UPV vs. NVDG

Last updated Jun 5, 2026

UPV (ProShares Ultra Europe) and NVDG (Leverage Shares 2X Long NVDA Daily ETF) are both Leveraged Equities funds. UPV is passively managed, while NVDG is actively managed. Over the past year, UPV returned 29.48% vs 88.87% for NVDG. At a 0.33 correlation, their price movements are largely independent. UPV charges 0.95%/yr vs 0.75%/yr for NVDG.

Performance

UPV vs. NVDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Europe (UPV) and Leverage Shares 2X Long NVDA Daily ETF (NVDG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPV achieves a 9.44% return, which is significantly lower than NVDG's 23.86% 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%

NVDG

• 1D: 4.14%
• 1M: 21.48%
• YTD: 23.86%
• 6M: 26.22%
• 1Y: 88.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UPV vs. NVDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UPV ProShares Ultra Europe	9.44%	68.63%	-6.63%
NVDG Leverage Shares 2X Long NVDA Daily ETF	23.86%	32.45%	-0.75%

Correlation

The correlation between UPV and NVDG is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (All Time) Calculated using the full available price history since Dec 16, 2024	0.33

Return for Risk

UPV vs. NVDG — Risk / Return Rank

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

UPV

UPV Risk / Return Rank: 28
UPV Sharpe Ratio Rank: 27
UPV Sortino Ratio Rank: 28
UPV Omega Ratio Rank: 27
UPV Calmar Ratio Rank: 27
UPV Martin Ratio Rank: 30

NVDG

NVDG Risk / Return Rank: 37
NVDG Sharpe Ratio Rank: 38
NVDG Sortino Ratio Rank: 38
NVDG Omega Ratio Rank: 36
NVDG Calmar Ratio Rank: 43
NVDG Martin Ratio Rank: 32

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. NVDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Europe (UPV) and Leverage Shares 2X Long NVDA Daily ETF (NVDG). 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	NVDG	Difference
Sharpe ratio: Return per unit of total volatility	0.96	1.32	-0.36
Sortino ratio: Return per unit of downside risk	1.47	1.94	-0.47
Omega ratio: Gain probability vs. loss probability	1.18	1.23	-0.05
Calmar ratio: Return relative to maximum drawdown	1.26	2.09	-0.83
Martin ratio: Return relative to average drawdown	4.31	4.75	-0.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UPV vs. NVDG - Sharpe Ratio Comparison

The current UPV Sharpe Ratio is 0.96, which is comparable to the NVDG Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of UPV and NVDG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UPV	NVDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.96	1.32	-0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	—	—
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	0.44	-0.18

Drawdowns

UPV vs. NVDG - Drawdown Comparison

The maximum UPV drawdown since its inception was -67.25%, roughly equal to the maximum NVDG drawdown of -66.19%. Use the drawdown chart below to compare losses from any high point for UPV and NVDG.

Drawdown Indicators

	UPV	NVDG	Difference
Max Drawdown Largest peak-to-trough decline	-67.25%	-66.19%	-1.06%
Max Drawdown (1Y) Largest decline over 1 year	-23.41%	-42.72%	+19.31%
Max Drawdown (3Y) Largest decline over 3 years	-27.54%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-58.33%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-67.25%	—	—
Current Drawdown Current decline from peak	-5.61%	-14.96%	+9.35%
Average Drawdown Average peak-to-trough decline	-20.82%	-23.05%	+2.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.86%	18.79%	-11.93%

Volatility

UPV vs. NVDG - Volatility Comparison

The current volatility for ProShares Ultra Europe (UPV) is 11.30%, while Leverage Shares 2X Long NVDA Daily ETF (NVDG) has a volatility of 25.17%. This indicates that UPV experiences smaller price fluctuations and is considered to be less risky than NVDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPV	NVDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.30%	25.17%	-13.87%
Volatility (6M) Calculated over the trailing 6-month period	25.67%	50.28%	-24.61%
Volatility (1Y) Calculated over the trailing 1-year period	30.76%	67.73%	-36.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.39%	90.65%	-55.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.14%	90.65%	-53.51%

UPV vs. NVDG - Expense Ratio Comparison

UPV has a 0.95% expense ratio, which is higher than NVDG's 0.75% expense ratio.

Dividends

UPV vs. NVDG - Dividend Comparison

UPV's dividend yield for the trailing twelve months is around 2.09%, less than NVDG's 9.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
NVDG Leverage Shares 2X Long NVDA Daily ETF	9.54%	11.81%	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

Can I hold both UPV and NVDG in my portfolio?

UPV and NVDG have a correlation of 0.31, 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 NVDG?

NVDG has higher volatility (25.17%) compared to UPV (11.30%). In terms of maximum drawdown, UPV dropped -67.25% vs NVDG's -66.19%.

Which ETF is better, UPV or NVDG?

On 1-year performance, NVDG leads with 88.87% vs 29.48% for UPV. On fees, NVDG is cheaper at 0.75% per year. On volatility, UPV has been the lower-risk option at 11.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPV or NVDG?

Over the 1-year period, NVDG has performed better with a 88.87% return vs 29.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPV or NVDG?

NVDG is cheaper with a 0.75% expense ratio, compared with 0.95% for UPV.

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

NVDG has the higher dividend yield at 9.54%, compared with 2.09% for UPV.

What is the main difference between UPV and NVDG?

They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.95% for UPV and 0.75% for NVDG.

Which has better risk-adjusted returns?

NVDG currently has the higher Sharpe Ratio (1.32 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.