IVV vs UPRO
iShares Core S&P 500 ETF vs ProShares UltraPro S&P 500
Quick Verdict
IVV has a lower expense ratio. UPRO delivered stronger 1-year returns. UPRO offers more diversification with 520 holdings.
Side-by-Side Comparison
| Metric | IVV | UPRO | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 0.89% | |
| AUM | $907.0B | $5.8B | |
| Dividend Yield | 1.10% | 0.37% | |
| Holdings | 508 | 520 | |
| YTD Return | +12.71% | +28.84% | |
| 1Y Return | +21.89% | +53.50% | |
| 3Y Return (annualized) | +22.08% | +49.61% | |
| 5Y Return (annualized) | +12.96% | +18.51% | |
| Volatility (annualized) | 15.1% | 44.5% | |
| Max Drawdown | -56.5% | -76.8% | |
| Fund Family | iShares by BlackRock (US) | ProShares | |
| Category | Equity | Alternative | |
| Inception | May 15, 2000 | Jun 23, 2009 |
IVV vs UPRO Performance
iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US) and ProShares UltraPro S&P 500 (UPRO) is a ETF from ProShares. Over the past year IVV returned +21.89% while UPRO returned +53.50%. Year to date, IVV is up 12.71% versus a gain of 28.84% for UPRO.
Over three years, IVV compounded at +22.08% per year against +49.61% for UPRO; over five years the annualized figures are +12.96% and +18.51% respectively. Across the full 17-year window we track, UPRO has the edge at +32.59% annualized vs +7.00%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UPRO has been the more volatile fund, with annualized monthly volatility of 44.5% compared with 15.1% for IVV. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -56.5% for IVV and -76.8% for UPRO. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.99. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
IVV charges 0.03% per year while UPRO charges 0.89%. On a $10,000 position that is $3 vs $89 annually, a gap of $86 per year that compounds over a long holding period. On income, IVV currently yields 1.10% against 0.37% for UPRO.
Holdings Overlap
IVV and UPRO share 488 holdings out of 521 unique holdings combined, representing a 44.9% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, IVV or UPRO?
IVV has an expense ratio of 0.03% while UPRO charges 0.89%. IVV is the cheaper option. On a $10,000 investment, that is $86 per year of difference.
Which performed better, IVV or UPRO?
Over the past year IVV returned +21.89% vs +53.50% for UPRO, so UPRO leads on 1-year performance. Over the longest common window we track (17 years), IVV annualized +7.00% vs +32.59% for UPRO. Past performance does not guarantee future results.
Which is riskier, IVV or UPRO?
UPRO has been the more volatile fund at 44.5% annualized versus 15.1% for IVV. Worst drawdown: IVV -56.5% vs UPRO -76.8%.
Should I hold both IVV and UPRO?
IVV and UPRO have a monthly-return correlation of 0.99, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between IVV and UPRO?
IVV and UPRO share 488 common holdings with a 44.9% weight overlap. Combined, they hold 521 unique securities.
Which pays a higher dividend, IVV or UPRO?
IVV yields 1.10% while UPRO yields 0.37%, so IVV currently pays the higher dividend yield.
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