UPGD vs. LSAF

Last updated Aug 2, 2026

UPGD (Invesco Bloomberg Analyst Rating Improvers ETF) and LSAF (LeaderShares AlphaFactor US Core Equity ETF) are both Mid Cap Blend Equities funds - UPGD tracks the Bloomberg ANR Improvers Index - Benchmark TR Gross while LSAF tracks the AlphaFactor US Core Equity Index. Both are passively managed. Over the past 5 years, UPGD returned 7.89%/yr vs 10.90%/yr for LSAF. Their correlation of 0.87 means they have usually moved in the same direction. UPGD charges 0.40%/yr vs 0.75%/yr for LSAF.

Performance

UPGD vs. LSAF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) and LeaderShares AlphaFactor US Core Equity ETF (LSAF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPGD achieves a 10.95% return, which is significantly lower than LSAF's 19.96% return.

UPGD

• 1D: -0.40%
• 1M: -1.10%
• 6M: 7.04%
• YTD: 10.95%
• 1Y: 17.12%
• 3Y*: 12.19%
• 5Y*: 7.89%
• 10Y*: 10.04%
• ALL TIME*: 8.43%

LSAF

• 1D: -0.55%
• 1M: 2.49%
• 6M: 17.23%
• YTD: 19.96%
• 1Y: 30.03%
• 3Y*: 18.58%
• 5Y*: 10.90%
• 10Y*: —
• ALL TIME*: 11.02%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
LSAF LeaderShares AlphaFactor US Core Equity ETF	$265.84K	$205.64K	$201.86K
UPGD Invesco Bloomberg Analyst Rating Improvers ETF	$107.99K	$276.67K	$151.22K

UPGD vs. LSAF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
UPGD Invesco Bloomberg Analyst Rating Improvers ETF	10.95%	8.89%	13.28%	15.65%	-13.17%	24.09%	6.21%	32.02%	-23.16%
LSAF LeaderShares AlphaFactor US Core Equity ETF	19.96%	12.01%	18.09%	15.48%	-13.12%	22.75%	6.92%	28.35%	-15.47%

Correlation

The correlation between UPGD and LSAF is 0.87, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.86
Correlation (5Y) Shows whether the relationship held over a longer period.	0.87
Correlation (All Time) Calculated using the full available price history since Oct 2, 2018	0.87

The correlation between UPGD and LSAF has been stable across timeframes, ranging from 0.86 to 0.87 - a consistent structural relationship.

UPGD vs. LSAF - Sectors Allocation Comparison

Sectors	UPGD	LSAF
Consumer Cyclical	25.1%	19.9%
Industrials	24.4%	10.7%
Consumer Defensive	19.1%	4.1%
Technology	11.8%	15.4%
Utilities	7.9%	0.9%
Healthcare	6.4%	7.8%
Basic Materials	3.7%	5.8%
Communication Services	1.5%	4.7%
Financial Services	0.0%	16.2%
Energy	-	3.3%
Real Estate	-	2.1%

Return for Risk

UPGD vs. LSAF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UPGD

UPGD Risk / Return Rank: 45
UPGD Sharpe Ratio Rank: 45
UPGD Sortino Ratio Rank: 47
UPGD Omega Ratio Rank: 41
UPGD Calmar Ratio Rank: 44
UPGD Martin Ratio Rank: 47

LSAF

LSAF Risk / Return Rank: 88
LSAF Sharpe Ratio Rank: 85
LSAF Sortino Ratio Rank: 87
LSAF Omega Ratio Rank: 82
LSAF Calmar Ratio Rank: 93
LSAF Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UPGD vs. LSAF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) and LeaderShares AlphaFactor US Core Equity ETF (LSAF). 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.

	UPGD	LSAF	Difference
Sharpe ratio: Return per unit of total volatility	1.12	2.03	-0.91
Sortino ratio: Return per unit of downside risk	1.71	2.98	-1.27
Omega ratio: Gain probability vs. loss probability	1.20	1.35	-0.15
Calmar ratio: Return relative to maximum drawdown	1.57	4.41	-2.84
Martin ratio: Return relative to average drawdown	5.38	14.86	-9.48

UPGD vs. LSAF - Sharpe Ratio Comparison

The current UPGD Sharpe Ratio is 1.12, which is lower than the LSAF Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of UPGD and LSAF, 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

UPGD vs. LSAF - Drawdown Comparison

The maximum UPGD drawdown since its inception was -60.74%, which is greater than LSAF's maximum drawdown of -41.67%. Use the drawdown chart below to compare losses from any high point for UPGD and LSAF.

Drawdown Indicators

	UPGD	LSAF	Difference
Max Drawdown Largest peak-to-trough decline	-60.74%	-41.67%	-19.07%
Max Drawdown (1Y) Largest decline over 1 year	-10.01%	-6.58%	-3.43%
Max Drawdown (3Y) Largest decline over 3 years	-16.90%	-20.26%	+3.36%
Max Drawdown (5Y) Largest decline over 5 years	-24.31%	-24.94%	+0.63%
Max Drawdown (10Y) Largest decline over 10 years	-50.20%	—	—
Current Drawdown Current decline from peak	-2.60%	-1.48%	-1.12%
Average Drawdown Average peak-to-trough decline	-10.19%	-6.21%	-3.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	1.95%	+0.97%

Volatility

UPGD vs. LSAF - Volatility Comparison

Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) and LeaderShares AlphaFactor US Core Equity ETF (LSAF) have volatilities of 4.00% and 4.21%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPGD	LSAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	4.21%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	10.85%	10.49%	+0.36%
Volatility (1Y) Calculated over the trailing 1-year period	14.10%	14.36%	-0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.60%	18.38%	+0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.55%	21.73%	-0.18%

UPGD vs. LSAF - Expense Ratio Comparison

UPGD has a 0.40% expense ratio, which is lower than LSAF's 0.75% expense ratio.

Dividends

UPGD vs. LSAF - Dividend Comparison

UPGD's dividend yield for the trailing twelve months is around 1.57%, more than LSAF's 0.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LSAF LeaderShares AlphaFactor US Core Equity ETF	0.57%	0.69%	0.42%	0.84%	0.96%	0.37%	0.53%	0.71%	0.20%	0.00%	0.00%	0.00%
UPGD Invesco Bloomberg Analyst Rating Improvers ETF	1.57%	1.75%	1.28%	1.39%	0.72%	0.52%	0.28%	0.20%	1.43%	0.00%	1.55%	0.93%

Frequently Asked Questions

Can I hold both UPGD and LSAF in my portfolio?

UPGD and LSAF have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPGD or LSAF?

LSAF has higher volatility (4.21%) compared to UPGD (4.00%). In terms of maximum drawdown, UPGD dropped -60.74% vs LSAF's -41.67%.

Which ETF is better, UPGD or LSAF?

On 5-year performance, LSAF leads with 10.90% vs 7.89% for UPGD. On fees, UPGD is cheaper at 0.40% per year. On volatility, UPGD has been the lower-risk option at 4.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPGD or LSAF?

Over the 5-year period, LSAF has performed better with a 10.90% return vs 7.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPGD or LSAF?

UPGD is cheaper with a 0.40% expense ratio, compared with 0.75% for LSAF.

Which ETF pays a higher dividend yield, UPGD or LSAF?

UPGD has the higher dividend yield at 1.57%, compared with 0.57% for LSAF.

What is the main difference between UPGD and LSAF?

UPGD tracks Bloomberg ANR Improvers Index - Benchmark TR Gross, while LSAF tracks AlphaFactor US Core Equity Index. They also come from different issuers: Invesco and Redwood. Their fees differ too: 0.40% for UPGD and 0.75% for LSAF.

Which has better risk-adjusted returns?

LSAF currently has the higher Sharpe Ratio (2.03 vs 1.12), 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.