OPTZ vs. UPGD

Last updated Jun 23, 2026

OPTZ (Optimize Strategy Index ETF) and UPGD (Invesco Bloomberg Analyst Rating Improvers ETF) are both Mid Cap Blend Equities funds - OPTZ tracks the Optimize Strategy Index while UPGD tracks the Bloomberg ANR Improvers Index - Benchmark TR Gross. Both are passively managed. Over the past year, OPTZ returned 68.17% vs 17.83% for UPGD. A 0.75 correlation means they provide meaningful diversification when combined. OPTZ charges 0.25%/yr vs 0.40%/yr for UPGD.

Performance

OPTZ vs. UPGD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Optimize Strategy Index ETF (OPTZ) and Invesco Bloomberg Analyst Rating Improvers ETF (UPGD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OPTZ achieves a 36.96% return, which is significantly higher than UPGD's 8.74% return.

OPTZ

• 1D: 1.26%
• 1M: 10.57%
• YTD: 36.96%
• 6M: 34.58%
• 1Y: 68.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UPGD

• 1D: -0.34%
• 1M: 1.54%
• YTD: 8.74%
• 6M: 7.03%
• 1Y: 17.83%
• 3Y*: 14.55%
• 5Y*: 6.76%
• 10Y*: 10.54%

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

OPTZ vs. UPGD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OPTZ Optimize Strategy Index ETF	36.96%	22.83%	16.41%
UPGD Invesco Bloomberg Analyst Rating Improvers ETF	8.74%	8.89%	9.93%

Correlation

The correlation between OPTZ and UPGD is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (All Time) Calculated using the full available price history since Apr 23, 2024	0.75

The correlation between OPTZ and UPGD has been stable across timeframes, ranging from 0.74 to 0.75 - a consistent structural relationship.

OPTZ vs. UPGD - Sectors Allocation Comparison

Sectors	OPTZ	UPGD
Technology	55.4%	14.1%
Healthcare	9.4%	5.8%
Consumer Cyclical	8.5%	25.0%
Industrials	8.2%	22.6%
Financial Services	8.0%	0.0%
Consumer Defensive	3.5%	19.1%
Communication Services	2.6%	1.6%
Real Estate	1.4%	-
Energy	1.3%	-
Basic Materials	1.1%	3.9%
Utilities	0.6%	7.9%

Return for Risk

OPTZ vs. UPGD — Risk / Return Rank

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

OPTZ

OPTZ Risk / Return Rank: 94
OPTZ Sharpe Ratio Rank: 95
OPTZ Sortino Ratio Rank: 93
OPTZ Omega Ratio Rank: 92
OPTZ Calmar Ratio Rank: 93
OPTZ Martin Ratio Rank: 95

UPGD

UPGD Risk / Return Rank: 37
UPGD Sharpe Ratio Rank: 37
UPGD Sortino Ratio Rank: 38
UPGD Omega Ratio Rank: 34
UPGD Calmar Ratio Rank: 37
UPGD Martin Ratio Rank: 40

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.

OPTZ vs. UPGD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Optimize Strategy Index ETF (OPTZ) and Invesco Bloomberg Analyst Rating Improvers ETF (UPGD). 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.

	OPTZ	UPGD	Difference
Sharpe ratio: Return per unit of total volatility	3.50	1.28	+2.22
Sortino ratio: Return per unit of downside risk	4.43	1.92	+2.51
Omega ratio: Gain probability vs. loss probability	1.58	1.22	+0.36
Calmar ratio: Return relative to maximum drawdown	6.45	1.79	+4.66
Martin ratio: Return relative to average drawdown	28.40	6.13	+22.28

OPTZ vs. UPGD - Sharpe Ratio Comparison

The current OPTZ Sharpe Ratio is 3.50, which is higher than the UPGD Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of OPTZ and UPGD, 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

OPTZ vs. UPGD - Drawdown Comparison

The maximum OPTZ drawdown since its inception was -25.75%, smaller than the maximum UPGD drawdown of -60.74%. Use the drawdown chart below to compare losses from any high point for OPTZ and UPGD.

Drawdown Indicators

	OPTZ	UPGD	Difference
Max Drawdown Largest peak-to-trough decline	-25.75%	-60.74%	+34.99%
Max Drawdown (1Y) Largest decline over 1 year	-10.63%	-10.01%	-0.62%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.90%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.31%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-50.20%	—
Current Drawdown Current decline from peak	0.00%	-2.28%	+2.28%
Average Drawdown Average peak-to-trough decline	-3.36%	-10.24%	+6.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	2.92%	-0.51%

Volatility

OPTZ vs. UPGD - Volatility Comparison

Optimize Strategy Index ETF (OPTZ) has a higher volatility of 9.04% compared to Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) at 5.16%. This indicates that OPTZ's price experiences larger fluctuations and is considered to be riskier than UPGD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OPTZ	UPGD	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.04%	5.16%	+3.88%
Volatility (6M) Calculated over the trailing 6-month period	15.69%	10.71%	+4.98%
Volatility (1Y) Calculated over the trailing 1-year period	19.62%	14.06%	+5.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.18%	18.70%	+2.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.18%	21.67%	-0.49%

OPTZ vs. UPGD - Expense Ratio Comparison

OPTZ has a 0.25% expense ratio, which is lower than UPGD's 0.40% expense ratio.

Dividends

OPTZ vs. UPGD - Dividend Comparison

OPTZ's dividend yield for the trailing twelve months is around 0.43%, less than UPGD's 1.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OPTZ Optimize Strategy Index ETF	0.43%	0.58%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UPGD Invesco Bloomberg Analyst Rating Improvers ETF	1.61%	1.75%	1.28%	1.39%	0.72%	0.52%	0.28%	0.20%	1.43%	0.00%	1.55%	0.93%

Frequently Asked Questions

Can I hold both OPTZ and UPGD in my portfolio?

OPTZ and UPGD have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OPTZ or UPGD?

OPTZ has higher volatility (9.04%) compared to UPGD (5.16%). In terms of maximum drawdown, OPTZ dropped -25.75% vs UPGD's -60.74%.

Which ETF is better, OPTZ or UPGD?

On 1-year performance, OPTZ leads with 68.17% vs 17.83% for UPGD. On fees, OPTZ is cheaper at 0.25% per year. On volatility, UPGD has been the lower-risk option at 5.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OPTZ or UPGD?

Over the 1-year period, OPTZ has performed better with a 68.17% return vs 17.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OPTZ or UPGD?

OPTZ is cheaper with a 0.25% expense ratio, compared with 0.40% for UPGD.

Which ETF pays a higher dividend yield, OPTZ or UPGD?

UPGD has the higher dividend yield at 1.61%, compared with 0.43% for OPTZ.

What is the main difference between OPTZ and UPGD?

OPTZ tracks Optimize Strategy Index, while UPGD tracks Bloomberg ANR Improvers Index - Benchmark TR Gross. They also come from different issuers: Optimize and Invesco. Their fees differ too: 0.25% for OPTZ and 0.40% for UPGD.

Which has better risk-adjusted returns?

OPTZ currently has the higher Sharpe Ratio (3.50 vs 1.28), 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.