SPXS.MI vs. UPRO

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco S&P 500 UCITS ETF (SPXS.MI) and ProShares UltraPro S&P 500 (UPRO).

SPXS.MI and UPRO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPXS.MI is a passively managed fund by Invesco that tracks the performance of the S&P 500 Index. It was launched on Jun 30, 2020. UPRO is a passively managed fund by ProShares that tracks the performance of the S&P 500 Index (300%). It was launched on Jun 23, 2009. Both SPXS.MI and UPRO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SPXS.MI vs. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Invesco S&P 500 UCITS ETF (SPXS.MI) and ProShares UltraPro S&P 500 (UPRO). The values are adjusted to include any dividend payments, if applicable.

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	-3.00%	4.51%	33.86%	22.52%	-14.49%	41.21%	7.76%	34.77%	-0.95%	6.04%
UPRO ProShares UltraPro S&P 500	-12.82%	16.23%	74.36%	63.48%	-54.17%	113.50%	1.01%	106.87%	-21.60%	50.31%

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 -3.00% return, which is significantly higher than UPRO's -14.70% return. Over the past 10 years, SPXS.MI has underperformed UPRO with an annualized return of 13.88%, while UPRO has yielded a comparatively higher 25.06% annualized return.

SPXS.MI

• 1D: 1.75%
• 1M: -3.02%
• YTD: -3.00%
• 6M: 0.21%
• 1Y: 10.35%
• 3Y*: 16.29%
• 5Y*: 12.32%
• 10Y*: 13.88%

UPRO

• 1D: 0.00%
• 1M: -14.79%
• YTD: -14.70%
• 6M: -12.24%
• 1Y: 22.50%
• 3Y*: 34.37%
• 5Y*: 17.06%
• 10Y*: 25.06%

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

SPXS.MI vs. UPRO - Expense Ratio Comparison

SPXS.MI has a 0.05% expense ratio, which is lower than UPRO's 0.92% expense ratio.

UPRO

ProShares UltraPro S&P 500

SPXS.MI

Invesco S&P 500 UCITS ETF

Return for Risk

SPXS.MI vs. UPRO — Risk / Return Rank

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

SPXS.MI

SPXS.MI Risk / Return Rank: 31
SPXS.MI Sharpe Ratio Rank: 30
SPXS.MI Sortino Ratio Rank: 29
SPXS.MI Omega Ratio Rank: 31
SPXS.MI Calmar Ratio Rank: 30
SPXS.MI Martin Ratio Rank: 34

UPRO

UPRO Risk / Return Rank: 40
UPRO Sharpe Ratio Rank: 32
UPRO Sortino Ratio Rank: 41
UPRO Omega Ratio Rank: 45
UPRO Calmar Ratio Rank: 39
UPRO Martin Ratio Rank: 43

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.

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 ratio Return per unit of total volatility	0.61	0.41	+0.20
Sortino ratio Return per unit of downside risk	0.93	0.94	-0.01
Omega ratio Gain probability vs. loss probability	1.14	1.15	-0.01
Calmar ratio Return relative to maximum drawdown	0.78	0.70	+0.08
Martin ratio Return relative to average drawdown	3.21	2.64	+0.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXS.MI vs. UPRO - Sharpe Ratio Comparison

The current SPXS.MI Sharpe Ratio is 0.61, which is higher than the UPRO Sharpe Ratio of 0.41. The chart below compares the historical Sharpe Ratios of SPXS.MI and UPRO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPXS.MI	UPRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.61	0.41	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.35	+0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.89	0.47	+0.42
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.64	+0.24

Correlation

The correlation between SPXS.MI and UPRO is 0.49, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

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 1.02%.

	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	1.02%	0.84%	0.93%	0.74%	0.52%	0.06%	0.11%	0.41%	0.63%	0.00%	0.12%	0.34%

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.

Drawdown Indicators

	SPXS.MI	UPRO	Difference
Max Drawdown Largest peak-to-trough decline	-33.57%	-76.82%	+43.25%
Max Drawdown (1Y) Largest decline over 1 year	-13.20%	-33.38%	+20.18%
Max Drawdown (5Y) Largest decline over 5 years	-23.10%	-63.94%	+40.84%
Max Drawdown (10Y) Largest decline over 10 years	-33.57%	-76.82%	+43.25%
Current Drawdown Current decline from peak	-5.11%	-18.68%	+13.57%
Average Drawdown Average peak-to-trough decline	-4.41%	-14.53%	+10.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	8.41%	-5.19%

Volatility

SPXS.MI vs. UPRO - Volatility Comparison

The current volatility for Invesco S&P 500 UCITS ETF (SPXS.MI) is 3.77%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 14.59%. 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.

Volatility by Period

	SPXS.MI	UPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.77%	14.59%	-10.82%
Volatility (6M) Calculated over the trailing 6-month period	8.56%	28.15%	-19.59%
Volatility (1Y) Calculated over the trailing 1-year period	17.02%	55.65%	-38.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.15%	49.00%	-33.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.40%	53.23%	-36.83%