UGE vs. SPY

Last updated Jun 7, 2026

UGE (ProShares Ultra Consumer Goods) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - UGE is a Leveraged Equities fund tracking the Dow Jones U.S. Consumer Goods Index (200%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, UGE returned 8.03%/yr vs 15.16%/yr for SPY. A 0.65 correlation means they provide meaningful diversification when combined. UGE charges 0.95%/yr vs 0.09%/yr for SPY.

Performance

UGE vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Consumer Goods (UGE) 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, UGE achieves a 12.50% return, which is significantly higher than SPY's 8.45% return. Over the past 10 years, UGE has underperformed SPY with an annualized return of 8.03%, while SPY has yielded a comparatively higher 15.16% annualized return.

UGE

• 1D: 2.85%
• 1M: -2.22%
• YTD: 12.50%
• 6M: 11.83%
• 1Y: 1.63%
• 3Y*: 6.36%
• 5Y*: -2.34%
• 10Y*: 8.03%

SPY

• 1D: -2.58%
• 1M: 0.82%
• YTD: 8.45%
• 6M: 8.18%
• 1Y: 24.51%
• 3Y*: 21.43%
• 5Y*: 13.32%
• 10Y*: 15.16%

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

UGE vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UGE ProShares Ultra Consumer Goods	12.50%	-5.21%	16.40%	2.38%	-46.78%	42.44%	56.64%	58.28%	-30.14%	32.38%
SPY State Street SPDR S&P 500 ETF	8.45%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between UGE and SPY is 0.03, 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	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007	0.65

Over the past year, the correlation between UGE and SPY has dropped to 0.03 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

UGE vs. SPY - Sectors Allocation Comparison

Sectors	UGE	SPY
Consumer Defensive	99.0%	4.8%
Consumer Cyclical	1.0%	10.3%
Basic Materials	-	1.8%
Communication Services	-	11.3%
Energy	-	3.6%
Financial Services	-	11.8%
Healthcare	-	8.4%
Industrials	-	7.8%
Real Estate	-	1.9%
Technology	-	35.9%
Utilities	-	2.4%

Return for Risk

UGE vs. SPY — Risk / Return Rank

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

UGE

UGE Risk / Return Rank: 11
UGE Sharpe Ratio Rank: 11
UGE Sortino Ratio Rank: 11
UGE Omega Ratio Rank: 11
UGE Calmar Ratio Rank: 11
UGE Martin Ratio Rank: 10

SPY

SPY Risk / Return Rank: 66
SPY Sharpe Ratio Rank: 66
SPY Sortino Ratio Rank: 63
SPY Omega Ratio Rank: 66
SPY Calmar Ratio Rank: 60
SPY Martin Ratio Rank: 73

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.

UGE vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Consumer Goods (UGE) 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.

	UGE	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.10	2.14	-2.04
Sortino ratio: Return per unit of downside risk	0.33	2.88	-2.55
Omega ratio: Gain probability vs. loss probability	1.04	1.39	-0.35
Calmar ratio: Return relative to maximum drawdown	0.14	2.92	-2.78
Martin ratio: Return relative to average drawdown	0.25	13.50	-13.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UGE vs. SPY - Sharpe Ratio Comparison

The current UGE Sharpe Ratio is 0.10, which is lower than the SPY Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of UGE 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.

Sharpe Ratios by Period

	UGE	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.10	2.14	-2.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.08	0.78	-0.86
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	0.85	-0.60
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.58	-0.24

Drawdowns

UGE vs. SPY - Drawdown Comparison

The maximum UGE drawdown since its inception was -71.36%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for UGE and SPY.

Drawdown Indicators

	UGE	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-71.36%	-55.19%	-16.17%
Max Drawdown (1Y) Largest decline over 1 year	-18.95%	-8.88%	-10.07%
Max Drawdown (3Y) Largest decline over 3 years	-24.80%	-18.76%	-6.04%
Max Drawdown (5Y) Largest decline over 5 years	-56.55%	-24.50%	-32.05%
Max Drawdown (10Y) Largest decline over 10 years	-57.14%	-33.72%	-23.42%
Current Drawdown Current decline from peak	-36.44%	-2.90%	-33.54%
Average Drawdown Average peak-to-trough decline	-18.74%	-9.05%	-9.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.50%	1.91%	+8.59%

Volatility

UGE vs. SPY - Volatility Comparison

ProShares Ultra Consumer Goods (UGE) has a higher volatility of 8.11% compared to State Street SPDR S&P 500 ETF (SPY) at 3.73%. This indicates that UGE'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

	UGE	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.11%	3.73%	+4.38%
Volatility (6M) Calculated over the trailing 6-month period	19.63%	9.31%	+10.32%
Volatility (1Y) Calculated over the trailing 1-year period	25.10%	12.12%	+12.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.31%	17.09%	+14.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.09%	17.95%	+15.14%

UGE vs. SPY - Expense Ratio Comparison

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

Dividends

UGE vs. SPY - Dividend Comparison

UGE's dividend yield for the trailing twelve months is around 2.17%, more than SPY's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
UGE ProShares Ultra Consumer Goods	2.17%	2.54%	1.43%	1.20%	0.74%	0.20%	0.41%	0.86%	0.76%	0.68%	0.76%	0.60%

Frequently Asked Questions

Can I hold both UGE and SPY in my portfolio?

UGE and SPY have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UGE or SPY?

UGE has higher volatility (8.11%) compared to SPY (3.73%). In terms of maximum drawdown, UGE dropped -71.36% vs SPY's -55.19%.

Which ETF is better, UGE or SPY?

On 10-year performance, SPY leads with 15.16% vs 8.03% for UGE. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UGE or SPY?

Over the 10-year period, SPY has performed better with a 15.16% return vs 8.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UGE or SPY?

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

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

UGE has the higher dividend yield at 2.17%, compared with 1.00% for SPY.

What is the main difference between UGE and SPY?

UGE is categorized as Leveraged Equities, while SPY is S&P 500. UGE tracks Dow Jones U.S. Consumer Goods Index (200%), while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for UGE and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.14 vs 0.10), 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.