UXI vs. SPY

Last updated Jun 4, 2026

UXI (ProShares Ultra Industrials) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - UXI is a Leveraged Equities fund tracking the Dow Jones U.S. Industrials 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, UXI returned 19.32%/yr vs 15.49%/yr for SPY. Their correlation of 0.84 suggests significant overlap in exposure. UXI charges 0.95%/yr vs 0.09%/yr for SPY.

Performance

UXI vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Industrials (UXI) 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, UXI achieves a 21.82% return, which is significantly higher than SPY's 10.91% return. Over the past 10 years, UXI has outperformed SPY with an annualized return of 19.32%, while SPY has yielded a comparatively lower 15.49% annualized return.

UXI

• 1D: 0.07%
• 1M: 3.06%
• YTD: 21.82%
• 6M: 23.67%
• 1Y: 38.90%
• 3Y*: 35.05%
• 5Y*: 11.54%
• 10Y*: 19.32%

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

UXI vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UXI ProShares Ultra Industrials	21.82%	28.84%	26.48%	27.34%	-32.90%	34.64%	16.37%	67.44%	-28.13%	51.81%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between UXI and SPY is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007	0.84

The correlation between UXI and SPY shifts across timeframes, from 0.69 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.

UXI vs. SPY - Sectors Allocation Comparison

Sectors	UXI	SPY
Industrials	56.8%	7.8%
Utilities	3.0%	2.4%
Technology	2.4%	35.9%
Consumer Cyclical	0.3%	10.3%
Basic Materials	-	1.8%
Communication Services	-	11.3%
Consumer Defensive	-	4.8%
Energy	-	3.6%
Financial Services	-	11.8%
Healthcare	-	8.4%
Real Estate	-	1.9%

Return for Risk

UXI vs. SPY — Risk / Return Rank

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

UXI

UXI Risk / Return Rank: 35
UXI Sharpe Ratio Rank: 35
UXI Sortino Ratio Rank: 35
UXI Omega Ratio Rank: 32
UXI Calmar Ratio Rank: 34
UXI Martin Ratio Rank: 38

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

UXI vs. SPY - Risk-Adjusted Trends Comparison

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

	UXI	SPY	Difference
Sharpe ratio Return per unit of total volatility	1.27	2.38	-1.11
Sortino ratio Return per unit of downside risk	1.87	3.24	-1.37
Omega ratio Gain probability vs. loss probability	1.22	1.43	-0.21
Calmar ratio Return relative to maximum drawdown	1.66	3.16	-1.51
Martin ratio Return relative to average drawdown	5.93	14.72	-8.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UXI vs. SPY - Sharpe Ratio Comparison

The current UXI Sharpe Ratio is 1.27, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of UXI 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

	UXI	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.27	2.38	-1.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.82	-0.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.87	-0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.59	-0.30

Drawdowns

UXI vs. SPY - Drawdown Comparison

The maximum UXI drawdown since its inception was -89.01%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for UXI and SPY.

Drawdown Indicators

	UXI	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-89.01%	-55.19%	-33.82%
Max Drawdown (1Y) Largest decline over 1 year	-23.59%	-8.88%	-14.71%
Max Drawdown (3Y) Largest decline over 3 years	-36.42%	-18.76%	-17.66%
Max Drawdown (5Y) Largest decline over 5 years	-48.25%	-24.50%	-23.75%
Max Drawdown (10Y) Largest decline over 10 years	-66.48%	-33.72%	-32.76%
Current Drawdown Current decline from peak	-7.08%	-0.70%	-6.38%
Average Drawdown Average peak-to-trough decline	-22.61%	-9.05%	-13.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.57%	1.91%	+4.66%

Volatility

UXI vs. SPY - Volatility Comparison

ProShares Ultra Industrials (UXI) has a higher volatility of 9.86% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that UXI'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

	UXI	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.86%	2.84%	+7.02%
Volatility (6M) Calculated over the trailing 6-month period	25.69%	8.90%	+16.79%
Volatility (1Y) Calculated over the trailing 1-year period	30.91%	11.83%	+19.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.90%	17.05%	+18.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.42%	17.94%	+21.48%

UXI vs. SPY - Expense Ratio Comparison

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

Dividends

UXI vs. SPY - Dividend Comparison

UXI's dividend yield for the trailing twelve months is around 0.67%, less than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
UXI ProShares Ultra Industrials	0.67%	0.90%	0.18%	0.21%	0.24%	0.03%	0.29%	0.58%	0.37%	0.24%	0.38%	0.41%

Frequently Asked Questions

Can I hold both UXI and SPY in my portfolio?

UXI and SPY have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UXI or SPY?

UXI has higher volatility (9.86%) compared to SPY (2.84%). In terms of maximum drawdown, UXI dropped -89.01% vs SPY's -55.19%.

Which ETF is better, UXI or SPY?

On 10-year performance, UXI leads with 19.32% vs 15.49% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UXI or SPY?

Over the 10-year period, UXI has performed better with a 19.32% return vs 15.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UXI or SPY?

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

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

SPY has the higher dividend yield at 0.98%, compared with 0.67% for UXI.

What is the main difference between UXI and SPY?

UXI is categorized as Leveraged Equities, while SPY is S&P 500. UXI tracks Dow Jones U.S. Industrials 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 UXI and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 1.27), 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.