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

Over the window to Sep 30, 2026, UPV finished 1.8 points from what its multiple implies and XEUR finished 3.3 points from its own, so UPV came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are UPV and XEUR levered on the same thing?

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

Which one decays faster, UPV or XEUR?

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

Can I hold UPV or XEUR 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, UPV or XEUR?

UPV charges 0.95% a year and XEUR charges 0.45%, so XEUR is cheaper. Fees come from each fund's prospectus.

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UPV vs XEUR: which held to its multiple?

Over the days both have traded, UPV finished 1.8 points from its stated multiple and XEUR 3.3. ProShares Ultra FTSE Europe and Corgi Europe Equities 2x Daily ETF.

−3.5%

UPV returned, 3 months

−5.0%

XEUR returned, 3 months

−1.8 pts

UPV from its stated multiple

−3.3 pts

XEUR from its stated multiple

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%

XEUR · 3 months to Sep 30, 20263.3 pts short of its stated multiple

XEUR returned −5.0% 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?

UPV 87.8

XEUR 42.6

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

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	UPV	XEUR	UPV	XEUR	UPV	XEUR
1 month	−10.5%	−11.0%	−10.1%	−10.1%	−0.4 pts	−0.9 pts
3 months	−3.5%	−5.0%	−1.7%	−1.7%	−1.8 pts	−3.3 pts
6 months	+6.7%	not published	+11.0%	not published	−4.2 pts	not published
1 year	+15.4%	not published	+24.2%	not published	−8.8 pts	not published
3 years	+107.4%	not published	+129.0%	not published	−21.6 pts	not published
Since launch UPV May 2010 · XEUR Jun 2026	+354.2%	−3.9%	not meaningful	+0.7%	not meaningful	−4.6 pts

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

On the same fields

UPV

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

XEUR

Corgi Europe Equities 2x Daily ETF · Aims to return twice the daily move of Vanguard FTSEEuropean ETF (VGK)

Issuer ProShares Corgi

Sets out to return +2x +2x

Underlying asset VGK VGK

Segment country index

Fund returned, 3 months or since launch −3.5% −5.0%

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 −1.8 pts −3.3 pts

Fund returned, 1 year or since launch +15.4% −3.9%

Difference from stated, over that window −8.8 pts −4.6 pts

Underlying volatility 12% 12%

Difference over the days both have traded −1.8 pts −3.3 pts

Expense ratio 0.95% 0.45%

Launched May 7, 2010 Jun 3, 2026

Net assets $12m $234,654

UPV and XEUR on the same fields, as of Sep 30, 2026. Source: ETFIQ.

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 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.

XEUR in plain words

Three months to Sep 30, 2026: XEUR returned −5.0% where its own daily promise gave −2.1%, 2.9 points short. Read the multiple against the whole window instead and 2 times VGK's −0.9% implies −1.7%, which makes XEUR look 3.3 points short. XEUR aims to return +2 times VGK's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, UPV or XEUR?: Over the window to Sep 30, 2026, UPV finished 1.8 points from what its multiple implies and XEUR finished 3.3 points from its own, so UPV came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are UPV and XEUR levered on the same thing?: Yes. Both are levered on Vanguard FTSEEuropean ETF, UPV at +2 times and XEUR at +2 times the daily move.
Which one decays faster, UPV or XEUR?: Decay follows how much the underlying moves about. Over this window UPV’s moved at 12% annualized and XEUR’s at 12%, so UPV has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold UPV or XEUR 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, UPV or XEUR?: UPV charges 0.95% a year and XEUR charges 0.45%, so XEUR is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

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

Where these figures came from

UPV filings on SEC EDGAR ↗UPV prospectus with the expense ratio (SEC) ↗ProShares page for UPV ↗XEUR filings on SEC EDGAR ↗XEUR prospectus with the expense ratio (SEC) ↗Corgi 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, UPV against XEUR, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/upv-vs-xeur

Open data

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