UPV vs. FLEU

Last updated Jun 24, 2026

UPV (ProShares Ultra Europe) and FLEU (Franklin FTSE Eurozone ETF) are both exchange-traded funds - UPV is a Leveraged Equities fund tracking the MSCI Europe Index (200%), while FLEU is a Europe Equities fund tracking the FTSE Developed Eurozone Index - Benchmark TR Net. Both are passively managed. Over the past 5 years, UPV returned 8.18%/yr vs 11.75%/yr for FLEU. Their correlation of 0.82 suggests significant overlap in exposure. UPV charges 0.95%/yr vs 0.09%/yr for FLEU.

Performance

UPV vs. FLEU - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with UPV having a 7.71% return and FLEU slightly lower at 7.40%.

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%

FLEU

• 1D: -1.70%
• 1M: 1.76%
• YTD: 7.40%
• 6M: 7.90%
• 1Y: 20.48%
• 3Y*: 17.50%
• 5Y*: 11.75%
• 10Y*: —

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

UPV vs. FLEU - 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%	3.22%
FLEU Franklin FTSE Eurozone ETF	7.40%	41.56%	2.26%	16.21%	-9.14%	23.27%	0.95%	26.94%	-8.54%	-1.24%

Correlation

The correlation between UPV and FLEU is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Nov 6, 2017	0.82

The correlation between UPV and FLEU shifts across timeframes, from 0.82 (all time) to 0.96 (1 year), reflecting how their relationship changes across market environments.

UPV vs. FLEU - Sectors Allocation Comparison

Sectors	UPV	FLEU
Financial Services	37.5%	24.6%
Basic Materials	-	4.2%
Communication Services	-	3.6%
Consumer Cyclical	-	8.6%
Consumer Defensive	-	5.0%
Energy	-	3.7%
Healthcare	-	5.6%
Industrials	-	20.7%
Real Estate	-	1.2%
Technology	-	16.3%
Utilities	-	6.6%

Return for Risk

UPV vs. FLEU — 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

FLEU

FLEU Risk / Return Rank: 34
FLEU Sharpe Ratio Rank: 34
FLEU Sortino Ratio Rank: 35
FLEU Omega Ratio Rank: 34
FLEU Calmar Ratio Rank: 32
FLEU Martin Ratio Rank: 37

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. FLEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Europe (UPV) and Franklin FTSE Eurozone ETF (FLEU). 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	FLEU	Difference
Sharpe ratio: Return per unit of total volatility	0.98	1.18	-0.19
Sortino ratio: Return per unit of downside risk	1.51	1.75	-0.24
Omega ratio: Gain probability vs. loss probability	1.18	1.22	-0.04
Calmar ratio: Return relative to maximum drawdown	1.32	1.53	-0.21
Martin ratio: Return relative to average drawdown	4.44	5.57	-1.13

UPV vs. FLEU - Sharpe Ratio Comparison

The current UPV Sharpe Ratio is 0.98, which is comparable to the FLEU Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of UPV and FLEU, 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. FLEU - Drawdown Comparison

The maximum UPV drawdown since its inception was -67.25%, which is greater than FLEU's maximum drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for UPV and FLEU.

Drawdown Indicators

	UPV	FLEU	Difference
Max Drawdown Largest peak-to-trough decline	-67.25%	-33.94%	-33.31%
Max Drawdown (1Y) Largest decline over 1 year	-23.41%	-13.41%	-10.00%
Max Drawdown (3Y) Largest decline over 3 years	-27.54%	-15.67%	-11.87%
Max Drawdown (5Y) Largest decline over 5 years	-58.33%	-18.67%	-39.66%
Max Drawdown (10Y) Largest decline over 10 years	-67.25%	—	—
Current Drawdown Current decline from peak	-7.10%	-2.00%	-5.10%
Average Drawdown Average peak-to-trough decline	-20.78%	-4.68%	-16.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.96%	3.69%	+3.27%

Volatility

UPV vs. FLEU - Volatility Comparison

ProShares Ultra Europe (UPV) has a higher volatility of 9.89% compared to Franklin FTSE Eurozone ETF (FLEU) at 5.38%. This indicates that UPV's price experiences larger fluctuations and is considered to be riskier than FLEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPV	FLEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.89%	5.38%	+4.51%
Volatility (6M) Calculated over the trailing 6-month period	26.79%	15.05%	+11.74%
Volatility (1Y) Calculated over the trailing 1-year period	31.55%	17.53%	+14.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.53%	16.47%	+19.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.43%	18.27%	+18.16%

UPV vs. FLEU - Expense Ratio Comparison

UPV has a 0.95% expense ratio, which is higher than FLEU's 0.09% expense ratio.

Dividends

UPV vs. FLEU - Dividend Comparison

UPV's dividend yield for the trailing twelve months is around 2.13%, more than FLEU's 1.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLEU Franklin FTSE Eurozone ETF	1.08%	2.22%	3.18%	3.25%	21.45%	3.03%	1.94%	6.06%	12.17%	0.07%
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 FLEU in my portfolio?

With a correlation of 0.96, UPV and FLEU 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 FLEU?

UPV has higher volatility (9.89%) compared to FLEU (5.38%). In terms of maximum drawdown, UPV dropped -67.25% vs FLEU's -33.94%.

Which ETF is better, UPV or FLEU?

On 5-year performance, FLEU leads with 11.75% vs 8.18% for UPV. On fees, FLEU is cheaper at 0.09% per year. On volatility, FLEU has been the lower-risk option at 5.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPV or FLEU?

Over the 5-year period, FLEU has performed better with a 11.75% return vs 8.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPV or FLEU?

FLEU is cheaper with a 0.09% expense ratio, compared with 0.95% for UPV.

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

UPV has the higher dividend yield at 2.13%, compared with 1.08% for FLEU.

What is the main difference between UPV and FLEU?

UPV is categorized as Leveraged Equities, while FLEU is Europe Equities. UPV tracks MSCI Europe Index (200%), while FLEU tracks FTSE Developed Eurozone Index - Benchmark TR Net. They also come from different issuers: ProShares and Franklin Templeton. Their fees differ too: 0.95% for UPV and 0.09% for FLEU.

Which has better risk-adjusted returns?

FLEU currently has the higher Sharpe Ratio (1.18 vs 0.98), 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.