UPV vs. USD

Last updated Jun 5, 2026

UPV (ProShares Ultra Europe) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds from ProShares - UPV tracks the MSCI Europe Index (200%) while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, UPV returned 10.86%/yr vs 61.24%/yr for USD. A 0.53 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

UPV vs. USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Europe (UPV) and ProShares Ultra Semiconductors (USD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPV achieves a 9.44% return, which is significantly lower than USD's 103.32% return. Over the past 10 years, UPV has underperformed USD with an annualized return of 10.86%, while USD has yielded a comparatively higher 61.24% annualized return.

UPV

• 1D: 2.14%
• 1M: 3.94%
• YTD: 9.44%
• 6M: 15.57%
• 1Y: 29.48%
• 3Y*: 25.27%
• 5Y*: 8.07%
• 10Y*: 10.86%

USD

• 1D: -4.99%
• 1M: 31.62%
• YTD: 103.32%
• 6M: 97.79%
• 1Y: 250.81%
• 3Y*: 125.78%
• 5Y*: 67.80%
• 10Y*: 61.24%

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

UPV vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPV ProShares Ultra Europe	9.44%	68.63%	-4.51%	32.16%	-36.58%	32.38%	-3.15%	47.04%	-32.64%	57.44%
USD ProShares Ultra Semiconductors	103.32%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%

Correlation

The correlation between UPV and USD is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since May 10, 2010	0.53

The correlation between UPV and USD has been stable across timeframes, ranging from 0.44 to 0.54 - a consistent structural relationship.

UPV vs. USD - Sectors Allocation Comparison

Sectors	UPV	USD
Financial Services	35.5%	27.8%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	27.4%
Utilities	-	-

Return for Risk

UPV vs. USD — 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: 27
UPV Calmar Ratio Rank: 27
UPV Martin Ratio Rank: 30

USD

USD Risk / Return Rank: 89
USD Sharpe Ratio Rank: 96
USD Sortino Ratio Rank: 82
USD Omega Ratio Rank: 81
USD Calmar Ratio Rank: 95
USD Martin Ratio Rank: 92

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. 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 ratio: Return per unit of total volatility	0.96	4.12	-3.16
Sortino ratio: Return per unit of downside risk	1.47	3.62	-2.15
Omega ratio: Gain probability vs. loss probability	1.18	1.48	-0.30
Calmar ratio: Return relative to maximum drawdown	1.26	7.94	-6.68
Martin ratio: Return relative to average drawdown	4.31	22.96	-18.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UPV vs. USD - Sharpe Ratio Comparison

The current UPV Sharpe Ratio is 0.96, which is lower than the USD Sharpe Ratio of 4.12. The chart below compares the historical Sharpe Ratios of UPV and USD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UPV	USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.96	4.12	-3.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.89	-0.66
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.89	-0.59
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.49	-0.23

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.

Drawdown Indicators

	UPV	USD	Difference
Max Drawdown Largest 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 (3Y) Largest decline over 3 years	-27.54%	-64.46%	+36.92%
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 Drawdown Current decline from peak	-5.61%	-6.07%	+0.46%
Average Drawdown Average peak-to-trough decline	-20.82%	-32.35%	+11.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.86%	10.98%	-4.12%

Volatility

UPV vs. USD - Volatility Comparison

The current volatility for ProShares Ultra Europe (UPV) is 11.30%, while ProShares Ultra Semiconductors (USD) has a volatility of 21.29%. 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.

Volatility by Period

	UPV	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.30%	21.29%	-9.99%
Volatility (6M) Calculated over the trailing 6-month period	25.67%	46.74%	-21.07%
Volatility (1Y) Calculated over the trailing 1-year period	30.76%	61.28%	-30.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.39%	76.56%	-41.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.14%	69.24%	-32.10%

UPV vs. USD - Expense Ratio Comparison

Both UPV and USD have an expense ratio of 0.95%.

Dividends

UPV vs. USD - Dividend Comparison

UPV's dividend yield for the trailing twelve months is around 2.09%, more than USD's 0.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UPV ProShares Ultra Europe	2.09%	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	0.23%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%

Frequently Asked Questions

Can I hold both UPV and USD in my portfolio?

UPV and USD have a correlation of 0.44, 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 USD?

USD has higher volatility (21.29%) compared to UPV (11.30%). In terms of maximum drawdown, UPV dropped -67.25% vs USD's -88.63%.

Which ETF is better, UPV or USD?

On 10-year performance, USD leads with 61.24% vs 10.86% for UPV. Both ETFs have the same 0.95% expense ratio. On volatility, UPV has been the lower-risk option at 11.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPV or USD?

Over the 10-year period, USD has performed better with a 61.24% return vs 10.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPV or USD?

UPV and USD have the same expense ratio: 0.95% per year.

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

UPV has the higher dividend yield at 2.09%, compared with 0.23% for USD.

What is the main difference between UPV and USD?

UPV tracks MSCI Europe Index (200%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (4.12 vs 0.96), 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.