25%
• 1Y: 41.67%
• 3Y*: 24.41%
• 5Y*: 9.52%
• 10Y*: 12.29%
• ALL TIME*: 10.10%

EPV

• 1D: 1.06%
• 1M: -2.13%
• 6M: -11.34%
• YTD: -18.89%
• 1Y: -34.32%
• 3Y*: -24.89%
• 5Y*: -19.22%
• 10Y*: -22.79%
• ALL TIME*: -25.50%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EPV ProShares UltraShort FTSE Europe	$313.99K	$282.71K	$436.94K
UPV ProShares Ultra Europe	$55.59K	$49.44K	$105.04K

UPV vs. EPV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPV ProShares Ultra Europe	15.25%	68.63%	-4.51%	32.16%	-36.58%	32.38%	-3.15%	47.04%	-32.64%	57.44%
EPV ProShares UltraShort FTSE Europe	-18.89%	-45.21%	2.02%	-30.81%	15.53%	-31.62%	-37.31%	-36.11%	32.22%	-39.79%

Correlation

The correlation between UPV and EPV is -0.99, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.99
Correlation (3Y) Balances recent behavior with more history.	-0.99
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.99
Correlation (10Y) Provides a long-term view across more market conditions.	-0.93
Correlation (All Time) Calculated using the full available price history since May 7, 2010	-0.92

The correlation between UPV and EPV has been stable across timeframes, ranging from -0.99 to -0.92 - a consistent structural relationship.

UPV vs. EPV - Sectors Allocation Comparison

Sectors	UPV	EPV
Financial Services	30.9%	43.2%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

UPV vs. EPV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UPV

UPV Risk / Return Rank: 50
UPV Sharpe Ratio Rank: 52
UPV Sortino Ratio Rank: 53
UPV Omega Ratio Rank: 49
UPV Calmar Ratio Rank: 48
UPV Martin Ratio Rank: 50

EPV

EPV Risk / Return Rank: 1
EPV Sharpe Ratio Rank: 1
EPV Sortino Ratio Rank: 2
EPV Omega Ratio Rank: 2
EPV Calmar Ratio Rank: 0
EPV Martin Ratio Rank: 0

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UPV vs. EPV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Europe (UPV) and ProShares UltraShort FTSE Europe (EPV). 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.

	UPV	EPV	Difference
Sharpe ratio: Return per unit of total volatility	1.28	-1.04	+2.33
Sortino ratio: Return per unit of downside risk	1.87	-1.47	+3.34
Omega ratio: Gain probability vs. loss probability	1.23	0.83	+0.39
Calmar ratio: Return relative to maximum drawdown	1.73	-0.96	+2.70
Martin ratio: Return relative to average drawdown	5.85	-1.55	+7.40

UPV vs. EPV - Sharpe Ratio Comparison

The current UPV Sharpe Ratio is 1.28, which is higher than the EPV Sharpe Ratio of -1.04. The chart below compares the historical Sharpe Ratios of UPV and EPV, 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

UPV vs. EPV - Drawdown Comparison

The maximum UPV drawdown since its inception was -67.25%, smaller than the maximum EPV drawdown of -99.41%. Use the drawdown chart below to compare losses from any high point for UPV and EPV.

Drawdown Indicators

	UPV	EPV	Difference
Max Drawdown Largest peak-to-trough decline	-67.25%	-99.41%	+32.16%
Max Drawdown (1Y) Largest decline over 1 year	-23.41%	-35.01%	+11.60%
Max Drawdown (3Y) Largest decline over 3 years	-27.54%	-67.48%	+39.94%
Max Drawdown (5Y) Largest decline over 5 years	-58.33%	-80.41%	+22.08%
Max Drawdown (10Y) Largest decline over 10 years	-67.25%	-93.01%	+25.76%
Current Drawdown Current decline from peak	-0.78%	-99.40%	+98.62%
Average Drawdown Average peak-to-trough decline	-20.67%	-88.47%	+67.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.92%	21.81%	-14.89%

Volatility

UPV vs. EPV - Volatility Comparison

The current volatility for ProShares Ultra Europe (UPV) is 8.89%, while ProShares UltraShort FTSE Europe (EPV) has a volatility of 10.17%. This indicates that UPV experiences smaller price fluctuations and is considered to be less risky than EPV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPV	EPV	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.89%	10.17%	-1.28%
Volatility (6M) Calculated over the trailing 6-month period	27.48%	28.49%	-1.01%
Volatility (1Y) Calculated over the trailing 1-year period	31.74%	32.50%	-0.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.53%	35.98%	-0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.16%	36.89%	-0.73%

UPV vs. EPV - Expense Ratio Comparison

Both UPV and EPV have an expense ratio of 0.95%.

Dividends

UPV vs. EPV - Dividend Comparison

UPV's dividend yield for the trailing twelve months is around 2.15%, less than EPV's 4.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EPV ProShares UltraShort FTSE Europe	4.93%	4.80%	4.83%	3.17%	0.33%	0.01%	0.09%	1.10%	0.19%
UPV ProShares Ultra Europe	2.15%	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 EPV in my portfolio?

UPV and EPV have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPV or EPV?

EPV has higher volatility (10.17%) compared to UPV (8.89%). In terms of maximum drawdown, UPV dropped -67.25% vs EPV's -99.41%.

Which ETF is better, UPV or EPV?

On 10-year performance, UPV leads with 12.29% vs -22.79% for EPV. Both ETFs have the same 0.95% expense ratio. On volatility, UPV has been the lower-risk option at 8.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPV or EPV?

Over the 10-year period, UPV has performed better with a 12.29% return vs -22.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPV or EPV?

UPV and EPV have the same expense ratio: 0.95% per year.

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

EPV has the higher dividend yield at 4.93%, compared with 2.15% for UPV.

What is the main difference between UPV and EPV?

UPV tracks MSCI Europe Index (200%), while EPV tracks FTSE All Cap Developed Europe (-200%).

Which has better risk-adjusted returns?

UPV currently has the higher Sharpe Ratio (1.28 vs -1.04), 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.