EFIV vs. UPRO

Last updated Jul 17, 2026

EFIV (State Street SPDR S&P 500 ESG ETF) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - EFIV is a S&P 500 fund tracking the S&P 500 ESG Index, while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 5 years, EFIV returned 13.82%/yr vs 20.84%/yr for UPRO. With a 0.98 correlation, they move nearly in lockstep. EFIV charges 0.10%/yr vs 0.89%/yr for UPRO.

Performance

EFIV vs. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 ESG ETF (EFIV) and ProShares UltraPro S&P 500 (UPRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EFIV achieves a 10.10% return, which is significantly lower than UPRO's 24.61% return.

EFIV

• 1D: -0.45%
• 1M: -0.51%
• 6M: 8.74%
• YTD: 10.10%
• 1Y: 23.64%
• 3Y*: 19.74%
• 5Y*: 13.82%
• 10Y*: —

UPRO

• 1D: -1.55%
• 1M: -0.15%
• 6M: 19.67%
• YTD: 24.61%
• 1Y: 54.64%
• 3Y*: 43.89%
• 5Y*: 20.84%
• 10Y*: 28.60%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EFIV vs. UPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
EFIV State Street SPDR S&P 500 ESG ETF	10.10%	18.47%	23.80%	27.92%	-17.76%	31.70%	16.38%
UPRO ProShares UltraPro S&P 500	24.61%	31.88%	63.57%	68.53%	-56.84%	98.64%	51.74%

Correlation

The correlation between EFIV and UPRO is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jul 28, 2020	0.98

The correlation between EFIV and UPRO has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.

EFIV vs. UPRO - Sectors Allocation Comparison

Sectors	EFIV	UPRO
Technology	38.0%	39.1%
Communication Services	12.6%	10.6%
Financial Services	12.3%	11.1%
Healthcare	10.6%	8.3%
Industrials	8.2%	7.8%
Consumer Defensive	5.1%	4.5%
Consumer Cyclical	5.0%	9.9%
Energy	2.7%	3.1%
Real Estate	2.2%	1.8%
Basic Materials	2.0%	1.7%
Utilities	1.4%	2.1%

Return for Risk

EFIV vs. UPRO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EFIV

EFIV Risk / Return Rank: 72
EFIV Sharpe Ratio Rank: 74
EFIV Sortino Ratio Rank: 73
EFIV Omega Ratio Rank: 72
EFIV Calmar Ratio Rank: 63
EFIV Martin Ratio Rank: 76

UPRO

UPRO Risk / Return Rank: 51
UPRO Sharpe Ratio Rank: 53
UPRO Sortino Ratio Rank: 47
UPRO Omega Ratio Rank: 48
UPRO Calmar Ratio Rank: 50
UPRO Martin Ratio Rank: 58

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EFIV vs. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ESG ETF (EFIV) and ProShares UltraPro S&P 500 (UPRO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	EFIV	UPRO	Difference
Sharpe ratio: Return per unit of total volatility	1.89	1.46	+0.43
Sortino ratio: Return per unit of downside risk	2.65	1.96	+0.69
Omega ratio: Gain probability vs. loss probability	1.34	1.25	+0.08
Calmar ratio: Return relative to maximum drawdown	2.51	2.05	+0.46
Martin ratio: Return relative to average drawdown	11.26	8.08	+3.18

EFIV vs. UPRO - Sharpe Ratio Comparison

The current EFIV Sharpe Ratio is 1.89, which is comparable to the UPRO Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of EFIV and UPRO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EFIV vs. UPRO - Drawdown Comparison

The maximum EFIV drawdown since its inception was -24.52%, smaller than the maximum UPRO drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for EFIV and UPRO.

Drawdown Indicators

	EFIV	UPRO	Difference
Max Drawdown Largest peak-to-trough decline	-24.52%	-76.82%	+52.30%
Max Drawdown (1Y) Largest decline over 1 year	-9.44%	-26.78%	+17.34%
Max Drawdown (3Y) Largest decline over 3 years	-19.23%	-48.87%	+29.64%
Max Drawdown (5Y) Largest decline over 5 years	-24.52%	-63.94%	+39.42%
Max Drawdown (10Y) Largest decline over 10 years	—	-76.82%	—
Current Drawdown Current decline from peak	-1.18%	-4.60%	+3.42%
Average Drawdown Average peak-to-trough decline	-4.74%	-14.36%	+9.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	6.78%	-4.68%

Volatility

EFIV vs. UPRO - Volatility Comparison

The current volatility for State Street SPDR S&P 500 ESG ETF (EFIV) is 3.49%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 10.61%. This indicates that EFIV experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EFIV	UPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.49%	10.61%	-7.12%
Volatility (6M) Calculated over the trailing 6-month period	10.21%	30.01%	-19.80%
Volatility (1Y) Calculated over the trailing 1-year period	12.54%	37.59%	-25.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.05%	50.67%	-33.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.81%	53.71%	-36.90%

EFIV vs. UPRO - Expense Ratio Comparison

EFIV has a 0.10% expense ratio, which is lower than UPRO's 0.89% expense ratio.

Dividends

EFIV vs. UPRO - Dividend Comparison

EFIV's dividend yield for the trailing twelve months is around 0.97%, more than UPRO's 0.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFIV State Street SPDR S&P 500 ESG ETF	0.97%	1.03%	1.20%	1.37%	1.64%	1.19%	0.65%	0.00%	0.00%	0.00%	0.00%	0.00%
UPRO ProShares UltraPro S&P 500	0.75%	0.84%	0.93%	0.74%	0.52%	0.06%	0.11%	0.41%	0.63%	0.00%	0.12%	0.34%

Frequently Asked Questions

Can I hold both EFIV and UPRO in my portfolio?

With a correlation of 0.96, EFIV and UPRO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, EFIV or UPRO?

UPRO has higher volatility (10.61%) compared to EFIV (3.49%). In terms of maximum drawdown, EFIV dropped -24.52% vs UPRO's -76.82%.

Which ETF is better, EFIV or UPRO?

On 5-year performance, UPRO leads with 20.84% vs 13.82% for EFIV. On fees, EFIV is cheaper at 0.10% per year. On volatility, EFIV has been the lower-risk option at 3.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFIV or UPRO?

Over the 5-year period, UPRO has performed better with a 20.84% return vs 13.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFIV or UPRO?

EFIV is cheaper with a 0.10% expense ratio, compared with 0.89% for UPRO.

Which ETF pays a higher dividend yield, EFIV or UPRO?

EFIV has the higher dividend yield at 0.97%, compared with 0.75% for UPRO.

What is the main difference between EFIV and UPRO?

EFIV is categorized as S&P 500, while UPRO is Leveraged Equities. EFIV tracks S&P 500 ESG Index, while UPRO tracks S&P 500. They also come from different issuers: State Street and ProShares. Their fees differ too: 0.10% for EFIV and 0.89% for UPRO.

Which has better risk-adjusted returns?

EFIV currently has the higher Sharpe Ratio (1.89 vs 1.46), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.