IVV vs UPW
iShares Core S&P 500 ETF vs ProShares Ultra Utilities
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | IVV | UPW | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 0.95% | |
| AUM | $865.2B | $18M | |
| Dividend Yield | 1.09% | 1.41% | |
| Holdings | 508 | 37 | |
| YTD Return | +14.50% | +1.37% | |
| 1Y Return | +22.02% | +0.91% | |
| 3Y Return (annualized) | +21.80% | +19.12% | |
| 5Y Return (annualized) | +13.37% | +7.51% | |
| Volatility (annualized) | 15.1% | 29.8% | |
| Max Drawdown | -56.5% | -79.5% | |
| Fund Family | iShares by BlackRock (US) | ProShares | |
| Category | Equity | Alternative | |
| Inception | May 15, 2000 | Jan 30, 2007 |
IVV vs UPW Performance
iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US) and ProShares Ultra Utilities (UPW) is a ETF from ProShares. Over the past year IVV returned +22.02% while UPW returned +0.91%. Year to date, IVV is up 14.50% versus a gain of 1.37% for UPW.
Over three years, IVV compounded at +21.80% per year against +19.12% for UPW; over five years the annualized figures are +13.37% and +7.51% respectively. Across the full 20-year window we track, UPW has the edge at +7.55% annualized vs +7.07%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UPW has been the more volatile fund, with annualized monthly volatility of 29.8% 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 -79.5% for UPW. 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 0.53. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
IVV charges 0.03% per year while UPW charges 0.95%. On a $10,000 position that is $3 vs $95 annually, a gap of $92 per year that compounds over a long holding period. On income, IVV currently yields 1.09% against 1.41% for UPW.
Holdings Overlap
IVV and UPW share 31 holdings out of 505 unique holdings combined, representing a 2.2% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, IVV or UPW?
IVV has an expense ratio of 0.03% while UPW charges 0.95%. IVV is the cheaper option. On a $10,000 investment, that is $92 per year of difference.
Which performed better, IVV or UPW?
Over the past year IVV returned +22.02% vs +0.91% for UPW, so IVV leads on 1-year performance. Over the longest common window we track (20 years), IVV annualized +7.07% vs +7.55% for UPW. Past performance does not guarantee future results.
Which is riskier, IVV or UPW?
UPW has been the more volatile fund at 29.8% annualized versus 15.1% for IVV. Worst drawdown: IVV -56.5% vs UPW -79.5%.
Should I hold both IVV and UPW?
IVV and UPW have a monthly-return correlation of 0.53, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IVV and UPW?
IVV and UPW share 31 common holdings with a 2.2% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, IVV or UPW?
IVV yields 1.09% while UPW yields 1.41%, so UPW currently pays the higher dividend yield.
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