UPST vs. SPY

Last updated Jul 14, 2026

UPST (Upstart Holdings, Inc.) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, UPST returned -22.58%/yr vs 12.94%/yr for SPY. A 0.51 correlation means they provide meaningful diversification when combined.

Performance

UPST vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Upstart Holdings, Inc. (UPST) 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, UPST achieves a -28.06% return, which is significantly lower than SPY's 10.45% return.

UPST

• 1D: -3.91%
• 1M: 3.15%
• 6M: -30.48%
• YTD: -28.06%
• 1Y: -58.40%
• 3Y*: -12.23%
• 5Y*: -22.58%
• 10Y*: —

SPY

• 1D: -0.77%
• 1M: 1.26%
• 6M: 8.34%
• YTD: 10.45%
• 1Y: 21.46%
• 3Y*: 20.07%
• 5Y*: 12.94%
• 10Y*: 15.08%

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

UPST vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
UPST Upstart Holdings, Inc.	-28.06%	-28.98%	50.69%	209.08%	-91.26%	271.29%	56.73%
SPY State Street SPDR S&P 500 ETF	10.45%	17.72%	24.89%	26.18%	-18.18%	28.73%	1.59%

Correlation

The correlation between UPST and SPY is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (All Time) Calculated using the full available price history since Dec 16, 2020	0.51

The correlation between UPST and SPY has been stable across timeframes, ranging from 0.51 to 0.55 - a consistent structural relationship.

Return for Risk

UPST vs. SPY — Risk / Return Rank

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

UPST

UPST Risk / Return Rank: 12
UPST Sharpe Ratio Rank: 9
UPST Sortino Ratio Rank: 10
UPST Omega Ratio Rank: 12
UPST Calmar Ratio Rank: 11
UPST Martin Ratio Rank: 18

SPY

SPY Risk / Return Rank: 66
SPY Sharpe Ratio Rank: 66
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 61
SPY Martin Ratio Rank: 72

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.

UPST vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Upstart Holdings, Inc. (UPST) 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.

	UPST	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	1.71	-2.56
Sortino ratio: Return per unit of downside risk	-1.20	2.37	-3.56
Omega ratio: Gain probability vs. loss probability	0.86	1.31	-0.45
Calmar ratio: Return relative to maximum drawdown	-0.82	2.43	-3.25
Martin ratio: Return relative to average drawdown	-1.15	10.57	-11.73

UPST vs. SPY - Sharpe Ratio Comparison

The current UPST Sharpe Ratio is -0.84, which is lower than the SPY Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of UPST 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

UPST vs. SPY - Drawdown Comparison

The maximum UPST drawdown since its inception was -96.90%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for UPST and SPY.

Drawdown Indicators

	UPST	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-96.90%	-55.19%	-41.71%
Max Drawdown (1Y) Largest decline over 1 year	-71.21%	-8.88%	-62.33%
Max Drawdown (3Y) Largest decline over 3 years	-72.72%	-18.76%	-53.96%
Max Drawdown (5Y) Largest decline over 5 years	-96.90%	-24.50%	-72.40%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-91.93%	-1.12%	-90.81%
Average Drawdown Average peak-to-trough decline	-76.39%	-9.02%	-67.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	50.65%	2.03%	+48.62%

Volatility

UPST vs. SPY - Volatility Comparison

Upstart Holdings, Inc. (UPST) has a higher volatility of 16.87% compared to State Street SPDR S&P 500 ETF (SPY) at 4.26%. This indicates that UPST'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

	UPST	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.87%	4.26%	+12.61%
Volatility (6M) Calculated over the trailing 6-month period	50.17%	10.01%	+40.16%
Volatility (1Y) Calculated over the trailing 1-year period	69.54%	12.60%	+56.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	103.66%	17.17%	+86.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	113.37%	17.93%	+95.44%

Dividends

UPST vs. SPY - Dividend Comparison

UPST has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.00%.

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%
UPST Upstart Holdings, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UPST and SPY in my portfolio?

UPST and SPY have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPST or SPY?

UPST has higher volatility (16.87%) compared to SPY (4.26%). In terms of maximum drawdown, UPST dropped -96.90% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.71 vs -0.84), 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.