UPGD vs. VOO

Last updated Aug 2, 2026

UPGD (Invesco Bloomberg Analyst Rating Improvers ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - UPGD is a Mid Cap Blend Equities fund tracking the Bloomberg ANR Improvers Index - Benchmark TR Gross, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, UPGD returned 10.04%/yr vs 15.14%/yr for VOO. Their correlation of 0.82 means they have usually moved in the same direction. UPGD charges 0.40%/yr vs 0.03%/yr for VOO.

Performance

UPGD vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) and Vanguard S&P 500 ETF (VOO). 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 higher than VOO's 10.16% return. Over the past 10 years, UPGD has underperformed VOO with an annualized return of 10.04%, while VOO has yielded a comparatively higher 15.14% annualized 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%

VOO

• 1D: 0.71%
• 1M: 0.26%
• 6M: 8.58%
• YTD: 10.16%
• 1Y: 21.58%
• 3Y*: 19.42%
• 5Y*: 12.83%
• 10Y*: 15.14%
• ALL TIME*: 14.78%

*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)
UPGD Invesco Bloomberg Analyst Rating Improvers ETF	$107.99K	$276.67K	$151.22K
VOO Vanguard S&P 500 ETF	$3.82B	$3.78B	$5.44B

UPGD vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPGD Invesco Bloomberg Analyst Rating Improvers ETF	10.95%	8.89%	13.28%	15.65%	-13.17%	24.09%	6.21%	32.02%	-14.84%	13.31%
VOO Vanguard S&P 500 ETF	10.16%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between UPGD and VOO is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.62
Correlation (3Y) Balances recent behavior with more history.	0.69
Correlation (5Y) Shows whether the relationship held over a longer period.	0.78
Correlation (10Y) Provides a long-term view across more market conditions.	0.78
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.82

The correlation between UPGD and VOO shifts across timeframes, from 0.62 (1 year) to 0.82 (all time), reflecting how their relationship changes across market environments.

UPGD vs. VOO - Sectors Allocation Comparison

Sectors	UPGD	VOO
Consumer Cyclical	25.1%	9.5%
Industrials	24.4%	8.5%
Consumer Defensive	19.1%	4.5%
Technology	11.8%	38.6%
Utilities	7.9%	2.2%
Healthcare	6.4%	8.9%
Basic Materials	3.7%	1.7%
Communication Services	1.5%	9.9%
Financial Services	0.0%	11.4%
Energy	-	3.0%
Real Estate	-	1.8%

Return for Risk

UPGD vs. VOO — 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

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 68
VOO Sortino Ratio Rank: 65
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 64
VOO Martin Ratio Rank: 76

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.12	1.53	-0.42
Sortino ratio: Return per unit of downside risk	1.71	2.13	-0.43
Omega ratio: Gain probability vs. loss probability	1.20	1.28	-0.08
Calmar ratio: Return relative to maximum drawdown	1.57	2.21	-0.63
Martin ratio: Return relative to average drawdown	5.38	9.44	-4.06

UPGD vs. VOO - Sharpe Ratio Comparison

The current UPGD Sharpe Ratio is 1.12, which is comparable to the VOO Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of UPGD and VOO, 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. VOO - Drawdown Comparison

The maximum UPGD drawdown since its inception was -60.74%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for UPGD and VOO.

Drawdown Indicators

	UPGD	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-60.74%	-33.99%	-26.75%
Max Drawdown (1Y) Largest decline over 1 year	-10.01%	-8.90%	-1.11%
Max Drawdown (3Y) Largest decline over 3 years	-16.90%	-18.69%	+1.79%
Max Drawdown (5Y) Largest decline over 5 years	-24.31%	-24.52%	+0.21%
Max Drawdown (10Y) Largest decline over 10 years	-50.20%	-33.99%	-16.21%
Current Drawdown Current decline from peak	-2.60%	-1.38%	-1.22%
Average Drawdown Average peak-to-trough decline	-10.19%	-3.67%	-6.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	2.08%	+0.84%

Volatility

UPGD vs. VOO - Volatility Comparison

Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) has a higher volatility of 4.00% compared to Vanguard S&P 500 ETF (VOO) at 3.54%. This indicates that UPGD's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPGD	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	3.54%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	10.85%	10.10%	+0.75%
Volatility (1Y) Calculated over the trailing 1-year period	14.10%	12.82%	+1.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.60%	16.93%	+1.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.55%	18.01%	+3.54%

UPGD vs. VOO - Expense Ratio Comparison

UPGD has a 0.40% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

UPGD vs. VOO - Dividend Comparison

UPGD's dividend yield for the trailing twelve months is around 1.57%, more than VOO's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VOO Vanguard S&P 500 ETF	1.07%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both UPGD and VOO in my portfolio?

UPGD and VOO have a correlation of 0.62, 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 VOO?

UPGD has higher volatility (4.00%) compared to VOO (3.54%). In terms of maximum drawdown, UPGD dropped -60.74% vs VOO's -33.99%.

Which ETF is better, UPGD or VOO?

On 10-year performance, VOO leads with 15.14% vs 10.04% for UPGD. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPGD or VOO?

Over the 10-year period, VOO has performed better with a 15.14% return vs 10.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPGD or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.40% for UPGD.

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

UPGD has the higher dividend yield at 1.57%, compared with 1.07% for VOO.

What is the main difference between UPGD and VOO?

UPGD is categorized as Mid Cap Blend Equities, while VOO is S&P 500. UPGD tracks Bloomberg ANR Improvers Index - Benchmark TR Gross, while VOO tracks S&P 500 Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.40% for UPGD and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.53 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.