UPV vs. SCHC

Last updated Jul 14, 2026

UPV (ProShares Ultra Europe) and SCHC (Schwab International Small-Cap Equity ETF) are both exchange-traded funds - UPV is a Leveraged Equities fund tracking the MSCI Europe Index (200%), while SCHC is a Foreign Small & Mid Cap Equities fund tracking the FTSE Developed Small Cap ex U.S. Liquid Index. Both are passively managed. Over the past 10 years, UPV returned 11.66%/yr vs 7.89%/yr for SCHC. Their correlation of 0.84 suggests significant overlap in exposure. UPV charges 0.95%/yr vs 0.08%/yr for SCHC.

Performance

UPV vs. SCHC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Europe (UPV) and Schwab International Small-Cap Equity ETF (SCHC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPV achieves a 8.72% return, which is significantly higher than SCHC's 5.29% return. Over the past 10 years, UPV has outperformed SCHC with an annualized return of 11.66%, while SCHC has yielded a comparatively lower 7.89% annualized return.

UPV

• 1D: -1.70%
• 1M: -1.91%
• 6M: 2.53%
• YTD: 8.72%
• 1Y: 24.66%
• 3Y*: 21.43%
• 5Y*: 8.50%
• 10Y*: 11.66%

SCHC

• 1D: -0.97%
• 1M: -3.62%
• 6M: 1.20%
• YTD: 5.29%
• 1Y: 16.02%
• 3Y*: 14.75%
• 5Y*: 5.71%
• 10Y*: 7.89%

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

UPV vs. SCHC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPV ProShares Ultra Europe	8.72%	68.63%	-4.51%	32.16%	-36.58%	32.38%	-3.15%	47.04%	-32.64%	57.44%
SCHC Schwab International Small-Cap Equity ETF	5.29%	37.59%	1.97%	14.36%	-21.74%	12.02%	10.48%	23.10%	-18.60%	29.42%

Correlation

The correlation between UPV and SCHC is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since May 7, 2010	0.84

The correlation between UPV and SCHC has been stable across timeframes, ranging from 0.84 to 0.92 - a consistent structural relationship.

UPV vs. SCHC - Sectors Allocation Comparison

Sectors	UPV	SCHC
Financial Services	36.9%	15.6%
Basic Materials	-	13.3%
Communication Services	-	2.6%
Consumer Cyclical	-	9.6%
Consumer Defensive	-	3.6%
Energy	-	5.1%
Healthcare	-	5.2%
Industrials	-	19.8%
Real Estate	-	6.2%
Technology	-	8.9%
Utilities	-	2.8%

Return for Risk

UPV vs. SCHC — 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: 26
UPV Calmar Ratio Rank: 27
UPV Martin Ratio Rank: 30

SCHC

SCHC Risk / Return Rank: 33
SCHC Sharpe Ratio Rank: 34
SCHC Sortino Ratio Rank: 33
SCHC Omega Ratio Rank: 33
SCHC Calmar Ratio Rank: 32
SCHC Martin Ratio Rank: 36

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. SCHC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Europe (UPV) and Schwab International Small-Cap Equity ETF (SCHC). 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	SCHC	Difference
Sharpe ratio: Return per unit of total volatility	0.78	0.98	-0.20
Sortino ratio: Return per unit of downside risk	1.27	1.44	-0.16
Omega ratio: Gain probability vs. loss probability	1.15	1.18	-0.03
Calmar ratio: Return relative to maximum drawdown	1.06	1.29	-0.23
Martin ratio: Return relative to average drawdown	3.51	4.29	-0.78

UPV vs. SCHC - Sharpe Ratio Comparison

The current UPV Sharpe Ratio is 0.78, which is comparable to the SCHC Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of UPV and SCHC, 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. SCHC - Drawdown Comparison

The maximum UPV drawdown since its inception was -67.25%, which is greater than SCHC's maximum drawdown of -43.94%. Use the drawdown chart below to compare losses from any high point for UPV and SCHC.

Drawdown Indicators

	UPV	SCHC	Difference
Max Drawdown Largest peak-to-trough decline	-67.25%	-43.94%	-23.31%
Max Drawdown (1Y) Largest decline over 1 year	-23.41%	-12.48%	-10.93%
Max Drawdown (3Y) Largest decline over 3 years	-27.54%	-15.52%	-12.02%
Max Drawdown (5Y) Largest decline over 5 years	-58.33%	-36.48%	-21.85%
Max Drawdown (10Y) Largest decline over 10 years	-67.25%	-43.94%	-23.31%
Current Drawdown Current decline from peak	-6.23%	-6.99%	+0.76%
Average Drawdown Average peak-to-trough decline	-20.73%	-10.02%	-10.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.04%	3.74%	+3.30%

Volatility

UPV vs. SCHC - Volatility Comparison

ProShares Ultra Europe (UPV) has a higher volatility of 9.50% compared to Schwab International Small-Cap Equity ETF (SCHC) at 5.24%. This indicates that UPV's price experiences larger fluctuations and is considered to be riskier than SCHC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPV	SCHC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.50%	5.24%	+4.26%
Volatility (6M) Calculated over the trailing 6-month period	27.31%	14.29%	+13.02%
Volatility (1Y) Calculated over the trailing 1-year period	31.73%	16.39%	+15.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.54%	17.65%	+17.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.14%	17.80%	+18.34%

UPV vs. SCHC - Expense Ratio Comparison

UPV has a 0.95% expense ratio, which is higher than SCHC's 0.08% expense ratio.

Dividends

UPV vs. SCHC - Dividend Comparison

UPV's dividend yield for the trailing twelve months is around 2.28%, less than SCHC's 3.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHC Schwab International Small-Cap Equity ETF	3.52%	3.66%	3.72%	2.94%	1.78%	3.02%	1.62%	3.23%	2.51%	2.73%	2.01%	2.34%
UPV ProShares Ultra Europe	2.28%	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 SCHC in my portfolio?

UPV and SCHC have a correlation of 0.88, 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 SCHC?

UPV has higher volatility (9.50%) compared to SCHC (5.24%). In terms of maximum drawdown, UPV dropped -67.25% vs SCHC's -43.94%.

Which ETF is better, UPV or SCHC?

On 10-year performance, UPV leads with 11.66% vs 7.89% for SCHC. On fees, SCHC is cheaper at 0.08% per year. On volatility, SCHC has been the lower-risk option at 5.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPV or SCHC?

Over the 10-year period, UPV has performed better with a 11.66% return vs 7.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPV or SCHC?

SCHC is cheaper with a 0.08% expense ratio, compared with 0.95% for UPV.

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

SCHC has the higher dividend yield at 3.52%, compared with 2.28% for UPV.

What is the main difference between UPV and SCHC?

UPV is categorized as Leveraged Equities, while SCHC is Foreign Small & Mid Cap Equities. UPV tracks MSCI Europe Index (200%), while SCHC tracks FTSE Developed Small Cap ex U.S. Liquid Index. They also come from different issuers: ProShares and Charles Schwab. Their fees differ too: 0.95% for UPV and 0.08% for SCHC.

Which has better risk-adjusted returns?

SCHC currently has the higher Sharpe Ratio (0.98 vs 0.78), 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.