UPV vs. UVXY
UPV (ProShares Ultra Europe) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - UPV is a Leveraged Equities fund tracking the MSCI Europe Index (200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, UPV returned 11.66%/yr vs -72.05%/yr for UVXY. At a correlation of -0.59, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
UPV vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, UPV achieves a 8.72% return, which is significantly higher than UVXY's -32.31% return. Over the past 10 years, UPV has outperformed UVXY with an annualized return of 11.66%, while UVXY has yielded a comparatively lower -72.05% annualized return.
UPV
- 1D
- -1.70%
- 1M
- -1.91%
- 6M
- 2.53%
- YTD
- 8.72%
- 1Y
- 24.66%
- 3Y*
- 21.43%
- 5Y*
- 8.50%
- 10Y*
- 11.66%
UVXY
- 1D
- 4.92%
- 1M
- -15.35%
- 6M
- -29.18%
- YTD
- -32.31%
- 1Y
- -71.44%
- 3Y*
- -61.73%
- 5Y*
- -67.56%
- 10Y*
- -72.05%
UPV vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UPV ProShares Ultra Europe | 8.72% | 68.63% | -4.51% | 32.16% | -36.58% | 32.38% | -3.15% | 47.04% | -32.64% | 57.44% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -32.31% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between UPV and UVXY is -0.61, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.61 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.57 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.59 |
The correlation between UPV and UVXY has been stable across timeframes, ranging from -0.61 to -0.57 - a consistent structural relationship.
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Return for Risk
UPV vs. UVXY — Risk / Return Rank
UPV
UVXY
UPV vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Europe (UPV) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.62 | ||
| Sortino ratioReturn per unit of downside risk | +2.77 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.83 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 1.06 | -0.98 | +2.03 |
| Martin ratioReturn relative to average drawdown | 3.51 | -1.46 | +4.97 |
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Drawdowns
UPV vs. UVXY - Drawdown Comparison
The maximum UPV drawdown since its inception was -67.25%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UPV and UVXY.
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Drawdown Indicators
| UPV | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.25% | -100.00% | +32.75% |
Max Drawdown (1Y)Largest decline over 1 year | -23.41% | -73.42% | +50.01% |
Max Drawdown (3Y)Largest decline over 3 years | -27.54% | -95.32% | +67.78% |
Max Drawdown (5Y)Largest decline over 5 years | -58.33% | -99.74% | +41.41% |
Max Drawdown (10Y)Largest decline over 10 years | -67.25% | -100.00% | +32.75% |
Current DrawdownCurrent decline from peak | -6.23% | -100.00% | +93.77% |
Average DrawdownAverage peak-to-trough decline | -20.73% | -98.75% | +78.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.04% | 48.91% | -41.87% |
Volatility
UPV vs. UVXY - Volatility Comparison
The current volatility for ProShares Ultra Europe (UPV) is 9.50%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 21.23%. This indicates that UPV experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UPV | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.50% | 21.23% | -11.73% |
Volatility (6M)Calculated over the trailing 6-month period | 27.31% | 66.69% | -39.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.73% | 85.49% | -53.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.54% | 103.84% | -68.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.14% | 112.03% | -75.89% |
UPV vs. UVXY - Expense Ratio Comparison
Both UPV and UVXY have an expense ratio of 0.95%.
Dividends
UPV vs. UVXY - Dividend Comparison
UPV's dividend yield for the trailing twelve months is around 2.28%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
UPV ProShares Ultra Europe | 2.28% | 2.11% | 2.70% | 1.57% | 0.00% | 0.00% | 0.00% | 0.65% | 3.80% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UPV and UVXY have a correlation of -0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (21.23%) compared to UPV (9.50%). In terms of maximum drawdown, UPV dropped -67.25% vs UVXY's -100.00%.
On 10-year performance, UPV leads with 11.66% vs -72.05% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UPV has been the lower-risk option at 9.50%. 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 11.66% return vs -72.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPV and UVXY have the same expense ratio: 0.95% per year.
UPV has the higher dividend yield at 2.28%, compared with 0.00% for UVXY.
UPV is categorized as Leveraged Equities, while UVXY is Volatility. UPV tracks MSCI Europe Index (200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UPV currently has the higher Sharpe Ratio (0.78 vs -0.84), 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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