UPV vs. PYPG

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares Ultra Europe (UPV) and Leverage Shares 2X Long PYPL Daily ETF (PYPG).

UPV and PYPG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UPV is a passively managed fund by ProShares that tracks the performance of the MSCI Europe Index (200%). It was launched on Apr 30, 2010. PYPG is an actively managed fund by Leverage Shares. It was launched on Apr 3, 2025.

Performance

UPV vs. PYPG - Performance Comparison

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

UPV vs. PYPG - Yearly Performance Comparison

	2026 (YTD)	2025
UPV ProShares Ultra Europe	-1.60%	63.64%
PYPG Leverage Shares 2X Long PYPL Daily ETF	-48.28%	-16.47%

Returns By Period

In the year-to-date period, UPV achieves a -1.60% return, which is significantly higher than PYPG's -48.28% return.

UPV

• 1D: 2.86%
• 1M: -10.69%
• YTD: -1.60%
• 6M: 5.84%
• 1Y: 36.90%
• 3Y*: 20.72%
• 5Y*: 9.35%
• 10Y*: 10.37%

PYPG

• 1D: -2.64%
• 1M: -5.46%
• YTD: -48.28%
• 6M: -62.55%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UPV vs. PYPG - Expense Ratio Comparison

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

UPV

ProShares Ultra Europe

PYPG

Leverage Shares 2X Long PYPL Daily ETF

Return for Risk

UPV vs. PYPG — Risk / Return Rank

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

UPV

UPV Risk / Return Rank: 57
UPV Sharpe Ratio Rank: 57
UPV Sortino Ratio Rank: 59
UPV Omega Ratio Rank: 56
UPV Calmar Ratio Rank: 59
UPV Martin Ratio Rank: 56

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. PYPG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Europe (UPV) and Leverage Shares 2X Long PYPL Daily ETF (PYPG). 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	PYPG	Difference
Sharpe ratio Return per unit of total volatility	1.05	—	—
Sortino ratio Return per unit of downside risk	1.57	—	—
Omega ratio Gain probability vs. loss probability	1.22	—	—
Calmar ratio Return relative to maximum drawdown	1.59	—	—
Martin ratio Return relative to average drawdown	5.84	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	UPV	PYPG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.05	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	-0.71	+0.95

Correlation

The correlation between UPV and PYPG is 0.39, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

UPV vs. PYPG - Dividend Comparison

UPV's dividend yield for the trailing twelve months is around 2.33%, while PYPG has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
UPV ProShares Ultra Europe	2.33%	2.11%	2.70%	1.57%	0.00%	0.00%	0.00%	0.65%	3.80%
PYPG Leverage Shares 2X Long PYPL Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

UPV vs. PYPG - Drawdown Comparison

The maximum UPV drawdown since its inception was -67.25%, smaller than the maximum PYPG drawdown of -79.52%. Use the drawdown chart below to compare losses from any high point for UPV and PYPG.

Drawdown Indicators

	UPV	PYPG	Difference
Max Drawdown Largest peak-to-trough decline	-67.25%	-79.52%	+12.27%
Max Drawdown (1Y) Largest decline over 1 year	-23.41%	—	—
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	-15.13%	-74.15%	+59.02%
Average Drawdown Average peak-to-trough decline	-20.96%	-32.10%	+11.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.36%	—	—

Volatility

Volatility by Period

	UPV	PYPG	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.58%	—	—
Volatility (6M) Calculated over the trailing 6-month period	21.99%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	35.18%	80.82%	-45.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.00%	80.82%	-45.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.94%	80.82%	-43.88%