UPV vs. SCHF

Last updated Jun 23, 2026

UPV (ProShares Ultra Europe) and SCHF (Schwab International Equity ETF) are both exchange-traded funds - UPV is a Leveraged Equities fund tracking the MSCI Europe Index (200%), while SCHF is a Foreign Large Cap Equities fund tracking the FTSE Developed ex U.S. Index. Both are passively managed. Over the past 10 years, UPV returned 12.77%/yr vs 11.18%/yr for SCHF. Their correlation of 0.89 suggests significant overlap in exposure. UPV charges 0.95%/yr vs 0.06%/yr for SCHF.

Performance

UPV vs. SCHF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Europe (UPV) and Schwab International Equity ETF (SCHF). 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 lower than SCHF's 17.68% return. Over the past 10 years, UPV has outperformed SCHF with an annualized return of 12.77%, while SCHF has yielded a comparatively lower 11.18% 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%

SCHF

• 1D: 0.21%
• 1M: 3.82%
• YTD: 17.68%
• 6M: 18.27%
• 1Y: 36.30%
• 3Y*: 20.89%
• 5Y*: 10.67%
• 10Y*: 11.18%

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

UPV vs. SCHF - 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%
SCHF Schwab International Equity ETF	17.68%	34.55%	3.28%	18.35%	-14.80%	11.40%	9.48%	22.26%	-14.29%	26.03%

Correlation

The correlation between UPV and SCHF is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since May 7, 2010	0.89

The correlation between UPV and SCHF has been stable across timeframes, ranging from 0.89 to 0.96 - a consistent structural relationship.

UPV vs. SCHF - Sectors Allocation Comparison

Sectors	UPV	SCHF
Financial Services	37.5%	23.3%
Basic Materials	-	7.4%
Communication Services	-	3.6%
Consumer Cyclical	-	7.3%
Consumer Defensive	-	5.7%
Energy	-	4.7%
Healthcare	-	7.0%
Industrials	-	18.1%
Real Estate	-	2.0%
Technology	-	17.6%
Utilities	-	3.2%

Return for Risk

UPV vs. SCHF — 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

SCHF

SCHF Risk / Return Rank: 68
SCHF Sharpe Ratio Rank: 71
SCHF Sortino Ratio Rank: 68
SCHF Omega Ratio Rank: 70
SCHF Calmar Ratio Rank: 66
SCHF Martin Ratio Rank: 68

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. SCHF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Europe (UPV) and Schwab International Equity ETF (SCHF). 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	SCHF	Difference
Sharpe ratio: Return per unit of total volatility	1.16	2.20	-1.04
Sortino ratio: Return per unit of downside risk	1.71	2.97	-1.26
Omega ratio: Gain probability vs. loss probability	1.21	1.40	-0.19
Calmar ratio: Return relative to maximum drawdown	1.55	3.18	-1.62
Martin ratio: Return relative to average drawdown	5.22	12.22	-7.00

UPV vs. SCHF - Sharpe Ratio Comparison

The current UPV Sharpe Ratio is 1.16, which is lower than the SCHF Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of UPV and SCHF, 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. SCHF - Drawdown Comparison

The maximum UPV drawdown since its inception was -67.25%, which is greater than SCHF's maximum drawdown of -34.87%. Use the drawdown chart below to compare losses from any high point for UPV and SCHF.

Drawdown Indicators

	UPV	SCHF	Difference
Max Drawdown Largest peak-to-trough decline	-67.25%	-34.87%	-32.38%
Max Drawdown (1Y) Largest decline over 1 year	-23.41%	-11.48%	-11.93%
Max Drawdown (3Y) Largest decline over 3 years	-27.54%	-13.41%	-14.13%
Max Drawdown (5Y) Largest decline over 5 years	-58.33%	-29.14%	-29.19%
Max Drawdown (10Y) Largest decline over 10 years	-67.25%	-34.87%	-32.38%
Current Drawdown Current decline from peak	-4.76%	0.00%	-4.76%
Average Drawdown Average peak-to-trough decline	-20.78%	-7.36%	-13.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.95%	2.98%	+3.97%

Volatility

UPV vs. SCHF - Volatility Comparison

ProShares Ultra Europe (UPV) has a higher volatility of 9.63% compared to Schwab International Equity ETF (SCHF) at 6.42%. This indicates that UPV's price experiences larger fluctuations and is considered to be riskier than SCHF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPV	SCHF	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.63%	6.42%	+3.21%
Volatility (6M) Calculated over the trailing 6-month period	26.70%	14.43%	+12.27%
Volatility (1Y) Calculated over the trailing 1-year period	31.51%	16.63%	+14.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.51%	16.55%	+18.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.96%	17.21%	+19.75%

UPV vs. SCHF - Expense Ratio Comparison

UPV has a 0.95% expense ratio, which is higher than SCHF's 0.06% expense ratio.

Dividends

UPV vs. SCHF - Dividend Comparison

UPV's dividend yield for the trailing twelve months is around 2.07%, less than SCHF's 2.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHF Schwab International Equity ETF	2.90%	3.42%	3.26%	2.97%	2.80%	3.19%	2.08%	2.95%	3.06%	2.35%	2.58%	2.26%
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 SCHF in my portfolio?

With a correlation of 0.94, UPV and SCHF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, UPV or SCHF?

UPV has higher volatility (9.63%) compared to SCHF (6.42%). In terms of maximum drawdown, UPV dropped -67.25% vs SCHF's -34.87%.

Which ETF is better, UPV or SCHF?

On 10-year performance, UPV leads with 12.77% vs 11.18% for SCHF. On fees, SCHF is cheaper at 0.06% per year. On volatility, SCHF has been the lower-risk option at 6.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPV or SCHF?

Over the 10-year period, UPV has performed better with a 12.77% return vs 11.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPV or SCHF?

SCHF is cheaper with a 0.06% expense ratio, compared with 0.95% for UPV.

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

SCHF has the higher dividend yield at 2.90%, compared with 2.07% for UPV.

What is the main difference between UPV and SCHF?

UPV is categorized as Leveraged Equities, while SCHF is Foreign Large Cap Equities. UPV tracks MSCI Europe Index (200%), while SCHF tracks FTSE Developed ex U.S. Index. They also come from different issuers: ProShares and Charles Schwab. Their fees differ too: 0.95% for UPV and 0.06% for SCHF.

Which has better risk-adjusted returns?

SCHF currently has the higher Sharpe Ratio (2.20 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.