UYG vs. SPMO

Last updated Jun 4, 2026

UYG (ProShares Ultra Financials) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - UYG is a Leveraged Equities fund tracking the Dow Jones U.S. Financials Index (200%), while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 10 years, UYG returned 15.85%/yr vs 20.95%/yr for SPMO. A 0.57 correlation means they provide meaningful diversification when combined. UYG charges 0.95%/yr vs 0.13%/yr for SPMO.

Performance

UYG vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Financials (UYG) 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, UYG achieves a -16.05% return, which is significantly lower than SPMO's 30.35% return. Over the past 10 years, UYG has underperformed SPMO with an annualized return of 15.85%, while SPMO has yielded a comparatively higher 20.95% annualized return.

UYG

• 1D: -2.38%
• 1M: -3.38%
• YTD: -16.05%
• 6M: -11.80%
• 1Y: -5.74%
• 3Y*: 26.28%
• 5Y*: 8.13%
• 10Y*: 15.85%

SPMO

• 1D: 0.50%
• 1M: 15.36%
• YTD: 30.35%
• 6M: 30.51%
• 1Y: 46.00%
• 3Y*: 43.04%
• 5Y*: 24.29%
• 10Y*: 20.95%

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

UYG vs. SPMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UYG ProShares Ultra Financials	-16.05%	19.77%	55.71%	22.14%	-32.11%	76.26%	-20.32%	66.15%	-22.61%	39.28%
SPMO Invesco S&P 500 Momentum ETF	30.35%	26.58%	45.82%	17.56%	-10.45%	22.64%	28.25%	25.93%	-0.92%	27.76%

Correlation

The correlation between UYG and SPMO is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Oct 13, 2015	0.57

The correlation between UYG and SPMO shifts across timeframes, from 0.47 (1 year) to 0.64 (5 years), reflecting how their relationship changes across market environments.

UYG vs. SPMO - Sectors Allocation Comparison

Sectors	UYG	SPMO
Financial Services	98.0%	5.9%
Technology	1.7%	52.6%
Industrials	0.2%	11.3%
Basic Materials	-	1.6%
Communication Services	-	9.2%
Consumer Cyclical	-	1.3%
Consumer Defensive	-	4.3%
Energy	-	3.4%
Healthcare	-	6.7%
Real Estate	-	1.0%
Utilities	-	2.8%

Return for Risk

UYG vs. SPMO — Risk / Return Rank

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

UYG

UYG Risk / Return Rank: 7
UYG Sharpe Ratio Rank: 7
UYG Sortino Ratio Rank: 7
UYG Omega Ratio Rank: 7
UYG Calmar Ratio Rank: 7
UYG Martin Ratio Rank: 7

SPMO

SPMO Risk / Return Rank: 75
SPMO Sharpe Ratio Rank: 79
SPMO Sortino Ratio Rank: 77
SPMO Omega Ratio Rank: 77
SPMO Calmar Ratio Rank: 71
SPMO Martin Ratio Rank: 73

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.

UYG vs. SPMO - Risk-Adjusted Trends Comparison

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

	UYG	SPMO	Difference
Sharpe ratio: Return per unit of total volatility	-0.20	2.62	-2.82
Sortino ratio: Return per unit of downside risk	-0.08	3.54	-3.62
Omega ratio: Gain probability vs. loss probability	0.99	1.47	-0.48
Calmar ratio: Return relative to maximum drawdown	-0.20	3.64	-3.84
Martin ratio: Return relative to average drawdown	-0.48	14.17	-14.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UYG vs. SPMO - Sharpe Ratio Comparison

The current UYG Sharpe Ratio is -0.20, which is lower than the SPMO Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of UYG 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.

Sharpe Ratios by Period

	UYG	SPMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.20	2.62	-2.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	1.27	-1.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	1.03	-0.65
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	1.01	-1.02

Drawdowns

UYG vs. SPMO - Drawdown Comparison

The maximum UYG drawdown since its inception was -97.90%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for UYG and SPMO.

Drawdown Indicators

	UYG	SPMO	Difference
Max Drawdown Largest peak-to-trough decline	-97.90%	-30.95%	-66.95%
Max Drawdown (1Y) Largest decline over 1 year	-28.91%	-12.70%	-16.21%
Max Drawdown (3Y) Largest decline over 3 years	-30.35%	-20.13%	-10.22%
Max Drawdown (5Y) Largest decline over 5 years	-47.77%	-22.74%	-25.03%
Max Drawdown (10Y) Largest decline over 10 years	-69.98%	-30.95%	-39.03%
Current Drawdown Current decline from peak	-20.72%	0.00%	-20.72%
Average Drawdown Average peak-to-trough decline	-63.37%	-4.60%	-58.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.88%	3.26%	+8.62%

Volatility

UYG vs. SPMO - Volatility Comparison

The current volatility for ProShares Ultra Financials (UYG) is 6.51%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 7.35%. This indicates that UYG 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

	UYG	SPMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.51%	7.35%	-0.84%
Volatility (6M) Calculated over the trailing 6-month period	21.88%	14.39%	+7.49%
Volatility (1Y) Calculated over the trailing 1-year period	28.84%	17.64%	+11.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.14%	19.30%	+16.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.04%	20.31%	+20.73%

UYG vs. SPMO - Expense Ratio Comparison

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

Dividends

UYG vs. SPMO - Dividend Comparison

UYG's dividend yield for the trailing twelve months is around 13.92%, more than SPMO's 0.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPMO Invesco S&P 500 Momentum ETF	0.65%	0.73%	0.48%	1.63%	1.66%	0.52%	1.27%	1.39%	1.05%	0.77%	1.94%	0.36%
UYG ProShares Ultra Financials	13.92%	11.72%	0.51%	0.79%	0.77%	9.39%	0.66%	0.90%	1.28%	0.56%	0.76%	0.72%

Frequently Asked Questions

Can I hold both UYG and SPMO in my portfolio?

UYG and SPMO have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UYG or SPMO?

SPMO has higher volatility (7.35%) compared to UYG (6.51%). In terms of maximum drawdown, UYG dropped -97.90% vs SPMO's -30.95%.

Which ETF is better, UYG or SPMO?

On 10-year performance, SPMO leads with 20.95% vs 15.85% for UYG. On fees, SPMO is cheaper at 0.13% per year. On volatility, UYG has been the lower-risk option at 6.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UYG or SPMO?

Over the 10-year period, SPMO has performed better with a 20.95% return vs 15.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UYG or SPMO?

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

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

UYG has the higher dividend yield at 13.92%, compared with 0.65% for SPMO.

What is the main difference between UYG and SPMO?

UYG is categorized as Leveraged Equities, while SPMO is Momentum. UYG tracks Dow Jones U.S. Financials 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 UYG and 0.13% for SPMO.

Which has better risk-adjusted returns?

SPMO currently has the higher Sharpe Ratio (2.62 vs -0.20), 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.