UPV vs. GSG
UPV (ProShares Ultra Europe) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - UPV is a Leveraged Equities fund tracking the MSCI Europe Index (200%), while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, UPV returned 10.86%/yr vs 7.42%/yr for GSG. At a 0.30 correlation, their price movements are largely independent. UPV charges 0.95%/yr vs 0.75%/yr for GSG.
Performance
UPV vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, UPV achieves a 9.44% return, which is significantly lower than GSG's 40.46% return. Over the past 10 years, UPV has outperformed GSG with an annualized return of 10.86%, while GSG has yielded a comparatively lower 7.42% annualized return.
UPV
- 1D
- 2.14%
- 1M
- 3.94%
- YTD
- 9.44%
- 6M
- 15.57%
- 1Y
- 29.48%
- 3Y*
- 25.27%
- 5Y*
- 8.07%
- 10Y*
- 10.86%
GSG
- 1D
- -1.49%
- 1M
- -5.32%
- YTD
- 40.46%
- 6M
- 38.18%
- 1Y
- 49.68%
- 3Y*
- 18.78%
- 5Y*
- 15.39%
- 10Y*
- 7.42%
UPV vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UPV ProShares Ultra Europe | 9.44% | 68.63% | -4.51% | 32.16% | -36.58% | 32.38% | -3.15% | 47.04% | -32.64% | 57.44% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 40.46% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Correlation
The correlation between UPV and GSG is -0.28, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since May 10, 2010 | 0.30 |
The correlation between UPV and GSG shifts across timeframes, from -0.28 (1 year) to 0.30 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UPV vs. GSG — Risk / Return Rank
UPV
GSG
UPV vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Europe (UPV) and iShares S&P GSCI Commodity-Indexed Trust (GSG). 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 | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.21 | ||
| Sortino ratioReturn per unit of downside risk | -1.32 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.39 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.26 | 5.28 | -4.01 |
| Martin ratioReturn relative to average drawdown | 4.31 | 13.78 | -9.47 |
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 | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.96 | 2.17 | -1.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.23 | 0.68 | -0.45 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.29 | 0.34 | -0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | -0.09 | +0.34 |
Drawdowns
UPV vs. GSG - Drawdown Comparison
The maximum UPV drawdown since its inception was -67.25%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for UPV and GSG.
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Drawdown Indicators
| UPV | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.25% | -89.62% | +22.37% |
Max Drawdown (1Y)Largest decline over 1 year | -23.41% | -9.46% | -13.95% |
Max Drawdown (3Y)Largest decline over 3 years | -27.54% | -14.94% | -12.60% |
Max Drawdown (5Y)Largest decline over 5 years | -58.33% | -29.12% | -29.21% |
Max Drawdown (10Y)Largest decline over 10 years | -67.25% | -57.64% | -9.61% |
Current DrawdownCurrent decline from peak | -5.61% | -57.59% | +51.98% |
Average DrawdownAverage peak-to-trough decline | -20.82% | -63.71% | +42.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.86% | 3.62% | +3.24% |
Volatility
UPV vs. GSG - Volatility Comparison
ProShares Ultra Europe (UPV) has a higher volatility of 11.30% compared to iShares S&P GSCI Commodity-Indexed Trust (GSG) at 7.72%. This indicates that UPV's price experiences larger fluctuations and is considered to be riskier than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UPV | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.30% | 7.72% | +3.58% |
Volatility (6M)Calculated over the trailing 6-month period | 25.67% | 20.48% | +5.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.76% | 23.01% | +7.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.39% | 22.61% | +12.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.14% | 22.03% | +15.11% |
UPV vs. GSG - Expense Ratio Comparison
UPV has a 0.95% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
UPV vs. GSG - Dividend Comparison
UPV's dividend yield for the trailing twelve months is around 2.09%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UPV ProShares Ultra Europe | 2.09% | 2.11% | 2.70% | 1.57% | 0.00% | 0.00% | 0.00% | 0.65% | 3.80% |
Frequently Asked Questions
UPV and GSG have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPV has higher volatility (11.30%) compared to GSG (7.72%). In terms of maximum drawdown, UPV dropped -67.25% vs GSG's -89.62%.
On 10-year performance, UPV leads with 10.86% vs 7.42% for GSG. On fees, GSG is cheaper at 0.75% per year. On volatility, GSG has been the lower-risk option at 7.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPV has performed better with a 10.86% return vs 7.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSG is cheaper with a 0.75% expense ratio, compared with 0.95% for UPV.
UPV has the higher dividend yield at 2.09%, compared with 0.00% for GSG.
UPV is categorized as Leveraged Equities, while GSG is Commodities. UPV tracks MSCI Europe Index (200%), while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for UPV and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (2.17 vs 0.96), 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.
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