UPV vs. EURL

Last updated Jun 24, 2026

UPV (ProShares Ultra Europe) and EURL (Direxion Daily FTSE Europe Bull 3x Shares) are both Leveraged Equities funds - UPV tracks the MSCI Europe Index (200%) while EURL tracks the FTSE Developed Europe Index (300%). Both are passively managed. Over the past 10 years, UPV returned 12.49%/yr vs 11.85%/yr for EURL. Their correlation of 0.92 suggests significant overlap in exposure. UPV charges 0.95%/yr vs 1.07%/yr for EURL.

Performance

UPV vs. EURL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Europe (UPV) and Direxion Daily FTSE Europe Bull 3x Shares (EURL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPV achieves a 7.71% return, which is significantly higher than EURL's 7.25% return. Over the past 10 years, UPV has outperformed EURL with an annualized return of 12.49%, while EURL has yielded a comparatively lower 11.85% annualized return.

UPV

• 1D: -2.45%
• 1M: -0.79%
• YTD: 7.71%
• 6M: 7.70%
• 1Y: 30.83%
• 3Y*: 24.69%
• 5Y*: 8.18%
• 10Y*: 12.49%

EURL

• 1D: -4.78%
• 1M: -3.51%
• YTD: 7.25%
• 6M: 6.76%
• 1Y: 40.13%
• 3Y*: 31.43%
• 5Y*: 5.36%
• 10Y*: 11.85%

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

UPV vs. EURL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPV ProShares Ultra Europe	7.71%	68.63%	-4.51%	32.16%	-36.58%	32.38%	-3.15%	47.04%	-32.64%	57.44%
EURL Direxion Daily FTSE Europe Bull 3x Shares	7.25%	105.85%	-11.42%	44.19%	-54.41%	46.59%	-23.19%	72.61%	-46.39%	91.32%

Correlation

The correlation between UPV and EURL is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 22, 2014	0.92

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

UPV vs. EURL - Sectors Allocation Comparison

Sectors	UPV	EURL
Financial Services	37.5%	23.5%
Basic Materials	-	5.5%
Communication Services	-	3.1%
Consumer Cyclical	-	7.0%
Consumer Defensive	-	7.9%
Energy	-	5.4%
Healthcare	-	12.5%
Industrials	-	20.4%
Real Estate	-	1.6%
Technology	-	8.5%
Utilities	-	4.7%

Return for Risk

UPV vs. EURL — Risk / Return Rank

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

UPV

UPV Risk / Return Rank: 29
UPV Sharpe Ratio Rank: 28
UPV Sortino Ratio Rank: 29
UPV Omega Ratio Rank: 28
UPV Calmar Ratio Rank: 28
UPV Martin Ratio Rank: 32

EURL

EURL Risk / Return Rank: 26
EURL Sharpe Ratio Rank: 25
EURL Sortino Ratio Rank: 27
EURL Omega Ratio Rank: 26
EURL Calmar Ratio Rank: 26
EURL 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. EURL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Europe (UPV) and Direxion Daily FTSE Europe Bull 3x Shares (EURL). 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	EURL	Difference
Sharpe ratio: Return per unit of total volatility	0.98	0.84	+0.14
Sortino ratio: Return per unit of downside risk	1.51	1.41	+0.10
Omega ratio: Gain probability vs. loss probability	1.18	1.17	+0.01
Calmar ratio: Return relative to maximum drawdown	1.32	1.22	+0.10
Martin ratio: Return relative to average drawdown	4.44	3.80	+0.64

UPV vs. EURL - Sharpe Ratio Comparison

The current UPV Sharpe Ratio is 0.98, which is comparable to the EURL Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of UPV and EURL, 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. EURL - Drawdown Comparison

The maximum UPV drawdown since its inception was -67.25%, smaller than the maximum EURL drawdown of -84.65%. Use the drawdown chart below to compare losses from any high point for UPV and EURL.

Drawdown Indicators

	UPV	EURL	Difference
Max Drawdown Largest peak-to-trough decline	-67.25%	-84.65%	+17.40%
Max Drawdown (1Y) Largest decline over 1 year	-23.41%	-33.05%	+9.64%
Max Drawdown (3Y) Largest decline over 3 years	-27.54%	-38.81%	+11.27%
Max Drawdown (5Y) Largest decline over 5 years	-58.33%	-75.24%	+16.91%
Max Drawdown (10Y) Largest decline over 10 years	-67.25%	-84.65%	+17.40%
Current Drawdown Current decline from peak	-7.10%	-13.96%	+6.86%
Average Drawdown Average peak-to-trough decline	-20.78%	-36.86%	+16.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.96%	10.59%	-3.63%

Volatility

UPV vs. EURL - Volatility Comparison

The current volatility for ProShares Ultra Europe (UPV) is 9.89%, while Direxion Daily FTSE Europe Bull 3x Shares (EURL) has a volatility of 15.92%. This indicates that UPV experiences smaller price fluctuations and is considered to be less risky than EURL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPV	EURL	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.89%	15.92%	-6.03%
Volatility (6M) Calculated over the trailing 6-month period	26.79%	40.62%	-13.83%
Volatility (1Y) Calculated over the trailing 1-year period	31.55%	47.94%	-16.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.53%	53.51%	-17.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.43%	54.72%	-18.29%

UPV vs. EURL - Expense Ratio Comparison

UPV has a 0.95% expense ratio, which is lower than EURL's 1.07% expense ratio.

Dividends

UPV vs. EURL - Dividend Comparison

UPV's dividend yield for the trailing twelve months is around 2.13%, more than EURL's 1.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EURL Direxion Daily FTSE Europe Bull 3x Shares	1.46%	1.50%	3.51%	2.50%	1.80%	0.33%	0.41%	1.17%	3.07%	0.38%
UPV ProShares Ultra Europe	2.13%	2.11%	2.70%	1.57%	0.00%	0.00%	0.00%	0.65%	3.80%	0.00%

Frequently Asked Questions

Can I hold both UPV and EURL in my portfolio?

With a correlation of 0.97, UPV and EURL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, UPV or EURL?

EURL has higher volatility (15.92%) compared to UPV (9.89%). In terms of maximum drawdown, UPV dropped -67.25% vs EURL's -84.65%.

Which ETF is better, UPV or EURL?

On 10-year performance, UPV leads with 12.49% vs 11.85% for EURL. On fees, UPV is cheaper at 0.95% per year. On volatility, UPV has been the lower-risk option at 9.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPV or EURL?

Over the 10-year period, UPV has performed better with a 12.49% return vs 11.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPV or EURL?

UPV is cheaper with a 0.95% expense ratio, compared with 1.07% for EURL.

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

UPV has the higher dividend yield at 2.13%, compared with 1.46% for EURL.

What is the main difference between UPV and EURL?

UPV tracks MSCI Europe Index (200%), while EURL tracks FTSE Developed Europe Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for UPV and 1.07% for EURL.

Which has better risk-adjusted returns?

UPV currently has the higher Sharpe Ratio (0.98 vs 0.84), 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.