UPV vs. IFED
UPV (ProShares Ultra Europe) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both Leveraged Equities funds - UPV tracks the MSCI Europe Index (200%) while IFED tracks the IFED Large-Cap US Equity Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, UPV returned 23.81%/yr vs 16.71%/yr for IFED. A 0.65 correlation means they provide meaningful diversification when combined. UPV charges 0.95%/yr vs 0.45%/yr for IFED.
Performance
UPV vs. IFED - Performance Comparison
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Returns By Period
In the year-to-date period, UPV achieves a 7.15% return, which is significantly higher than IFED's -3.52% return.
UPV
- 1D
- -2.27%
- 1M
- 5.04%
- YTD
- 7.15%
- 6M
- 12.94%
- 1Y
- 28.43%
- 3Y*
- 23.81%
- 5Y*
- 7.61%
- 10Y*
- 10.63%
IFED
- 1D
- -1.24%
- 1M
- 4.85%
- YTD
- -3.52%
- 6M
- -3.51%
- 1Y
- 1.97%
- 3Y*
- 16.71%
- 5Y*
- —
- 10Y*
- —
UPV vs. IFED - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
UPV ProShares Ultra Europe | 7.15% | 68.63% | -4.51% | 32.16% | -36.58% | -0.31% |
IFED ETRACS IFED Invest with the Fed TR Index ETN | -3.52% | 15.02% | 23.04% | 20.78% | -1.46% | 8.46% |
Correlation
The correlation between UPV and IFED is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2021 | 0.65 |
The correlation between UPV and IFED shifts across timeframes, from 0.50 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UPV vs. IFED — Risk / Return Rank
UPV
IFED
UPV vs. IFED - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Europe (UPV) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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 | IFED | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.81 | ||
| Sortino ratioReturn per unit of downside risk | +1.14 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.04 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.22 | 0.14 | +1.08 |
| Martin ratioReturn relative to average drawdown | 4.16 | 0.34 | +3.82 |
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 | IFED | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.93 | 0.12 | +0.81 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.22 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.29 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 0.65 | -0.39 |
Drawdowns
UPV vs. IFED - Drawdown Comparison
The maximum UPV drawdown since its inception was -67.25%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for UPV and IFED.
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Drawdown Indicators
| UPV | IFED | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.25% | -22.36% | -44.89% |
Max Drawdown (1Y)Largest decline over 1 year | -23.41% | -14.65% | -8.76% |
Max Drawdown (3Y)Largest decline over 3 years | -27.54% | -22.36% | -5.18% |
Max Drawdown (5Y)Largest decline over 5 years | -58.33% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -67.25% | — | — |
Current DrawdownCurrent decline from peak | -7.58% | -5.50% | -2.08% |
Average DrawdownAverage peak-to-trough decline | -20.83% | -5.84% | -14.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.85% | 5.75% | +1.10% |
Volatility
UPV vs. IFED - Volatility Comparison
ProShares Ultra Europe (UPV) has a higher volatility of 11.54% compared to ETRACS IFED Invest with the Fed TR Index ETN (IFED) at 4.50%. This indicates that UPV's price experiences larger fluctuations and is considered to be riskier than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UPV | IFED | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.54% | 4.50% | +7.04% |
Volatility (6M)Calculated over the trailing 6-month period | 25.61% | 12.86% | +12.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.74% | 16.21% | +14.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.38% | 19.88% | +15.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.14% | 19.88% | +17.26% |
UPV vs. IFED - Expense Ratio Comparison
UPV has a 0.95% expense ratio, which is higher than IFED's 0.45% expense ratio.
Dividends
UPV vs. IFED - Dividend Comparison
UPV's dividend yield for the trailing twelve months is around 2.14%, while IFED has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
IFED ETRACS IFED Invest with the Fed TR Index ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UPV ProShares Ultra Europe | 2.14% | 2.11% | 2.70% | 1.57% | 0.00% | 0.00% | 0.00% | 0.65% | 3.80% |
Frequently Asked Questions
UPV and IFED have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPV has higher volatility (11.54%) compared to IFED (4.50%). In terms of maximum drawdown, UPV dropped -67.25% vs IFED's -22.36%.
On 3-year performance, UPV leads with 23.81% vs 16.71% for IFED. On fees, IFED is cheaper at 0.45% per year. On volatility, IFED has been the lower-risk option at 4.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, UPV has performed better with a 23.81% return vs 16.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IFED is cheaper with a 0.45% expense ratio, compared with 0.95% for UPV.
UPV has the higher dividend yield at 2.14%, compared with 0.00% for IFED.
UPV tracks MSCI Europe Index (200%), while IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross. They also come from different issuers: ProShares and UBS. Their fees differ too: 0.95% for UPV and 0.45% for IFED.
UPV currently has the higher Sharpe Ratio (0.93 vs 0.12), 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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