Which came closer to its stated multiple, EPV or EURL?

Over the window to Sep 30, 2026, EPV finished 0.7 points from what its multiple implies and EURL finished 3.7 points from its own, so EPV came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are EPV and EURL levered on the same thing?

Yes. Both are levered on Vanguard FTSEEuropean ETF, EPV at -2 times and EURL at +3 times the daily move.

Which one decays faster, EPV or EURL?

Decay follows how much the underlying moves about. Over this window EPV’s moved at 12% annualized and EURL’s at 12%, so EPV has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold EPV or EURL for a year?

Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.

Which is cheaper, EPV or EURL?

EPV charges 0.95% a year and EURL charges 1.04%, so EPV is cheaper. Fees come from each fund's prospectus.

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EPV vs EURL: which held to its multiple?

Over three months against its own daily promise, EPV finished 1.8 points over and EURL 2.6 points short. ProShares UltraShort FTSE Europe and Direxion Daily FTSE Europe Bull 3X ETF.

+2.4%

EPV returned, 3 months

−6.3%

EURL returned, 3 months

+0.7 pts

EPV from its stated multiple

−3.7 pts

EURL from its stated multiple

EPV · 3 months to Sep 30, 20260.7 pts ahead of its stated multiple

EPV returned +2.4% while −2 times VGK's move would have been +1.7%

EURL · 3 months to Sep 30, 20263.7 pts short of its stated multiple

EURL returned −6.3% while 3 times VGK's move would have been −2.6%

ETFIQ Decay Resistance Score · EPV scores higherDid it keep up with its own daily multiple, compounded day by day?

EPV among the 125 inverse ETFs over three months

EPV 63.2

0.4, the lowest in this set99.6, the highest

EURL among the 470 leveraged ETFs, long, over three months

EURL 50.9

0.1, the lowest in this set99.9, the highest

A percentile among the 125 inverse ETFs over three months. EURL is a percentile among the 470 leveraged ETFs, long, over three months, a different set, so the two marks are not on one scale. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →

Performance, window by window

	Total return		Multiple would give		Difference
Window	EPV	EURL	EPV	EURL	EPV	EURL
1 month	+10.8%	−16.1%	+10.1%	−15.2%	+0.7 pts	−0.9 pts
3 months	+2.4%	−6.3%	+1.7%	−2.6%	+0.7 pts	−3.7 pts
6 months	−10.2%	+7.2%	−11.0%	+16.4%	+0.7 pts	−9.3 pts
1 year	−20.1%	+17.5%	−24.2%	+36.3%	+4.1 pts	−18.8 pts
3 years	−60.6%	+152.9%	−129.0%	+193.5%	+68.4 pts	−40.6 pts
Since launch EPV Jan 2010 · EURL Jan 2014	−98.7%	+23.9%	not meaningful	not meaningful	not meaningful	not meaningful

EPV and EURL over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

EPV

ProShares UltraShort FTSE Europe · Aims to return twice the opposite of the daily move of Vanguard FTSEEuropean ETF (VGK)

EURL

Direxion Daily FTSE Europe Bull 3X ETF · Aims to return three times the daily move of Vanguard FTSEEuropean ETF (VGK)

Issuer ProShares Direxion

Sets out to return -2x +3x

Underlying asset VGK VGK

Segment country country

Fund returned, 3 months or since launch +2.4% −6.3%

Underlying returned, over that window −0.9% −0.9%

What the stated multiple implies, over that window +1.7% −2.6%

Difference from stated, over that window +0.7 pts −3.7 pts

Fund returned, 1 year or since launch −20.1% +17.5%

Difference from stated, over that window +4.1 pts −18.8 pts

Underlying volatility 12% 12%

Expense ratio 0.95% 1.04%

Launched Jan 4, 2010 Jan 22, 2014

Net assets $10m $40m

EPV and EURL on the same fields, as of Sep 30, 2026. Source: ETFIQ.

EPV in plain words

Three months to Sep 30, 2026: EPV returned +2.4% where its own daily promise gave +0.6%, 1.8 points over. Read the multiple against the whole window instead and −2 times VGK's −0.9% implies +1.7%, which makes EPV look 0.7 points over. 1.1 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. EPV aims to return -2 times VGK's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. VGK moved at 12% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.

EURL in plain words

Three months to Sep 30, 2026: EURL returned −6.3% where its own daily promise gave −3.6%, 2.6 points short. Read the multiple against the whole window instead and 3 times VGK's −0.9% implies −2.6%, which makes EURL look 3.7 points short. 1.1 of that is daily compounding, which happens to any 3 times fund over the same path, and the rest is the fund. EURL aims to return +3 times VGK's move each day, then resets. Over longer, the daily results compound, so the total is not +3 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.

Questions people ask

Which came closer to its stated multiple, EPV or EURL?: Over the window to Sep 30, 2026, EPV finished 0.7 points from what its multiple implies and EURL finished 3.7 points from its own, so EPV came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are EPV and EURL levered on the same thing?: Yes. Both are levered on Vanguard FTSEEuropean ETF, EPV at -2 times and EURL at +3 times the daily move.
Which one decays faster, EPV or EURL?: Decay follows how much the underlying moves about. Over this window EPV’s moved at 12% annualized and EURL’s at 12%, so EPV has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold EPV or EURL for a year?: Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Which is cheaper, EPV or EURL?: EPV charges 0.95% a year and EURL charges 1.04%, so EPV is cheaper. Fees come from each fund's prospectus.

Other comparisons

EPV vs UPV EPV vs XEUR EURL vs UPV EURL vs XEUR

VGK →EPV on its own →EURL on its own →How every figure is computed →Standards and sources →

Where these figures came from

EPV filings on SEC EDGAR ↗EPV prospectus with the expense ratio (SEC) ↗ProShares page for EPV ↗EURL filings on SEC EDGAR ↗EURL prospectus with the expense ratio (SEC) ↗Direxion website ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, EPV against EURL, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/epv-vs-eurl

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.