UPV vs. HEDJ

Last updated Jun 23, 2026

UPV (ProShares Ultra Europe) and HEDJ (WisdomTree Europe Hedged Equity Fund) are both exchange-traded funds - UPV is a Leveraged Equities fund tracking the MSCI Europe Index (200%), while HEDJ is a Europe Equities fund tracking the WisdomTree Europe Hedged Equity Index. Both are passively managed. Over the past 10 years, UPV returned 12.77%/yr vs 11.80%/yr for HEDJ. A 0.76 correlation means they provide meaningful diversification when combined. UPV charges 0.95%/yr vs 0.58%/yr for HEDJ.

Performance

UPV vs. HEDJ - Performance Comparison

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

Returns By Period

In the year-to-date period, UPV achieves a 10.42% return, which is significantly higher than HEDJ's 9.33% return. Over the past 10 years, UPV has outperformed HEDJ with an annualized return of 12.77%, while HEDJ has yielded a comparatively lower 11.80% annualized return.

UPV

• 1D: 0.02%
• 1M: 1.70%
• YTD: 10.42%
• 6M: 11.40%
• 1Y: 36.17%
• 3Y*: 25.72%
• 5Y*: 9.15%
• 10Y*: 12.77%

HEDJ

• 1D: -0.21%
• 1M: 3.44%
• YTD: 9.33%
• 6M: 10.37%
• 1Y: 22.93%
• 3Y*: 15.88%
• 5Y*: 11.56%
• 10Y*: 11.80%

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

UPV vs. HEDJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPV ProShares Ultra Europe	10.42%	68.63%	-4.51%	32.16%	-36.58%	32.38%	-3.15%	47.04%	-32.64%	57.44%
HEDJ WisdomTree Europe Hedged Equity Fund	9.33%	23.55%	5.28%	26.89%	-10.09%	23.54%	-3.35%	27.50%	-9.27%	13.51%

Correlation

The correlation between UPV and HEDJ is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since May 7, 2010	0.76

The correlation between UPV and HEDJ has been stable across timeframes, ranging from 0.76 to 0.85 - a consistent structural relationship.

UPV vs. HEDJ - Sectors Allocation Comparison

Sectors	UPV	HEDJ
Financial Services	37.5%	14.5%
Basic Materials	-	6.8%
Communication Services	-	5.5%
Consumer Cyclical	-	14.2%
Consumer Defensive	-	9.7%
Energy	-	3.9%
Healthcare	-	7.9%
Industrials	-	23.1%
Real Estate	-	-
Technology	-	4.8%
Utilities	-	-

Return for Risk

UPV vs. HEDJ — Risk / Return Rank

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

UPV

UPV Risk / Return Rank: 33
UPV Sharpe Ratio Rank: 33
UPV Sortino Ratio Rank: 33
UPV Omega Ratio Rank: 32
UPV Calmar Ratio Rank: 32
UPV Martin Ratio Rank: 36

HEDJ

HEDJ Risk / Return Rank: 43
HEDJ Sharpe Ratio Rank: 43
HEDJ Sortino Ratio Rank: 44
HEDJ Omega Ratio Rank: 42
HEDJ Calmar Ratio Rank: 40
HEDJ Martin Ratio Rank: 48

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. HEDJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Europe (UPV) and WisdomTree Europe Hedged Equity Fund (HEDJ). 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	HEDJ	Difference
Sharpe ratio: Return per unit of total volatility	1.16	1.46	-0.31
Sortino ratio: Return per unit of downside risk	1.71	2.16	-0.45
Omega ratio: Gain probability vs. loss probability	1.21	1.27	-0.06
Calmar ratio: Return relative to maximum drawdown	1.55	1.94	-0.38
Martin ratio: Return relative to average drawdown	5.22	7.87	-2.65

UPV vs. HEDJ - Sharpe Ratio Comparison

The current UPV Sharpe Ratio is 1.16, which is comparable to the HEDJ Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of UPV and HEDJ, 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. HEDJ - Drawdown Comparison

The maximum UPV drawdown since its inception was -67.25%, which is greater than HEDJ's maximum drawdown of -38.18%. Use the drawdown chart below to compare losses from any high point for UPV and HEDJ.

Drawdown Indicators

	UPV	HEDJ	Difference
Max Drawdown Largest peak-to-trough decline	-67.25%	-38.18%	-29.07%
Max Drawdown (1Y) Largest decline over 1 year	-23.41%	-11.90%	-11.51%
Max Drawdown (3Y) Largest decline over 3 years	-27.54%	-15.93%	-11.61%
Max Drawdown (5Y) Largest decline over 5 years	-58.33%	-22.17%	-36.16%
Max Drawdown (10Y) Largest decline over 10 years	-67.25%	-38.18%	-29.07%
Current Drawdown Current decline from peak	-4.76%	-0.21%	-4.55%
Average Drawdown Average peak-to-trough decline	-20.78%	-5.91%	-14.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.95%	2.92%	+4.03%

Volatility

UPV vs. HEDJ - Volatility Comparison

ProShares Ultra Europe (UPV) has a higher volatility of 9.63% compared to WisdomTree Europe Hedged Equity Fund (HEDJ) at 4.66%. This indicates that UPV's price experiences larger fluctuations and is considered to be riskier than HEDJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPV	HEDJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.63%	4.66%	+4.97%
Volatility (6M) Calculated over the trailing 6-month period	26.70%	13.07%	+13.63%
Volatility (1Y) Calculated over the trailing 1-year period	31.51%	15.75%	+15.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.51%	16.84%	+18.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.96%	18.39%	+18.57%

UPV vs. HEDJ - Expense Ratio Comparison

UPV has a 0.95% expense ratio, which is higher than HEDJ's 0.58% expense ratio.

Dividends

UPV vs. HEDJ - Dividend Comparison

UPV's dividend yield for the trailing twelve months is around 2.07%, more than HEDJ's 1.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HEDJ WisdomTree Europe Hedged Equity Fund	1.49%	1.63%	3.28%	3.31%	2.83%	2.08%	2.65%	1.82%	2.73%	2.27%	2.74%	9.43%
UPV ProShares Ultra Europe	2.07%	2.11%	2.70%	1.57%	0.00%	0.00%	0.00%	0.65%	3.80%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UPV and HEDJ in my portfolio?

UPV and HEDJ have a correlation of 0.84, 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 HEDJ?

UPV has higher volatility (9.63%) compared to HEDJ (4.66%). In terms of maximum drawdown, UPV dropped -67.25% vs HEDJ's -38.18%.

Which ETF is better, UPV or HEDJ?

On 10-year performance, UPV leads with 12.77% vs 11.80% for HEDJ. On fees, HEDJ is cheaper at 0.58% per year. On volatility, HEDJ has been the lower-risk option at 4.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPV or HEDJ?

Over the 10-year period, UPV has performed better with a 12.77% return vs 11.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPV or HEDJ?

HEDJ is cheaper with a 0.58% expense ratio, compared with 0.95% for UPV.

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

UPV has the higher dividend yield at 2.07%, compared with 1.49% for HEDJ.

What is the main difference between UPV and HEDJ?

UPV is categorized as Leveraged Equities, while HEDJ is Europe Equities. UPV tracks MSCI Europe Index (200%), while HEDJ tracks WisdomTree Europe Hedged Equity Index. They also come from different issuers: ProShares and WisdomTree. Their fees differ too: 0.95% for UPV and 0.58% for HEDJ.

Which has better risk-adjusted returns?

HEDJ currently has the higher Sharpe Ratio (1.46 vs 1.16), 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.