SPXS.MI vs. UPRO
SPXS.MI (Invesco S&P 500 UCITS ETF) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - SPXS.MI is a S&P 500 fund tracking the S&P 500 Index, while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, SPXS.MI returned 15.17%/yr vs 29.75%/yr for UPRO. At a 0.49 correlation, their price movements are largely independent. SPXS.MI charges 0.05%/yr vs 0.89%/yr for UPRO.
Performance
SPXS.MI vs. UPRO - Performance Comparison
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Different Trading Currencies
SPXS.MI is traded in EUR, while UPRO is traded in USD. To make them comparable, the UPRO values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, SPXS.MI achieves a 11.42% return, which is significantly lower than UPRO's 30.76% return. Over the past 10 years, SPXS.MI has underperformed UPRO with an annualized return of 15.17%, while UPRO has yielded a comparatively higher 29.75% annualized return.
SPXS.MI
- 1D
- -0.11%
- 1M
- 5.27%
- YTD
- 11.42%
- 6M
- 11.54%
- 1Y
- 25.86%
- 3Y*
- 19.09%
- 5Y*
- 14.98%
- 10Y*
- 15.17%
UPRO
- 1D
- 0.95%
- 1M
- 14.01%
- YTD
- 30.76%
- 6M
- 28.06%
- 1Y
- 80.03%
- 3Y*
- 49.40%
- 5Y*
- 24.54%
- 10Y*
- 29.75%
SPXS.MI vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS.MI Invesco S&P 500 UCITS ETF | 11.42% | 4.51% | 33.86% | 22.52% | -14.49% | 41.21% | 7.76% | 34.77% | -0.95% | 6.04% |
UPRO ProShares UltraPro S&P 500 | 30.76% | 16.23% | 74.36% | 63.48% | -54.17% | 113.50% | 1.01% | 106.87% | -21.60% | 50.31% |
Correlation
The correlation between SPXS.MI and UPRO is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2014 | 0.49 |
The correlation between SPXS.MI and UPRO shifts across timeframes, from 0.49 (all time) to 0.61 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPXS.MI vs. UPRO — Risk / Return Rank
SPXS.MI
UPRO
SPXS.MI vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 UCITS ETF (SPXS.MI) 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.
| SPXS.MI | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.37 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.70 | 3.16 | +0.54 |
| Martin ratioReturn relative to average drawdown | 13.16 | 12.80 | +0.36 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPXS.MI | UPRO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.26 | 2.33 | -0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.98 | 0.50 | +0.48 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.97 | 0.56 | +0.41 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.95 | 0.70 | +0.25 |
Drawdowns
SPXS.MI vs. UPRO - Drawdown Comparison
The maximum SPXS.MI drawdown since its inception was -33.57%, smaller than the maximum UPRO drawdown of -76.64%. Use the drawdown chart below to compare losses from any high point for SPXS.MI and UPRO.
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Drawdown Indicators
| SPXS.MI | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.57% | -76.64% | +43.07% |
Max Drawdown (1Y)Largest decline over 1 year | -7.00% | -25.49% | +18.49% |
Max Drawdown (3Y)Largest decline over 3 years | -23.10% | -51.35% | +28.25% |
Max Drawdown (5Y)Largest decline over 5 years | -23.10% | -58.04% | +34.94% |
Max Drawdown (10Y)Largest decline over 10 years | -33.57% | -76.64% | +43.07% |
Current DrawdownCurrent decline from peak | -0.40% | -0.88% | +0.48% |
Average DrawdownAverage peak-to-trough decline | -4.35% | -14.04% | +9.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.96% | 6.27% | -4.31% |
Volatility
SPXS.MI vs. UPRO - Volatility Comparison
The current volatility for Invesco S&P 500 UCITS ETF (SPXS.MI) is 2.68%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 7.52%. This indicates that SPXS.MI 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
| SPXS.MI | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.68% | 7.52% | -4.84% |
Volatility (6M)Calculated over the trailing 6-month period | 7.56% | 25.56% | -18.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.44% | 34.60% | -23.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.13% | 48.98% | -33.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.31% | 53.24% | -36.93% |
SPXS.MI vs. UPRO - Expense Ratio Comparison
SPXS.MI has a 0.05% expense ratio, which is lower than UPRO's 0.89% expense ratio.
Dividends
SPXS.MI vs. UPRO - Dividend Comparison
SPXS.MI has not paid dividends to shareholders, while UPRO's dividend yield for the trailing twelve months is around 0.67%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPXS.MI Invesco S&P 500 UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
UPRO ProShares UltraPro S&P 500 | 0.67% | 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
SPXS.MI and UPRO have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPXS.MI is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPXS.MI is cheaper with a 0.05% expense ratio, compared with 0.89% for UPRO.
SPXS.MI is categorized as S&P 500, while UPRO is Leveraged Equities. SPXS.MI tracks S&P 500 Index, while UPRO tracks S&P 500. They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.05% for SPXS.MI and 0.89% for UPRO.
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