UPV vs. USD
Compare and contrast key facts about ProShares Ultra Europe (UPV) and ProShares Ultra Semiconductors (USD).
UPV and USD 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. USD is a passively managed fund by ProShares that tracks the performance of the Dow Jones U.S. Semiconductors Index (200%). It was launched on Jan 30, 2007. Both UPV and USD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
UPV vs. USD - Performance Comparison
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UPV vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UPV ProShares Ultra Europe | -1.60% | 68.63% | -4.51% | 32.16% | -36.58% | 32.38% | -3.15% | 47.04% | -32.64% | 57.44% |
USD ProShares Ultra Semiconductors | -4.90% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Returns By Period
In the year-to-date period, UPV achieves a -1.60% return, which is significantly higher than USD's -4.90% return. Over the past 10 years, UPV has underperformed USD with an annualized return of 10.37%, while USD has yielded a comparatively higher 50.62% annualized 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%
USD
- 1D
- 4.03%
- 1M
- -7.90%
- YTD
- -4.90%
- 6M
- -1.21%
- 1Y
- 145.25%
- 3Y*
- 90.90%
- 5Y*
- 44.58%
- 10Y*
- 50.62%
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UPV vs. USD - Expense Ratio Comparison
Both UPV and USD have an expense ratio of 0.95%.
Return for Risk
UPV vs. USD — Risk / Return Rank
UPV
USD
UPV vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Europe (UPV) and ProShares Ultra Semiconductors (USD). 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 | USD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.05 | 1.90 | -0.84 |
Sortino ratioReturn per unit of downside risk | 1.57 | 2.44 | -0.87 |
Omega ratioGain probability vs. loss probability | 1.22 | 1.34 | -0.12 |
Calmar ratioReturn relative to maximum drawdown | 1.59 | 4.67 | -3.08 |
Martin ratioReturn relative to average drawdown | 5.84 | 12.81 | -6.97 |
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 | USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.05 | 1.90 | -0.84 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.27 | 0.59 | -0.32 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.28 | 0.74 | -0.46 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.24 | 0.41 | -0.17 |
Correlation
The correlation between UPV and USD is 0.53, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
UPV vs. USD - Dividend Comparison
UPV's dividend yield for the trailing twelve months is around 2.33%, more than USD's 0.48% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UPV ProShares Ultra Europe | 2.33% | 2.11% | 2.70% | 1.57% | 0.00% | 0.00% | 0.00% | 0.65% | 3.80% | 0.00% | 0.00% | 0.00% |
USD ProShares Ultra Semiconductors | 0.48% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Drawdowns
UPV vs. USD - Drawdown Comparison
The maximum UPV drawdown since its inception was -67.25%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for UPV and USD.
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Drawdown Indicators
| UPV | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.25% | -88.63% | +21.38% |
Max Drawdown (1Y)Largest decline over 1 year | -23.41% | -31.80% | +8.39% |
Max Drawdown (5Y)Largest decline over 5 years | -58.33% | -77.85% | +19.52% |
Max Drawdown (10Y)Largest decline over 10 years | -67.25% | -77.85% | +10.60% |
Current DrawdownCurrent decline from peak | -15.13% | -21.24% | +6.11% |
Average DrawdownAverage peak-to-trough decline | -20.96% | -32.60% | +11.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.36% | 11.60% | -5.24% |
Volatility
UPV vs. USD - Volatility Comparison
The current volatility for ProShares Ultra Europe (UPV) is 14.58%, while ProShares Ultra Semiconductors (USD) has a volatility of 21.67%. This indicates that UPV experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UPV | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.58% | 21.67% | -7.09% |
Volatility (6M)Calculated over the trailing 6-month period | 21.99% | 48.73% | -26.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.18% | 77.08% | -41.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.00% | 76.24% | -41.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.94% | 68.85% | -31.91% |