UWM vs. SPY

Last updated Jun 23, 2026

UWM (ProShares Ultra Russell2000) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - UWM is a Leveraged Equities fund tracking the Russell 2000 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, UWM returned 13.66%/yr vs 15.70%/yr for SPY. Their correlation of 0.85 suggests significant overlap in exposure. UWM charges 0.95%/yr vs 0.09%/yr for SPY.

Performance

UWM vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Russell2000 (UWM) 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, UWM achieves a 41.43% return, which is significantly higher than SPY's 9.74% return. Over the past 10 years, UWM has underperformed SPY with an annualized return of 13.66%, while SPY has yielded a comparatively higher 15.70% annualized return.

UWM

• 1D: 1.84%
• 1M: 8.96%
• YTD: 41.43%
• 6M: 32.94%
• 1Y: 88.85%
• 3Y*: 28.76%
• 5Y*: 2.87%
• 10Y*: 13.66%

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)

UWM vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UWM ProShares Ultra Russell2000	41.43%	13.59%	11.32%	22.62%	-43.69%	23.91%	16.57%	48.62%	-25.89%	26.92%
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 UWM and SPY is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jan 25, 2007	0.85

The correlation between UWM and SPY has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.

UWM vs. SPY - Sectors Allocation Comparison

Sectors	UWM	SPY
Technology	19.1%	39.0%
Industrials	17.8%	7.8%
Healthcare	16.3%	8.3%
Financial Services	15.5%	11.1%
Consumer Cyclical	7.9%	9.9%
Real Estate	5.9%	1.8%
Energy	5.4%	3.1%
Basic Materials	4.7%	1.7%
Utilities	2.7%	2.1%
Communication Services	2.5%	10.6%
Consumer Defensive	2.2%	4.5%

Return for Risk

UWM vs. SPY — Risk / Return Rank

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

UWM

UWM Risk / Return Rank: 70
UWM Sharpe Ratio Rank: 75
UWM Sortino Ratio Rank: 63
UWM Omega Ratio Rank: 56
UWM Calmar Ratio Rank: 80
UWM Martin Ratio Rank: 75

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.

UWM vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Russell2000 (UWM) 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.

	UWM	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.29	2.16	+0.13
Sortino ratio: Return per unit of downside risk	2.83	2.91	-0.08
Omega ratio: Gain probability vs. loss probability	1.34	1.39	-0.05
Calmar ratio: Return relative to maximum drawdown	4.01	3.01	+1.00
Martin ratio: Return relative to average drawdown	13.68	13.54	+0.14

UWM vs. SPY - Sharpe Ratio Comparison

The current UWM Sharpe Ratio is 2.29, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of UWM 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

UWM vs. SPY - Drawdown Comparison

The maximum UWM drawdown since its inception was -88.21%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for UWM and SPY.

Drawdown Indicators

	UWM	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-88.21%	-55.19%	-33.02%
Max Drawdown (1Y) Largest decline over 1 year	-22.28%	-8.88%	-13.40%
Max Drawdown (3Y) Largest decline over 3 years	-49.79%	-18.76%	-31.03%
Max Drawdown (5Y) Largest decline over 5 years	-61.62%	-24.50%	-37.12%
Max Drawdown (10Y) Largest decline over 10 years	-71.46%	-33.72%	-37.74%
Current Drawdown Current decline from peak	0.00%	-1.75%	+1.75%
Average Drawdown Average peak-to-trough decline	-30.81%	-9.04%	-21.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.52%	1.97%	+4.55%

Volatility

UWM vs. SPY - Volatility Comparison

ProShares Ultra Russell2000 (UWM) has a higher volatility of 12.87% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that UWM'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

	UWM	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.87%	4.64%	+8.23%
Volatility (6M) Calculated over the trailing 6-month period	28.31%	9.75%	+18.56%
Volatility (1Y) Calculated over the trailing 1-year period	39.13%	12.43%	+26.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.16%	17.14%	+28.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.18%	17.99%	+28.19%

UWM vs. SPY - Expense Ratio Comparison

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

Dividends

UWM vs. SPY - Dividend Comparison

UWM's dividend yield for the trailing twelve months is around 0.73%, less 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%
UWM ProShares Ultra Russell2000	0.73%	1.05%	1.16%	0.34%	0.40%	0.00%	0.07%	0.55%	0.41%	0.11%	0.27%	0.23%

Frequently Asked Questions

Can I hold both UWM and SPY in my portfolio?

UWM and SPY have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UWM or SPY?

UWM has higher volatility (12.87%) compared to SPY (4.64%). In terms of maximum drawdown, UWM dropped -88.21% vs SPY's -55.19%.

Which ETF is better, UWM or SPY?

On 10-year performance, SPY leads with 15.70% vs 13.66% for UWM. 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, UWM or SPY?

Over the 10-year period, SPY has performed better with a 15.70% return vs 13.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UWM or SPY?

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

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

SPY has the higher dividend yield at 1.01%, compared with 0.73% for UWM.

What is the main difference between UWM and SPY?

UWM is categorized as Leveraged Equities, while SPY is S&P 500. UWM tracks Russell 2000 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 UWM and 0.09% for SPY.

Which has better risk-adjusted returns?

UWM currently has the higher Sharpe Ratio (2.29 vs 2.16), 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.