UDOW vs. SPY

Last updated Jun 23, 2026

UDOW (ProShares UltraPro Dow30) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - UDOW is a Leveraged Equities fund tracking the Dow Jones Industrial Average (300%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, UDOW returned 24.83%/yr vs 15.70%/yr for SPY. Their correlation of 0.92 suggests significant overlap in exposure. UDOW charges 0.95%/yr vs 0.09%/yr for SPY.

Performance

UDOW vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Dow30 (UDOW) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UDOW achieves a 17.97% return, which is significantly higher than SPY's 9.74% return. Over the past 10 years, UDOW has outperformed SPY with an annualized return of 24.83%, while SPY has yielded a comparatively lower 15.70% annualized return.

UDOW

• 1D: 0.87%
• 1M: 6.11%
• YTD: 17.97%
• 6M: 15.54%
• 1Y: 65.66%
• 3Y*: 35.65%
• 5Y*: 15.69%
• 10Y*: 24.83%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

UDOW vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UDOW ProShares UltraPro Dow30	17.97%	24.46%	28.47%	32.72%	-32.39%	65.67%	-17.15%	75.24%	-23.86%	99.07%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between UDOW and SPY 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	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	0.92

The correlation between UDOW and SPY shifts across timeframes, from 0.81 (1 year) to 0.92 (all time), reflecting how their relationship changes across market environments.

UDOW vs. SPY - Sectors Allocation Comparison

Sectors	UDOW	SPY
Financial Services	27.3%	11.1%
Technology	19.1%	39.0%
Industrials	18.1%	7.8%
Healthcare	12.8%	8.3%
Consumer Cyclical	11.0%	9.9%
Consumer Defensive	4.1%	4.5%
Basic Materials	3.7%	1.7%
Energy	2.2%	3.1%
Communication Services	1.8%	10.6%
Real Estate	-	1.8%
Utilities	-	2.1%

Return for Risk

UDOW vs. SPY — Risk / Return Rank

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

UDOW

UDOW Risk / Return Rank: 50
UDOW Sharpe Ratio Rank: 54
UDOW Sortino Ratio Rank: 50
UDOW Omega Ratio Rank: 46
UDOW Calmar Ratio Rank: 49
UDOW Martin Ratio Rank: 50

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

UDOW vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Dow30 (UDOW) and State Street SPDR S&P 500 ETF (SPY). 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.

	UDOW	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.78	2.16	-0.38
Sortino ratio: Return per unit of downside risk	2.39	2.91	-0.52
Omega ratio: Gain probability vs. loss probability	1.29	1.39	-0.10
Calmar ratio: Return relative to maximum drawdown	2.35	3.01	-0.66
Martin ratio: Return relative to average drawdown	8.33	13.54	-5.21

UDOW vs. SPY - Sharpe Ratio Comparison

The current UDOW Sharpe Ratio is 1.78, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of UDOW and SPY, 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

UDOW vs. SPY - Drawdown Comparison

The maximum UDOW drawdown since its inception was -80.29%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for UDOW and SPY.

Drawdown Indicators

	UDOW	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-80.29%	-55.19%	-25.10%
Max Drawdown (1Y) Largest decline over 1 year	-28.07%	-8.88%	-19.19%
Max Drawdown (3Y) Largest decline over 3 years	-44.83%	-18.76%	-26.07%
Max Drawdown (5Y) Largest decline over 5 years	-55.79%	-24.50%	-31.29%
Max Drawdown (10Y) Largest decline over 10 years	-80.29%	-33.72%	-46.57%
Current Drawdown Current decline from peak	-1.90%	-1.75%	-0.15%
Average Drawdown Average peak-to-trough decline	-14.35%	-9.04%	-5.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.91%	1.97%	+5.94%

Volatility

UDOW vs. SPY - Volatility Comparison

ProShares UltraPro Dow30 (UDOW) has a higher volatility of 12.48% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that UDOW's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UDOW	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.48%	4.64%	+7.84%
Volatility (6M) Calculated over the trailing 6-month period	29.07%	9.75%	+19.32%
Volatility (1Y) Calculated over the trailing 1-year period	37.16%	12.43%	+24.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.33%	17.14%	+27.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.87%	17.99%	+33.88%

UDOW vs. SPY - Expense Ratio Comparison

UDOW has a 0.95% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

UDOW vs. SPY - Dividend Comparison

UDOW's dividend yield for the trailing twelve months is around 1.15%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
UDOW ProShares UltraPro Dow30	1.15%	1.38%	0.95%	0.95%	0.83%	0.26%	0.19%	0.61%	0.73%	0.13%	0.26%	0.21%

Frequently Asked Questions

Can I hold both UDOW and SPY in my portfolio?

UDOW and SPY 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, UDOW or SPY?

UDOW has higher volatility (12.48%) compared to SPY (4.64%). In terms of maximum drawdown, UDOW dropped -80.29% vs SPY's -55.19%.

Which ETF is better, UDOW or SPY?

On 10-year performance, UDOW leads with 24.83% vs 15.70% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UDOW or SPY?

Over the 10-year period, UDOW has performed better with a 24.83% return vs 15.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UDOW or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.95% for UDOW.

Which ETF pays a higher dividend yield, UDOW or SPY?

UDOW has the higher dividend yield at 1.15%, compared with 1.01% for SPY.

What is the main difference between UDOW and SPY?

UDOW is categorized as Leveraged Equities, while SPY is S&P 500. UDOW tracks Dow Jones Industrial Average (300%), while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for UDOW and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.78), 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.