UYG vs. SPY

Last updated Jun 5, 2026

UYG (ProShares Ultra Financials) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - UYG is a Leveraged Equities fund tracking the Dow Jones U.S. Financials 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, UYG returned 16.31%/yr vs 15.48%/yr for SPY. Their correlation of 0.83 suggests significant overlap in exposure. UYG charges 0.95%/yr vs 0.09%/yr for SPY.

Performance

UYG vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Financials (UYG) 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, UYG achieves a -11.64% return, which is significantly lower than SPY's 11.33% return. Over the past 10 years, UYG has outperformed SPY with an annualized return of 16.31%, while SPY has yielded a comparatively lower 15.48% annualized return.

UYG

• 1D: 5.26%
• 1M: 1.69%
• YTD: -11.64%
• 6M: -7.39%
• 1Y: 0.42%
• 3Y*: 28.93%
• 5Y*: 9.24%
• 10Y*: 16.31%

SPY

• 1D: 0.38%
• 1M: 4.60%
• YTD: 11.33%
• 6M: 11.25%
• 1Y: 28.50%
• 3Y*: 22.58%
• 5Y*: 13.91%
• 10Y*: 15.48%

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

UYG vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UYG ProShares Ultra Financials	-11.64%	19.77%	55.71%	22.14%	-32.11%	76.26%	-20.32%	66.15%	-22.61%	39.28%
SPY State Street SPDR S&P 500 ETF	11.33%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between UYG and SPY is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007	0.83

Over the past year, the correlation between UYG and SPY has dropped to 0.63 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

UYG vs. SPY - Sectors Allocation Comparison

Sectors	UYG	SPY
Financial Services	98.0%	11.8%
Technology	1.7%	35.9%
Industrials	0.2%	7.8%
Basic Materials	-	1.8%
Communication Services	-	11.3%
Consumer Cyclical	-	10.3%
Consumer Defensive	-	4.8%
Energy	-	3.6%
Healthcare	-	8.4%
Real Estate	-	1.9%
Utilities	-	2.4%

Return for Risk

UYG vs. SPY — Risk / Return Rank

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

UYG

UYG Risk / Return Rank: 10
UYG Sharpe Ratio Rank: 9
UYG Sortino Ratio Rank: 10
UYG Omega Ratio Rank: 10
UYG Calmar Ratio Rank: 9
UYG Martin Ratio Rank: 9

SPY

SPY Risk / Return Rank: 74
SPY Sharpe Ratio Rank: 76
SPY Sortino Ratio Rank: 74
SPY Omega Ratio Rank: 75
SPY Calmar Ratio Rank: 66
SPY Martin Ratio Rank: 78

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. SPY - Risk-Adjusted Trends Comparison

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

	UYG	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.01	2.42	-2.41
Sortino ratio: Return per unit of downside risk	0.22	3.29	-3.07
Omega ratio: Gain probability vs. loss probability	1.03	1.44	-0.41
Calmar ratio: Return relative to maximum drawdown	0.01	3.22	-3.21
Martin ratio: Return relative to average drawdown	0.04	14.99	-14.96
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. SPY - Sharpe Ratio Comparison

The current UYG Sharpe Ratio is 0.01, which is lower than the SPY Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of UYG 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

	UYG	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.01	2.42	-2.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.82	-0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.87	-0.47
Sharpe Ratio (All Time) Calculated using the full available price history	-0.00	0.59	-0.59

Drawdowns

UYG vs. SPY - Drawdown Comparison

The maximum UYG drawdown since its inception was -97.90%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for UYG and SPY.

Drawdown Indicators

	UYG	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-97.90%	-55.19%	-42.71%
Max Drawdown (1Y) Largest decline over 1 year	-28.91%	-8.88%	-20.03%
Max Drawdown (3Y) Largest decline over 3 years	-30.35%	-18.76%	-11.59%
Max Drawdown (5Y) Largest decline over 5 years	-47.77%	-24.50%	-23.27%
Max Drawdown (10Y) Largest decline over 10 years	-69.98%	-33.72%	-36.26%
Current Drawdown Current decline from peak	-16.55%	-0.33%	-16.22%
Average Drawdown Average peak-to-trough decline	-63.36%	-9.05%	-54.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.92%	1.91%	+10.01%

Volatility

UYG vs. SPY - Volatility Comparison

ProShares Ultra Financials (UYG) has a higher volatility of 8.39% compared to State Street SPDR S&P 500 ETF (SPY) at 2.79%. This indicates that UYG'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

	UYG	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.39%	2.79%	+5.60%
Volatility (6M) Calculated over the trailing 6-month period	22.49%	8.91%	+13.58%
Volatility (1Y) Calculated over the trailing 1-year period	29.32%	11.82%	+17.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.21%	17.05%	+19.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.06%	17.93%	+23.13%

UYG vs. SPY - Expense Ratio Comparison

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

Dividends

UYG vs. SPY - Dividend Comparison

UYG's dividend yield for the trailing twelve months is around 13.22%, more 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%
UYG ProShares Ultra Financials	13.22%	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 SPY in my portfolio?

UYG and SPY have a correlation of 0.63, 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 SPY?

UYG has higher volatility (8.39%) compared to SPY (2.79%). In terms of maximum drawdown, UYG dropped -97.90% vs SPY's -55.19%.

Which ETF is better, UYG or SPY?

On 10-year performance, UYG leads with 16.31% vs 15.48% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UYG or SPY?

Over the 10-year period, UYG has performed better with a 16.31% return vs 15.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UYG or SPY?

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

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

UYG has the higher dividend yield at 13.22%, compared with 0.98% for SPY.

What is the main difference between UYG and SPY?

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

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.42 vs 0.01), 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.