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

Over the window to Sep 30, 2026, EPV finished 0.7 points from what its multiple implies and UPV finished 1.8 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 UPV levered on the same thing?

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

Which one decays faster, EPV or UPV?

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

Can I hold EPV or UPV 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 UPV?

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

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EPV vs UPV: which held to its multiple?

Over three months against its own daily promise, EPV finished 1.8 points over and UPV 1.5 points short. ProShares UltraShort FTSE Europe and ProShares Ultra FTSE Europe.

+2.4%

EPV returned, 3 months

−3.5%

UPV returned, 3 months

+0.7 pts

EPV from its stated multiple

−1.8 pts

UPV 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%

UPV · 3 months to Sep 30, 20261.8 pts short of its stated multiple

UPV returned −3.5% while 2 times VGK's move would have been −1.7%

ETFIQ Decay Resistance Score · UPV 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

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

UPV 87.8

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

A percentile among the 125 inverse ETFs over three months. UPV 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	UPV	EPV	UPV	EPV	UPV
1 month	+10.8%	−10.5%	+10.1%	−10.1%	+0.7 pts	−0.4 pts
3 months	+2.4%	−3.5%	+1.7%	−1.7%	+0.7 pts	−1.8 pts
6 months	−10.2%	+6.7%	−11.0%	+11.0%	+0.7 pts	−4.2 pts
1 year	−20.1%	+15.4%	−24.2%	+24.2%	+4.1 pts	−8.8 pts
3 years	−60.6%	+107.4%	−129.0%	+129.0%	+68.4 pts	−21.6 pts
Since launch EPV Jan 2010 · UPV May 2010	−98.7%	+354.2%	not meaningful	not meaningful	not meaningful	not meaningful

EPV and UPV 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)

UPV

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

Issuer ProShares ProShares

Sets out to return -2x +2x

Underlying asset VGK VGK

Segment country country

Fund returned, 3 months or since launch +2.4% −3.5%

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

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

Difference from stated, over that window +0.7 pts −1.8 pts

Fund returned, 1 year or since launch −20.1% +15.4%

Difference from stated, over that window +4.1 pts −8.8 pts

Underlying volatility 12% 12%

Difference over the days both have traded no shared window −1.8 pts

Expense ratio 0.95% 0.95%

Launched Jan 4, 2010 May 7, 2010

Net assets $10m $12m

EPV and UPV 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.

UPV in plain words

Three months to Sep 30, 2026: UPV returned −3.5% where its own daily promise gave −2.1%, 1.5 points short. Read the multiple against the whole window instead and 2 times VGK's −0.9% implies −1.7%, which makes UPV look 1.8 points short. 0.3 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. UPV aims to return +2 times VGK's move each day, then resets. 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.

Questions people ask

Which came closer to its stated multiple, EPV or UPV?: Over the window to Sep 30, 2026, EPV finished 0.7 points from what its multiple implies and UPV finished 1.8 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 UPV levered on the same thing?: Yes. Both are levered on Vanguard FTSEEuropean ETF, EPV at -2 times and UPV at +2 times the daily move.
Which one decays faster, EPV or UPV?: Decay follows how much the underlying moves about. Over this window EPV’s moved at 12% annualized and UPV’s at 12%, so EPV has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold EPV or UPV 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 UPV?: EPV charges 0.95% a year and UPV charges 0.95%, so EPV is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

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

Where these figures came from

EPV and UPV filings on SEC EDGAR ↗EPV and UPV prospectus with the expense ratio (SEC) ↗ProShares page for EPV ↗ProShares page for UPV ↗

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 UPV, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/epv-vs-upv

Open data

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