EURL vs UPV: which held to its multiple?
Over three months against its own daily promise, EURL finished 2.6 points short and UPV 1.5 points short. Direxion Daily FTSE Europe Bull 3X ETF and ProShares Ultra FTSE Europe.
EURL returned −6.3% while 3 times VGK's move would have been −2.6%
UPV returned −3.5% while 2 times VGK's move would have been −1.7%
A percentile among the 470 leveraged ETFs, long, over three months. 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 | EURL | UPV | EURL | UPV | EURL | UPV |
| 1 month | −16.1% | −10.5% | −15.2% | −10.1% | −0.9 pts | −0.4 pts |
| 3 months | −6.3% | −3.5% | −2.6% | −1.7% | −3.7 pts | −1.8 pts |
| 6 months | +7.2% | +6.7% | +16.4% | +11.0% | −9.3 pts | −4.2 pts |
| 1 year | +17.5% | +15.4% | +36.3% | +24.2% | −18.8 pts | −8.8 pts |
| 3 years | +152.9% | +107.4% | +193.5% | +129.0% | −40.6 pts | −21.6 pts |
| Since launch EURL Jan 2014 · UPV May 2010 | +23.9% | +354.2% | not meaningful | not meaningful | not meaningful | not meaningful |
EURL 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
EURL and UPV on the same fields, as of Sep 30, 2026. Source: ETFIQ.
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 one day it does that. 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. 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, EURL or UPV?
- Over the window to Sep 30, 2026, EURL finished 3.7 points from what its multiple implies and UPV finished 1.8 points from its own, so UPV came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are EURL and UPV levered on the same thing?
- Yes. Both are levered on Vanguard FTSEEuropean ETF, EURL at +3 times and UPV at +2 times the daily move.
- Which one decays faster, EURL or UPV?
- Decay follows how much the underlying moves about. Over this window EURL’s moved at 12% annualized and UPV’s at 12%, so EURL has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold EURL 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.
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.
ETFIQ, EURL against UPV, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/eurl-vs-upv
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, EURL against UPV, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/eurl-vs-upv Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, EURL against UPV, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/eurl-vs-upv
- APA
- ETFIQ. (Sep 30, 2026). EURL against UPV. Retrieved from https://etfiq.com/compare/leverage/eurl-vs-upv
- Markdown
- [EURL against UPV (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/eurl-vs-upv)