UPV vs. TIP
UPV (ProShares Ultra Europe) and TIP (iShares TIPS Bond ETF) are both exchange-traded funds - UPV is a Leveraged Equities fund tracking the MSCI Europe Index (200%), while TIP is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury Inflation Linked Bond Index. Both are passively managed. Over the past 10 years, UPV returned 11.00%/yr vs 2.45%/yr for TIP. At a 0.00 correlation, their price movements are largely independent. UPV charges 0.95%/yr vs 0.18%/yr for TIP.
Performance
UPV vs. TIP - Performance Comparison
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Returns By Period
In the year-to-date period, UPV achieves a 3.97% return, which is significantly higher than TIP's 1.03% return. Over the past 10 years, UPV has outperformed TIP with an annualized return of 11.00%, while TIP has yielded a comparatively lower 2.45% annualized return.
UPV
- 1D
- -2.62%
- 1M
- -3.09%
- YTD
- 3.97%
- 6M
- 8.23%
- 1Y
- 21.77%
- 3Y*
- 22.85%
- 5Y*
- 6.67%
- 10Y*
- 11.00%
TIP
- 1D
- -0.10%
- 1M
- -0.75%
- YTD
- 1.03%
- 6M
- 0.84%
- 1Y
- 4.70%
- 3Y*
- 3.72%
- 5Y*
- 0.84%
- 10Y*
- 2.45%
UPV vs. TIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UPV ProShares Ultra Europe | 3.97% | 68.63% | -4.51% | 32.16% | -36.58% | 32.38% | -3.15% | 47.04% | -32.64% | 57.44% |
TIP iShares TIPS Bond ETF | 1.03% | 6.77% | 1.65% | 3.80% | -12.26% | 5.68% | 10.84% | 8.35% | -1.42% | 2.92% |
Correlation
The correlation between UPV and TIP is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since May 7, 2010 | 0.00 |
Over the past year, UPV and TIP have become more correlated (0.33) than their long-term average of 0.00, meaning their price movements have been converging.
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Return for Risk
UPV vs. TIP — Risk / Return Rank
UPV
TIP
UPV vs. TIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Europe (UPV) and iShares TIPS Bond ETF (TIP). 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 | TIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.70 | ||
| Sortino ratioReturn per unit of downside risk | -1.00 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.25 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.93 | 2.39 | -1.45 |
| Martin ratioReturn relative to average drawdown | 3.14 | 7.15 | -4.01 |
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 | TIP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.70 | 1.40 | -0.70 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | 0.14 | +0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.30 | 0.43 | -0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.24 | 0.57 | -0.33 |
Drawdowns
UPV vs. TIP - Drawdown Comparison
The maximum UPV drawdown since its inception was -67.25%, which is greater than TIP's maximum drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for UPV and TIP.
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Drawdown Indicators
| UPV | TIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.25% | -14.57% | -52.68% |
Max Drawdown (1Y)Largest decline over 1 year | -23.41% | -1.98% | -21.43% |
Max Drawdown (3Y)Largest decline over 3 years | -27.54% | -4.54% | -23.00% |
Max Drawdown (5Y)Largest decline over 5 years | -58.33% | -14.51% | -43.82% |
Max Drawdown (10Y)Largest decline over 10 years | -67.25% | -14.51% | -52.74% |
Current DrawdownCurrent decline from peak | -10.33% | -0.83% | -9.50% |
Average DrawdownAverage peak-to-trough decline | -20.81% | -3.43% | -17.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.96% | 0.66% | +6.30% |
Volatility
UPV vs. TIP - Volatility Comparison
ProShares Ultra Europe (UPV) has a higher volatility of 9.99% compared to iShares TIPS Bond ETF (TIP) at 0.96%. This indicates that UPV's price experiences larger fluctuations and is considered to be riskier than TIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UPV | TIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.99% | 0.96% | +9.03% |
Volatility (6M)Calculated over the trailing 6-month period | 26.19% | 2.32% | +23.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.18% | 3.38% | +27.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.46% | 6.21% | +29.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.10% | 5.74% | +31.36% |
UPV vs. TIP - Expense Ratio Comparison
UPV has a 0.95% expense ratio, which is higher than TIP's 0.18% expense ratio.
Dividends
UPV vs. TIP - Dividend Comparison
UPV's dividend yield for the trailing twelve months is around 2.20%, less than TIP's 3.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TIP iShares TIPS Bond ETF | 3.78% | 3.46% | 2.52% | 2.73% | 6.96% | 4.28% | 1.17% | 1.75% | 2.71% | 2.07% | 1.48% | 0.34% |
UPV ProShares Ultra Europe | 2.20% | 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
UPV and TIP have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPV has higher volatility (9.99%) compared to TIP (0.96%). In terms of maximum drawdown, UPV dropped -67.25% vs TIP's -14.57%.
On 10-year performance, UPV leads with 11.00% vs 2.45% for TIP. On fees, TIP is cheaper at 0.18% per year. On volatility, TIP has been the lower-risk option at 0.96%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPV has performed better with a 11.00% return vs 2.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TIP is cheaper with a 0.18% expense ratio, compared with 0.95% for UPV.
TIP has the higher dividend yield at 3.78%, compared with 2.20% for UPV.
UPV is categorized as Leveraged Equities, while TIP is Inflation-Protected Bonds. UPV tracks MSCI Europe Index (200%), while TIP tracks ICE U.S. Treasury Inflation Linked Bond Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for UPV and 0.18% for TIP.
TIP currently has the higher Sharpe Ratio (1.40 vs 0.70), 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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