SPY vs UPAL
State Street SPDR S&P 500 ETF Trust vs ProShares Ultra Palladium K-1 Free ETF
Quick Verdict
SPY has a lower expense ratio. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | UPAL | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.95% | |
| AUM | $821.1B | $3M | |
| Dividend Yield | 1.01% | 0.26% | |
| Holdings | 505 | 4 | |
| YTD Return | +12.22% | -36.17% | |
| 1Y Return | +20.83% | - | |
| 3Y Return (annualized) | +21.70% | - | |
| 5Y Return (annualized) | +12.98% | - | |
| Volatility (annualized) | 15.3% | - | |
| Max Drawdown | -56.5% | -48.2% | |
| Fund Family | State Street Investment Management | ProShares | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Apr 20, 2026 |
SPY vs UPAL Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and ProShares Ultra Palladium K-1 Free ETF (UPAL) is a ETF from ProShares. Year to date, SPY is up 12.22% versus a loss of 36.17% for UPAL.
Risk: Volatility and Drawdowns
The deepest peak-to-trough decline in our data was -56.5% for SPY and -48.2% for UPAL. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
Fees and Cost Over Time
SPY charges 0.09% per year while UPAL charges 0.95%. On a $10,000 position that is $9 vs $95 annually, a gap of $86 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 0.26% for UPAL.
Frequently Asked Questions
Which is cheaper, SPY or UPAL?
SPY has an expense ratio of 0.09% while UPAL charges 0.95%. SPY is the cheaper option. On a $10,000 investment, that is $86 per year of difference.
Which pays a higher dividend, SPY or UPAL?
SPY yields 1.01% while UPAL yields 0.26%, so SPY currently pays the higher dividend yield.
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