UPV vs. UPRO

Last updated Jun 23, 2026

UPV (ProShares Ultra Europe) and UPRO (ProShares UltraPro S&P 500) are both Leveraged Equities funds from ProShares - UPV tracks the MSCI Europe Index (200%) while UPRO tracks the S&P 500. Both are passively managed. Over the past 10 years, UPV returned 12.77%/yr vs 30.75%/yr for UPRO. A 0.71 correlation means they provide meaningful diversification when combined. UPV charges 0.95%/yr vs 0.89%/yr for UPRO.

Performance

UPV vs. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Europe (UPV) and ProShares UltraPro S&P 500 (UPRO). 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 UPRO's 22.44% return. Over the past 10 years, UPV has underperformed UPRO with an annualized return of 12.77%, while UPRO has yielded a comparatively higher 30.75% 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%

UPRO

• 1D: -0.97%
• 1M: -1.16%
• YTD: 22.44%
• 6M: 20.56%
• 1Y: 74.57%
• 3Y*: 48.38%
• 5Y*: 21.85%
• 10Y*: 30.75%

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

UPV vs. UPRO - 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%
UPRO ProShares UltraPro S&P 500	22.44%	31.88%	63.57%	68.53%	-56.84%	98.64%	10.09%	102.30%	-25.11%	71.37%

Correlation

The correlation between UPV and UPRO is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since May 7, 2010	0.71

The correlation between UPV and UPRO has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.

UPV vs. UPRO - Sectors Allocation Comparison

Sectors	UPV	UPRO
Financial Services	37.5%	11.1%
Basic Materials	-	1.7%
Communication Services	-	10.6%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.5%
Energy	-	3.1%
Healthcare	-	8.3%
Industrials	-	7.8%
Real Estate	-	1.8%
Technology	-	39.1%
Utilities	-	2.1%

Return for Risk

UPV vs. UPRO — 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

UPRO

UPRO Risk / Return Rank: 59
UPRO Sharpe Ratio Rank: 63
UPRO Sortino Ratio Rank: 53
UPRO Omega Ratio Rank: 55
UPRO Calmar Ratio Rank: 58
UPRO Martin Ratio Rank: 65

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. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Europe (UPV) and ProShares UltraPro S&P 500 (UPRO). 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	UPRO	Difference
Sharpe ratio: Return per unit of total volatility	1.16	2.02	-0.87
Sortino ratio: Return per unit of downside risk	1.71	2.47	-0.76
Omega ratio: Gain probability vs. loss probability	1.21	1.33	-0.12
Calmar ratio: Return relative to maximum drawdown	1.55	2.80	-1.25
Martin ratio: Return relative to average drawdown	5.22	11.45	-6.23

UPV vs. UPRO - Sharpe Ratio Comparison

The current UPV Sharpe Ratio is 1.16, which is lower than the UPRO Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of UPV and UPRO, 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. UPRO - Drawdown Comparison

The maximum UPV drawdown since its inception was -67.25%, smaller than the maximum UPRO drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for UPV and UPRO.

Drawdown Indicators

	UPV	UPRO	Difference
Max Drawdown Largest peak-to-trough decline	-67.25%	-76.82%	+9.57%
Max Drawdown (1Y) Largest decline over 1 year	-23.41%	-26.78%	+3.37%
Max Drawdown (3Y) Largest decline over 3 years	-27.54%	-48.87%	+21.33%
Max Drawdown (5Y) Largest decline over 5 years	-58.33%	-63.94%	+5.61%
Max Drawdown (10Y) Largest decline over 10 years	-67.25%	-76.82%	+9.57%
Current Drawdown Current decline from peak	-4.76%	-6.26%	+1.50%
Average Drawdown Average peak-to-trough decline	-20.78%	-14.39%	-6.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.95%	6.53%	+0.42%

Volatility

UPV vs. UPRO - Volatility Comparison

The current volatility for ProShares Ultra Europe (UPV) is 9.63%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 14.03%. This indicates that UPV experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPV	UPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.63%	14.03%	-4.40%
Volatility (6M) Calculated over the trailing 6-month period	26.70%	29.21%	-2.51%
Volatility (1Y) Calculated over the trailing 1-year period	31.51%	37.15%	-5.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.51%	50.59%	-15.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.96%	53.89%	-16.93%

UPV vs. UPRO - Expense Ratio Comparison

UPV has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.

Dividends

UPV vs. UPRO - Dividend Comparison

UPV's dividend yield for the trailing twelve months is around 2.07%, more than UPRO's 0.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UPRO ProShares UltraPro S&P 500	0.71%	0.84%	0.93%	0.74%	0.52%	0.06%	0.11%	0.41%	0.63%	0.00%	0.12%	0.34%
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 UPRO in my portfolio?

UPV and UPRO have a correlation of 0.74, 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 UPRO?

UPRO has higher volatility (14.03%) compared to UPV (9.63%). In terms of maximum drawdown, UPV dropped -67.25% vs UPRO's -76.82%.

Which ETF is better, UPV or UPRO?

On 10-year performance, UPRO leads with 30.75% vs 12.77% for UPV. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPV has been the lower-risk option at 9.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPV or UPRO?

Over the 10-year period, UPRO has performed better with a 30.75% return vs 12.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPV or UPRO?

UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for UPV.

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

UPV has the higher dividend yield at 2.07%, compared with 0.71% for UPRO.

What is the main difference between UPV and UPRO?

UPV tracks MSCI Europe Index (200%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for UPV and 0.89% for UPRO.

Which has better risk-adjusted returns?

UPRO currently has the higher Sharpe Ratio (2.02 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.