UPV vs. SPY

Last updated Jun 23, 2026

UPV (ProShares Ultra Europe) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - UPV is a Leveraged Equities fund tracking the MSCI Europe 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, UPV returned 12.77%/yr vs 15.70%/yr for SPY. A 0.71 correlation means they provide meaningful diversification when combined. UPV charges 0.95%/yr vs 0.09%/yr for SPY.

Performance

UPV vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Europe (UPV) 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, UPV achieves a 10.42% return, which is significantly higher than SPY's 9.74% return. Over the past 10 years, UPV has underperformed SPY with an annualized return of 12.77%, while SPY has yielded a comparatively higher 15.70% annualized return.

UPV

• 1D: 0.02%
• 1M: 1.70%
• YTD: 10.42%
• 6M: 11.40%
• 1Y: 36.17%
• 3Y*: 25.72%
• 5Y*: 9.15%
• 10Y*: 12.77%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

UPV vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPV ProShares Ultra Europe	10.42%	68.63%	-4.51%	32.16%	-36.58%	32.38%	-3.15%	47.04%	-32.64%	57.44%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between UPV and SPY is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since May 7, 2010	0.71

The correlation between UPV and SPY has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.

UPV vs. SPY - Sectors Allocation Comparison

Sectors	UPV	SPY
Financial Services	37.5%	11.1%
Basic Materials	-	1.7%
Communication Services	-	10.6%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.5%
Energy	-	3.1%
Healthcare	-	8.3%
Industrials	-	7.8%
Real Estate	-	1.8%
Technology	-	39.0%
Utilities	-	2.1%

Return for Risk

UPV vs. SPY — Risk / Return Rank

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

UPV

UPV Risk / Return Rank: 33
UPV Sharpe Ratio Rank: 33
UPV Sortino Ratio Rank: 33
UPV Omega Ratio Rank: 32
UPV Calmar Ratio Rank: 32
UPV Martin Ratio Rank: 36

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

UPV vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Europe (UPV) 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.

	UPV	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.16	2.16	-1.00
Sortino ratio: Return per unit of downside risk	1.71	2.91	-1.20
Omega ratio: Gain probability vs. loss probability	1.21	1.39	-0.18
Calmar ratio: Return relative to maximum drawdown	1.55	3.01	-1.46
Martin ratio: Return relative to average drawdown	5.22	13.54	-8.32

UPV vs. SPY - Sharpe Ratio Comparison

The current UPV Sharpe Ratio is 1.16, which is lower than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of UPV 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

UPV vs. SPY - Drawdown Comparison

The maximum UPV drawdown since its inception was -67.25%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for UPV and SPY.

Drawdown Indicators

	UPV	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-67.25%	-55.19%	-12.06%
Max Drawdown (1Y) Largest decline over 1 year	-23.41%	-8.88%	-14.53%
Max Drawdown (3Y) Largest decline over 3 years	-27.54%	-18.76%	-8.78%
Max Drawdown (5Y) Largest decline over 5 years	-58.33%	-24.50%	-33.83%
Max Drawdown (10Y) Largest decline over 10 years	-67.25%	-33.72%	-33.53%
Current Drawdown Current decline from peak	-4.76%	-1.75%	-3.01%
Average Drawdown Average peak-to-trough decline	-20.78%	-9.04%	-11.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.95%	1.97%	+4.98%

Volatility

UPV vs. SPY - Volatility Comparison

ProShares Ultra Europe (UPV) has a higher volatility of 9.63% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that UPV'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

	UPV	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.63%	4.64%	+4.99%
Volatility (6M) Calculated over the trailing 6-month period	26.70%	9.75%	+16.95%
Volatility (1Y) Calculated over the trailing 1-year period	31.51%	12.43%	+19.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.51%	17.14%	+18.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.96%	17.99%	+18.97%

UPV vs. SPY - Expense Ratio Comparison

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

Dividends

UPV vs. SPY - Dividend Comparison

UPV's dividend yield for the trailing twelve months is around 2.07%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
UPV ProShares Ultra Europe	2.07%	2.11%	2.70%	1.57%	0.00%	0.00%	0.00%	0.65%	3.80%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UPV and SPY in my portfolio?

UPV and SPY have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPV or SPY?

UPV has higher volatility (9.63%) compared to SPY (4.64%). In terms of maximum drawdown, UPV dropped -67.25% vs SPY's -55.19%.

Which ETF is better, UPV or SPY?

On 10-year performance, SPY leads with 15.70% vs 12.77% for UPV. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPV or SPY?

Over the 10-year period, SPY has performed better with a 15.70% return vs 12.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPV or SPY?

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

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

UPV has the higher dividend yield at 2.07%, compared with 1.01% for SPY.

What is the main difference between UPV and SPY?

UPV is categorized as Leveraged Equities, while SPY is S&P 500. UPV tracks MSCI Europe 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 UPV and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.16), 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.