VGER.DE vs. UPRO

Last updated Jun 5, 2026

VGER.DE (Vanguard Germany All Cap UCITS ETF Dist) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - VGER.DE is a Europe Equities fund tracking the FTSE Germany All Cap, while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 5 years, VGER.DE returned 7.30%/yr vs 24.54%/yr for UPRO. At a 0.47 correlation, their price movements are largely independent. VGER.DE charges 0.10%/yr vs 0.89%/yr for UPRO.

Performance

VGER.DE vs. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Vanguard Germany All Cap UCITS ETF Dist (VGER.DE) and ProShares UltraPro S&P 500 (UPRO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VGER.DE is traded in EUR, while UPRO is traded in USD. To make them comparable, the UPRO values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, VGER.DE achieves a 2.83% return, which is significantly lower than UPRO's 30.76% return.

VGER.DE

• 1D: 0.30%
• 1M: 2.57%
• YTD: 2.83%
• 6M: 5.80%
• 1Y: 2.42%
• 3Y*: 14.77%
• 5Y*: 7.30%
• 10Y*: —

UPRO

• 1D: 0.95%
• 1M: 14.01%
• YTD: 30.76%
• 6M: 28.06%
• 1Y: 80.03%
• 3Y*: 49.40%
• 5Y*: 24.54%
• 10Y*: 29.75%

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

VGER.DE vs. UPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VGER.DE Vanguard Germany All Cap UCITS ETF Dist	2.83%	21.13%	16.18%	19.26%	-17.51%	12.84%	3.89%	23.04%	-15.57%
UPRO ProShares UltraPro S&P 500	30.76%	16.23%	74.36%	63.48%	-54.17%	113.50%	1.01%	106.87%	-30.86%

Correlation

The correlation between VGER.DE and UPRO is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (All Time) Calculated using the full available price history since Jul 20, 2018	0.47

Return for Risk

VGER.DE vs. UPRO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VGER.DE

VGER.DE Risk / Return Rank: 11
VGER.DE Sharpe Ratio Rank: 11
VGER.DE Sortino Ratio Rank: 11
VGER.DE Omega Ratio Rank: 11
VGER.DE Calmar Ratio Rank: 12
VGER.DE Martin Ratio Rank: 12

UPRO

UPRO Risk / Return Rank: 66
UPRO Sharpe Ratio Rank: 74
UPRO Sortino Ratio Rank: 61
UPRO Omega Ratio Rank: 62
UPRO Calmar Ratio Rank: 64
UPRO Martin Ratio Rank: 71

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.

VGER.DE vs. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Germany All Cap UCITS ETF Dist (VGER.DE) 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.

	VGER.DE	UPRO	Difference
Sharpe ratio: Return per unit of total volatility	0.15	2.33	-2.17
Sortino ratio: Return per unit of downside risk	0.33	2.72	-2.39
Omega ratio: Gain probability vs. loss probability	1.04	1.37	-0.33
Calmar ratio: Return relative to maximum drawdown	0.21	3.16	-2.95
Martin ratio: Return relative to average drawdown	0.59	12.80	-12.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGER.DE vs. UPRO - Sharpe Ratio Comparison

The current VGER.DE Sharpe Ratio is 0.15, which is lower than the UPRO Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of VGER.DE 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.

Sharpe Ratios by Period

	VGER.DE	UPRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.15	2.33	-2.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	0.50	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.56	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.70	-0.31

Drawdowns

VGER.DE vs. UPRO - Drawdown Comparison

The maximum VGER.DE drawdown since its inception was -38.64%, smaller than the maximum UPRO drawdown of -76.64%. Use the drawdown chart below to compare losses from any high point for VGER.DE and UPRO.

Drawdown Indicators

	VGER.DE	UPRO	Difference
Max Drawdown Largest peak-to-trough decline	-38.64%	-76.64%	+38.00%
Max Drawdown (1Y) Largest decline over 1 year	-11.74%	-25.49%	+13.75%
Max Drawdown (3Y) Largest decline over 3 years	-15.63%	-51.35%	+35.72%
Max Drawdown (5Y) Largest decline over 5 years	-31.17%	-58.04%	+26.87%
Max Drawdown (10Y) Largest decline over 10 years	—	-76.64%	—
Current Drawdown Current decline from peak	-1.75%	-0.88%	-0.87%
Average Drawdown Average peak-to-trough decline	-7.16%	-14.04%	+6.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.08%	6.27%	-2.19%

Volatility

VGER.DE vs. UPRO - Volatility Comparison

The current volatility for Vanguard Germany All Cap UCITS ETF Dist (VGER.DE) is 4.79%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 7.52%. This indicates that VGER.DE 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

	VGER.DE	UPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.79%	7.52%	-2.73%
Volatility (6M) Calculated over the trailing 6-month period	12.70%	25.56%	-12.86%
Volatility (1Y) Calculated over the trailing 1-year period	15.77%	34.60%	-18.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.01%	48.98%	-31.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.57%	53.24%	-33.67%

VGER.DE vs. UPRO - Expense Ratio Comparison

VGER.DE has a 0.10% expense ratio, which is lower than UPRO's 0.89% expense ratio.

Dividends

VGER.DE vs. UPRO - Dividend Comparison

VGER.DE's dividend yield for the trailing twelve months is around 2.13%, more than UPRO's 0.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UPRO ProShares UltraPro S&P 500	0.67%	0.84%	0.93%	0.74%	0.52%	0.06%	0.11%	0.41%	0.63%	0.00%	0.12%	0.34%
VGER.DE Vanguard Germany All Cap UCITS ETF Dist	2.13%	2.12%	2.40%	2.96%	4.07%	1.86%	2.93%	2.55%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VGER.DE and UPRO in my portfolio?

VGER.DE and UPRO have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VGER.DE or UPRO?

On fees, VGER.DE is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VGER.DE or UPRO?

VGER.DE is cheaper with a 0.10% expense ratio, compared with 0.89% for UPRO.

What is the main difference between VGER.DE and UPRO?

VGER.DE is categorized as Europe Equities, while UPRO is Leveraged Equities. VGER.DE tracks FTSE Germany All Cap, while UPRO tracks S&P 500. They also come from different issuers: Vanguard and ProShares. Their fees differ too: 0.10% for VGER.DE and 0.89% for UPRO.