UPRO vs. SPY

Last updated Jun 7, 2026

UPRO (ProShares UltraPro S&P 500) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - UPRO is a Leveraged Equities fund tracking the S&P 500, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, UPRO returned 28.93%/yr vs 15.16%/yr for SPY. With a 1.00 correlation, they move nearly in lockstep. UPRO charges 0.89%/yr vs 0.09%/yr for SPY.

Performance

UPRO vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro S&P 500 (UPRO) 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, UPRO achieves a 19.07% return, which is significantly higher than SPY's 8.45% return. Over the past 10 years, UPRO has outperformed SPY with an annualized return of 28.93%, while SPY has yielded a comparatively lower 15.16% annualized return.

UPRO

• 1D: -7.90%
• 1M: -1.21%
• YTD: 19.07%
• 6M: 17.12%
• 1Y: 66.25%
• 3Y*: 49.00%
• 5Y*: 21.38%
• 10Y*: 28.93%

SPY

• 1D: -2.58%
• 1M: -0.01%
• 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)

UPRO vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPRO ProShares UltraPro S&P 500	19.07%	31.88%	63.57%	68.53%	-56.84%	98.64%	10.09%	102.30%	-25.11%	71.37%
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 UPRO and SPY is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jun 26, 2009	1.00

The correlation between UPRO and SPY has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

UPRO vs. SPY - Sectors Allocation Comparison

Sectors	UPRO	SPY
Financial Services	28.8%	11.8%
Technology	17.8%	35.9%
Communication Services	4.8%	11.3%
Consumer Cyclical	4.5%	10.3%
Healthcare	3.8%	8.4%
Industrials	3.4%	7.8%
Consumer Defensive	2.0%	4.8%
Energy	1.4%	3.6%
Utilities	1.1%	2.4%
Real Estate	0.8%	1.9%
Basic Materials	0.8%	1.8%

Return for Risk

UPRO vs. SPY — Risk / Return Rank

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

UPRO

UPRO Risk / Return Rank: 56
UPRO Sharpe Ratio Rank: 60
UPRO Sortino Ratio Rank: 50
UPRO Omega Ratio Rank: 53
UPRO Calmar Ratio Rank: 55
UPRO Martin Ratio Rank: 63

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.

UPRO vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) 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.

	UPRO	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.14	-0.16
Sortino ratio: Return per unit of downside risk	2.42	2.88	-0.46
Omega ratio: Gain probability vs. loss probability	1.32	1.39	-0.07
Calmar ratio: Return relative to maximum drawdown	2.67	2.92	-0.24
Martin ratio: Return relative to average drawdown	11.23	13.50	-2.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UPRO vs. SPY - Sharpe Ratio Comparison

The current UPRO Sharpe Ratio is 1.98, which is comparable to the SPY Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of UPRO 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

	UPRO	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.98	2.14	-0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.78	-0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.85	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.58	+0.06

Drawdowns

UPRO vs. SPY - Drawdown Comparison

The maximum UPRO drawdown since its inception was -76.82%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for UPRO and SPY.

Drawdown Indicators

	UPRO	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-76.82%	-55.19%	-21.63%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	-8.88%	-17.90%
Max Drawdown (3Y) Largest decline over 3 years	-48.87%	-18.76%	-30.11%
Max Drawdown (5Y) Largest decline over 5 years	-63.94%	-24.50%	-39.44%
Max Drawdown (10Y) Largest decline over 10 years	-76.82%	-33.72%	-43.10%
Current Drawdown Current decline from peak	-8.84%	-2.90%	-5.94%
Average Drawdown Average peak-to-trough decline	-14.41%	-9.05%	-5.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.36%	1.91%	+4.45%

Volatility

UPRO vs. SPY - Volatility Comparison

ProShares UltraPro S&P 500 (UPRO) has a higher volatility of 11.42% compared to State Street SPDR S&P 500 ETF (SPY) at 3.73%. This indicates that UPRO'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

	UPRO	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.42%	3.73%	+7.69%
Volatility (6M) Calculated over the trailing 6-month period	27.90%	9.31%	+18.59%
Volatility (1Y) Calculated over the trailing 1-year period	36.26%	12.12%	+24.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.42%	17.09%	+33.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.79%	17.95%	+35.84%

UPRO vs. SPY - Expense Ratio Comparison

UPRO has a 0.89% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

UPRO vs. SPY - Dividend Comparison

UPRO's dividend yield for the trailing twelve months is around 0.73%, less 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%
UPRO ProShares UltraPro S&P 500	0.73%	0.84%	0.93%	0.74%	0.52%	0.06%	0.11%	0.41%	0.63%	0.00%	0.12%	0.34%

Frequently Asked Questions

Can I hold both UPRO and SPY in my portfolio?

With a correlation of 1.00, UPRO and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, UPRO or SPY?

UPRO has higher volatility (11.42%) compared to SPY (3.73%). In terms of maximum drawdown, UPRO dropped -76.82% vs SPY's -55.19%.

Which ETF is better, UPRO or SPY?

On 10-year performance, UPRO leads with 28.93% vs 15.16% for SPY. 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, UPRO or SPY?

Over the 10-year period, UPRO has performed better with a 28.93% return vs 15.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPRO or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.89% for UPRO.

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

SPY has the higher dividend yield at 1.00%, compared with 0.73% for UPRO.

What is the main difference between UPRO and SPY?

UPRO is categorized as Leveraged Equities, while SPY is S&P 500. UPRO tracks S&P 500, while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.89% for UPRO and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.14 vs 1.98), 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.