SPY vs. UPRO
Compare and contrast key facts about SPDR S&P 500 ETF (SPY) and ProShares UltraPro S&P 500 (UPRO).
SPY and UPRO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993. 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 SPY 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.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: SPY or UPRO.
Key characteristics
| SPY | UPRO | |
|---|---|---|
| YTD Return | 23.88% | 65.04% |
| 1Y Return | 40.61% | 133.65% |
| 3Y Return (Ann) | 10.44% | 11.25% |
| 5Y Return (Ann) | 16.03% | 26.60% |
| 10Y Return (Ann) | 13.52% | 25.65% |
| Sharpe Ratio | 3.31 | 3.62 |
| Sortino Ratio | 4.38 | 3.78 |
| Omega Ratio | 1.61 | 1.52 |
| Calmar Ratio | 3.46 | 2.49 |
| Martin Ratio | 21.78 | 22.01 |
| Ulcer Index | 1.85% | 6.02% |
| Daily Std Dev | 12.21% | 36.58% |
| Max Drawdown | -55.19% | -76.82% |
| Current Drawdown | -0.22% | -0.77% |
Correlation
The correlation between SPY and UPRO is 1.00, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Performance
SPY vs. UPRO - Performance Comparison
In the year-to-date period, SPY achieves a 23.88% return, which is significantly lower than UPRO's 65.04% return. Over the past 10 years, SPY has underperformed UPRO with an annualized return of 13.52%, while UPRO has yielded a comparatively higher 25.65% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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SPY vs. UPRO - Expense Ratio Comparison
SPY has a 0.09% expense ratio, which is lower than UPRO's 0.92% expense ratio.
Risk-Adjusted Performance
SPY vs. UPRO - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 500 ETF (SPY) 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.
Dividends
SPY vs. UPRO - Dividend Comparison
SPY's dividend yield for the trailing twelve months is around 1.20%, more than UPRO's 0.76% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY SPDR S&P 500 ETF | 1.20% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% | 1.87% | 1.81% |
UPRO ProShares UltraPro S&P 500 | 0.76% | 0.74% | 0.52% | 0.06% | 0.11% | 0.53% | 0.63% | 0.00% | 0.12% | 0.34% | 0.22% | 0.07% |
Drawdowns
SPY vs. UPRO - Drawdown Comparison
The maximum SPY drawdown since its inception was -55.19%, smaller than the maximum UPRO drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for SPY and UPRO. For additional features, visit the drawdowns tool.
Volatility
SPY vs. UPRO - Volatility Comparison
The current volatility for SPDR S&P 500 ETF (SPY) is 2.53%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 7.53%. This indicates that SPY 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.