UPW vs. SPMO

Last updated Jul 14, 2026

UPW (ProShares Ultra Utilities) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - UPW is a Leveraged Equities fund tracking the Dow Jones U.S. Utilities Index (200%), while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 10 years, UPW returned 10.00%/yr vs 20.66%/yr for SPMO. At a 0.28 correlation, their price movements are largely independent. UPW charges 0.95%/yr vs 0.13%/yr for SPMO.

Performance

UPW vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Utilities (UPW) and Invesco S&P 500 Momentum ETF (SPMO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPW achieves a 12.70% return, which is significantly lower than SPMO's 26.03% return. Over the past 10 years, UPW has underperformed SPMO with an annualized return of 10.00%, while SPMO has yielded a comparatively higher 20.66% annualized return.

UPW

• 1D: 1.51%
• 1M: 6.52%
• 6M: 13.90%
• YTD: 12.70%
• 1Y: 20.09%
• 3Y*: 19.06%
• 5Y*: 11.78%
• 10Y*: 10.00%

SPMO

• 1D: -2.61%
• 1M: -1.65%
• 6M: 24.83%
• YTD: 26.03%
• 1Y: 34.61%
• 3Y*: 40.56%
• 5Y*: 21.26%
• 10Y*: 20.66%

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

UPW vs. SPMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPW ProShares Ultra Utilities	12.70%	23.61%	37.67%	-22.37%	-4.59%	32.57%	-17.15%	48.59%	2.36%	22.53%
SPMO Invesco S&P 500 Momentum ETF	26.03%	26.58%	45.82%	17.56%	-10.45%	22.64%	28.25%	25.93%	-0.92%	27.76%

Correlation

The correlation between UPW and SPMO is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.29
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015	0.28

Over the past year, the correlation between UPW and SPMO has dropped to 0.08 - well below their long-term average of 0.28, suggesting their price drivers have been diverging.

UPW vs. SPMO - Sectors Allocation Comparison

Sectors	UPW	SPMO
Utilities	100.0%	2.7%
Basic Materials	-	1.8%
Communication Services	-	8.1%
Consumer Cyclical	-	1.1%
Consumer Defensive	-	3.9%
Energy	-	2.8%
Financial Services	-	5.7%
Healthcare	-	6.6%
Industrials	-	10.9%
Real Estate	-	1.0%
Technology	-	55.0%

Return for Risk

UPW vs. SPMO — Risk / Return Rank

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

UPW

UPW Risk / Return Rank: 24
UPW Sharpe Ratio Rank: 24
UPW Sortino Ratio Rank: 23
UPW Omega Ratio Rank: 23
UPW Calmar Ratio Rank: 27
UPW Martin Ratio Rank: 22

SPMO

SPMO Risk / Return Rank: 62
SPMO Sharpe Ratio Rank: 58
SPMO Sortino Ratio Rank: 55
SPMO Omega Ratio Rank: 60
SPMO Calmar Ratio Rank: 68
SPMO Martin Ratio Rank: 68

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.

UPW vs. SPMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Utilities (UPW) and Invesco S&P 500 Momentum ETF (SPMO). 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.

	UPW	SPMO	Difference
Sharpe ratio: Return per unit of total volatility	0.68	1.57	-0.89
Sortino ratio: Return per unit of downside risk	1.07	2.13	-1.06
Omega ratio: Gain probability vs. loss probability	1.13	1.29	-0.16
Calmar ratio: Return relative to maximum drawdown	1.05	2.74	-1.68
Martin ratio: Return relative to average drawdown	2.10	9.73	-7.63

UPW vs. SPMO - Sharpe Ratio Comparison

The current UPW Sharpe Ratio is 0.68, which is lower than the SPMO Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of UPW and SPMO, 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

UPW vs. SPMO - Drawdown Comparison

The maximum UPW drawdown since its inception was -77.75%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for UPW and SPMO.

Drawdown Indicators

	UPW	SPMO	Difference
Max Drawdown Largest peak-to-trough decline	-77.75%	-30.95%	-46.80%
Max Drawdown (1Y) Largest decline over 1 year	-19.15%	-12.70%	-6.45%
Max Drawdown (3Y) Largest decline over 3 years	-33.16%	-20.13%	-13.03%
Max Drawdown (5Y) Largest decline over 5 years	-49.42%	-22.74%	-26.68%
Max Drawdown (10Y) Largest decline over 10 years	-62.67%	-30.95%	-31.72%
Current Drawdown Current decline from peak	-8.60%	-7.38%	-1.22%
Average Drawdown Average peak-to-trough decline	-22.53%	-4.59%	-17.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.58%	3.56%	+6.02%

Volatility

UPW vs. SPMO - Volatility Comparison

The current volatility for ProShares Ultra Utilities (UPW) is 9.03%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 12.53%. This indicates that UPW experiences smaller price fluctuations and is considered to be less risky than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPW	SPMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.03%	12.53%	-3.50%
Volatility (6M) Calculated over the trailing 6-month period	23.94%	19.77%	+4.17%
Volatility (1Y) Calculated over the trailing 1-year period	29.92%	22.23%	+7.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.50%	20.25%	+14.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.26%	20.80%	+16.46%

UPW vs. SPMO - Expense Ratio Comparison

UPW has a 0.95% expense ratio, which is higher than SPMO's 0.13% expense ratio.

Dividends

UPW vs. SPMO - Dividend Comparison

UPW's dividend yield for the trailing twelve months is around 1.38%, more than SPMO's 0.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPMO Invesco S&P 500 Momentum ETF	0.70%	0.73%	0.48%	1.63%	1.66%	0.52%	1.27%	1.39%	1.05%	0.77%	1.94%	0.36%
UPW ProShares Ultra Utilities	1.38%	1.67%	1.83%	2.40%	1.55%	1.30%	0.83%	0.83%	1.98%	1.51%	1.70%	2.16%

Frequently Asked Questions

Can I hold both UPW and SPMO in my portfolio?

UPW and SPMO have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPW or SPMO?

SPMO has higher volatility (12.53%) compared to UPW (9.03%). In terms of maximum drawdown, UPW dropped -77.75% vs SPMO's -30.95%.

Which ETF is better, UPW or SPMO?

On 10-year performance, SPMO leads with 20.66% vs 10.00% for UPW. On fees, SPMO is cheaper at 0.13% per year. On volatility, UPW has been the lower-risk option at 9.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPW or SPMO?

Over the 10-year period, SPMO has performed better with a 20.66% return vs 10.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPW or SPMO?

SPMO is cheaper with a 0.13% expense ratio, compared with 0.95% for UPW.

Which ETF pays a higher dividend yield, UPW or SPMO?

UPW has the higher dividend yield at 1.38%, compared with 0.70% for SPMO.

What is the main difference between UPW and SPMO?

UPW is categorized as Leveraged Equities, while SPMO is Momentum. UPW tracks Dow Jones U.S. Utilities Index (200%), while SPMO tracks S&P 500 Momentum Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for UPW and 0.13% for SPMO.

Which has better risk-adjusted returns?

SPMO currently has the higher Sharpe Ratio (1.57 vs 0.68), 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.