diff --git a/libexec/pyenv-version b/libexec/pyenv-version
index cec2c945..dd5fa29a 100755
--- a/libexec/pyenv-version
+++ b/libexec/pyenv-version
@@ -8,10 +8,13 @@
 set -e
 [ -n "$PYENV_DEBUG" ] && set -x
 
+exitcode=0
 OLDIFS="$IFS"
-IFS=: PYENV_VERSION_NAMES=($(pyenv-version-name))
+IFS=: PYENV_VERSION_NAMES=($(pyenv-version-name)) || exitcode=$?
 IFS="$OLDIFS"
 
 for PYENV_VERSION_NAME in "${PYENV_VERSION_NAMES[@]}"; do
   echo "$PYENV_VERSION_NAME (set by $(pyenv-version-origin))"
 done
+
+exit $exitcode
diff --git a/test/version-name.bats b/test/version-name.bats
index 2556e005..00e4771b 100644
--- a/test/version-name.bats
+++ b/test/version-name.bats
@@ -72,6 +72,19 @@ pyenv: version \`1.2' is not installed
 OUT
 }
 
+pyenv-version-name-without-stderr() {
+  pyenv-version-name 2>/dev/null
+}
+
+@test "one missing version (without stderr)" {
+  create_version "3.4.2"
+  PYENV_VERSION="1.2:3.4.2" run pyenv-version-name-without-stderr
+  assert_failure
+  assert_output <<OUT
+3.4.2
+OUT
+}
+
 @test "version with prefix in name" {
   create_version "2.7.6"
   cat > ".python-version" <<<"python-2.7.6"
diff --git a/test/version.bats b/test/version.bats
index 8d933d28..120ec51d 100644
--- a/test/version.bats
+++ b/test/version.bats
@@ -40,7 +40,7 @@ setup() {
 @test "set by PYENV_VERSION, one missing" {
   create_version "3.3.3"
   PYENV_VERSION=3.3.3:1.2 run pyenv-version
-  assert_success
+  assert_failure
   assert_output <<OUT
 pyenv: version \`1.2' is not installed
 3.3.3 (set by PYENV_VERSION environment variable)
@@ -50,10 +50,23 @@ OUT
 @test "set by PYENV_VERSION, two missing" {
   create_version "3.3.3"
   PYENV_VERSION=3.4.2:3.3.3:1.2 run pyenv-version
-  assert_success
+  assert_failure
   assert_output <<OUT
 pyenv: version \`3.4.2' is not installed
 pyenv: version \`1.2' is not installed
 3.3.3 (set by PYENV_VERSION environment variable)
 OUT
 }
+
+pyenv-version-without-stderr() {
+  pyenv-version 2>/dev/null
+}
+
+@test "set by PYENV_VERSION, one missing (stderr filtered)" {
+  create_version "3.3.3"
+  PYENV_VERSION=3.4.2:3.3.3 run pyenv-version-without-stderr
+  assert_failure
+  assert_output <<OUT
+3.3.3 (set by PYENV_VERSION environment variable)
+OUT
+}