SPHQ vs. UPRO

Last updated Jul 17, 2026

SPHQ (Invesco S&P 500 Quality ETF) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - SPHQ is a S&P 500 fund tracking the S&P 500 Quality Index, while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, SPHQ returned 14.56%/yr vs 28.60%/yr for UPRO. Their correlation of 0.93 suggests significant overlap in exposure. SPHQ charges 0.15%/yr vs 0.89%/yr for UPRO.

Performance

SPHQ vs. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Quality ETF (SPHQ) 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, SPHQ achieves a 14.73% return, which is significantly lower than UPRO's 24.61% return. Over the past 10 years, SPHQ has underperformed UPRO with an annualized return of 14.56%, while UPRO has yielded a comparatively higher 28.60% annualized return.

SPHQ

• 1D: -0.60%
• 1M: -3.26%
• 6M: 11.00%
• YTD: 14.73%
• 1Y: 22.00%
• 3Y*: 20.14%
• 5Y*: 13.32%
• 10Y*: 14.56%

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)

SPHQ vs. UPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPHQ Invesco S&P 500 Quality ETF	14.73%	13.25%	25.44%	24.83%	-15.76%	28.03%	17.36%	33.64%	-7.10%	19.10%
UPRO ProShares UltraPro S&P 500	24.61%	31.88%	63.57%	68.53%	-56.84%	98.64%	10.09%	102.30%	-25.11%	71.37%

Correlation

The correlation between SPHQ and UPRO is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009	0.93

The correlation between SPHQ and UPRO shifts across timeframes, from 0.81 (1 year) to 0.93 (10 years), reflecting how their relationship changes across market environments.

SPHQ vs. UPRO - Sectors Allocation Comparison

Sectors	SPHQ	UPRO
Technology	40.1%	39.1%
Financial Services	16.1%	11.1%
Industrials	12.6%	7.8%
Consumer Defensive	7.9%	4.5%
Consumer Cyclical	5.6%	9.9%
Utilities	4.5%	2.1%
Communication Services	3.9%	10.6%
Basic Materials	3.5%	1.7%
Healthcare	3.3%	8.3%
Energy	1.0%	3.1%
Real Estate	-	1.8%

Return for Risk

SPHQ vs. UPRO — Risk / Return Rank

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

SPHQ

SPHQ Risk / Return Rank: 60
SPHQ Sharpe Ratio Rank: 57
SPHQ Sortino Ratio Rank: 58
SPHQ Omega Ratio Rank: 53
SPHQ Calmar Ratio Rank: 62
SPHQ Martin Ratio Rank: 69

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.

SPHQ vs. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Quality ETF (SPHQ) 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.

	SPHQ	UPRO	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.46	+0.09
Sortino ratio: Return per unit of downside risk	2.23	1.96	+0.27
Omega ratio: Gain probability vs. loss probability	1.27	1.25	+0.02
Calmar ratio: Return relative to maximum drawdown	2.48	2.05	+0.43
Martin ratio: Return relative to average drawdown	10.05	8.08	+1.97

SPHQ vs. UPRO - Sharpe Ratio Comparison

The current SPHQ Sharpe Ratio is 1.55, which is comparable to the UPRO Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of SPHQ 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

SPHQ vs. UPRO - Drawdown Comparison

The maximum SPHQ drawdown since its inception was -57.83%, smaller than the maximum UPRO drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for SPHQ and UPRO.

Drawdown Indicators

	SPHQ	UPRO	Difference
Max Drawdown Largest peak-to-trough decline	-57.83%	-76.82%	+18.99%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-26.78%	+17.88%
Max Drawdown (3Y) Largest decline over 3 years	-16.57%	-48.87%	+32.30%
Max Drawdown (5Y) Largest decline over 5 years	-25.04%	-63.94%	+38.90%
Max Drawdown (10Y) Largest decline over 10 years	-31.60%	-76.82%	+45.22%
Current Drawdown Current decline from peak	-5.02%	-4.60%	-0.42%
Average Drawdown Average peak-to-trough decline	-10.65%	-14.36%	+3.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.19%	6.78%	-4.59%

Volatility

SPHQ vs. UPRO - Volatility Comparison

The current volatility for Invesco S&P 500 Quality ETF (SPHQ) is 6.27%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 10.61%. This indicates that SPHQ 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

	SPHQ	UPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.27%	10.61%	-4.34%
Volatility (6M) Calculated over the trailing 6-month period	12.17%	30.01%	-17.84%
Volatility (1Y) Calculated over the trailing 1-year period	14.22%	37.59%	-23.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.72%	50.67%	-33.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.94%	53.71%	-35.77%

SPHQ vs. UPRO - Expense Ratio Comparison

SPHQ has a 0.15% expense ratio, which is lower than UPRO's 0.89% expense ratio.

Dividends

SPHQ vs. UPRO - Dividend Comparison

SPHQ's dividend yield for the trailing twelve months is around 1.09%, more than UPRO's 0.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPHQ Invesco S&P 500 Quality ETF	1.09%	1.09%	1.15%	1.42%	1.85%	1.19%	1.55%	1.51%	1.85%	1.57%	1.67%	2.29%
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 SPHQ and UPRO in my portfolio?

SPHQ and UPRO have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPHQ or UPRO?

UPRO has higher volatility (10.61%) compared to SPHQ (6.27%). In terms of maximum drawdown, SPHQ dropped -57.83% vs UPRO's -76.82%.

Which ETF is better, SPHQ or UPRO?

On 10-year performance, UPRO leads with 28.60% vs 14.56% for SPHQ. On fees, SPHQ is cheaper at 0.15% per year. On volatility, SPHQ has been the lower-risk option at 6.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPHQ or UPRO?

Over the 10-year period, UPRO has performed better with a 28.60% return vs 14.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPHQ or UPRO?

SPHQ is cheaper with a 0.15% expense ratio, compared with 0.89% for UPRO.

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

SPHQ has the higher dividend yield at 1.09%, compared with 0.75% for UPRO.

What is the main difference between SPHQ and UPRO?

SPHQ is categorized as S&P 500, while UPRO is Leveraged Equities. SPHQ tracks S&P 500 Quality Index, while UPRO tracks S&P 500. They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.15% for SPHQ and 0.89% for UPRO.

Which has better risk-adjusted returns?

SPHQ currently has the higher Sharpe Ratio (1.55 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.