SPLV vs. UPRO
SPLV (Invesco S&P 500 Low Volatility ETF) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index, while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, SPLV returned 8.24%/yr vs 28.60%/yr for UPRO. A 0.70 correlation means they provide meaningful diversification when combined. SPLV charges 0.25%/yr vs 0.89%/yr for UPRO.
Performance
SPLV vs. UPRO - Performance Comparison
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Returns By Period
In the year-to-date period, SPLV achieves a 8.93% return, which is significantly lower than UPRO's 24.61% return. Over the past 10 years, SPLV has underperformed UPRO with an annualized return of 8.24%, while UPRO has yielded a comparatively higher 28.60% annualized return.
SPLV
- 1D
- 1.95%
- 1M
- 3.47%
- 6M
- 6.50%
- YTD
- 8.93%
- 1Y
- 8.48%
- 3Y*
- 9.45%
- 5Y*
- 6.39%
- 10Y*
- 8.24%
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%
SPLV vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPLV Invesco S&P 500 Low Volatility ETF | 8.93% | 4.10% | 13.93% | 0.53% | -4.88% | 24.13% | -1.39% | 27.87% | -0.19% | 17.32% |
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 SPLV and UPRO is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since May 5, 2011 | 0.70 |
Over the past year, the correlation between SPLV and UPRO has dropped to 0.01 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.
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Return for Risk
SPLV vs. UPRO — Risk / Return Rank
SPLV
UPRO
SPLV vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Low Volatility ETF (SPLV) 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.
| SPLV | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.66 | ||
| Sortino ratioReturn per unit of downside risk | -0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.25 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.15 | 2.05 | -0.90 |
| Martin ratioReturn relative to average drawdown | 2.64 | 8.08 | -5.45 |
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Drawdowns
SPLV vs. UPRO - Drawdown Comparison
The maximum SPLV drawdown since its inception was -36.26%, smaller than the maximum UPRO drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for SPLV and UPRO.
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Drawdown Indicators
| SPLV | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.26% | -76.82% | +40.56% |
Max Drawdown (1Y)Largest decline over 1 year | -7.41% | -26.78% | +19.37% |
Max Drawdown (3Y)Largest decline over 3 years | -9.64% | -48.87% | +39.23% |
Max Drawdown (5Y)Largest decline over 5 years | -17.26% | -63.94% | +46.68% |
Max Drawdown (10Y)Largest decline over 10 years | -36.26% | -76.82% | +40.56% |
Current DrawdownCurrent decline from peak | 0.00% | -4.60% | +4.60% |
Average DrawdownAverage peak-to-trough decline | -3.55% | -14.36% | +10.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.22% | 6.78% | -3.56% |
Volatility
SPLV vs. UPRO - Volatility Comparison
The current volatility for Invesco S&P 500 Low Volatility ETF (SPLV) is 4.55%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 10.61%. This indicates that SPLV 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.
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Volatility by Period
| SPLV | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.55% | 10.61% | -6.06% |
Volatility (6M)Calculated over the trailing 6-month period | 8.10% | 30.01% | -21.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.64% | 37.59% | -26.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.60% | 50.67% | -38.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.40% | 53.71% | -38.31% |
SPLV vs. UPRO - Expense Ratio Comparison
SPLV has a 0.25% expense ratio, which is lower than UPRO's 0.89% expense ratio.
Dividends
SPLV vs. UPRO - Dividend Comparison
SPLV's dividend yield for the trailing twelve months is around 2.09%, more than UPRO's 0.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPLV Invesco S&P 500 Low Volatility ETF | 2.09% | 2.04% | 1.88% | 2.45% | 2.11% | 1.51% | 2.12% | 2.08% | 2.18% | 2.03% | 2.03% | 2.28% |
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
SPLV and UPRO have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (10.61%) compared to SPLV (4.55%). In terms of maximum drawdown, SPLV dropped -36.26% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 28.60% vs 8.24% for SPLV. On fees, SPLV is cheaper at 0.25% per year. On volatility, SPLV has been the lower-risk option at 4.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPRO has performed better with a 28.60% return vs 8.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPLV is cheaper with a 0.25% expense ratio, compared with 0.89% for UPRO.
SPLV has the higher dividend yield at 2.09%, compared with 0.75% for UPRO.
SPLV is categorized as S&P 500, while UPRO is Leveraged Equities. SPLV tracks S&P 500 Low Volatility Index, while UPRO tracks S&P 500. They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.25% for SPLV and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (1.46 vs 0.80), 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.
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