SPY vs UPAR
State Street SPDR S&P 500 ETF Trust vs UPAR Ultra Risk Parity ETF
Which is better, SPY or UPAR?
Large Cap Blend against Multi Alternative.
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | SPY | UPAR |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.68% |
| AUM | $814.4B | $60M |
| Dividend Yield | 1.01% | 3.43% |
| Holdings | 505 | 140 |
| YTD Return | +12.71%Best | +7.51% |
| 1Y Return | +19.36%Best | +14.15% |
| 3Y Return (annualized) | +21.09%Best | +11.86% |
| 5Y Return (annualized) | +12.69% | - |
| Volatility (annualized) | 15.6%Best | 19.4% |
| Max Drawdown | -24.5%Best | -39.0% |
| $10,000 over 4.7 years | $17,092Best | $9,666 |
| Fund Family | State Street Investment Management | Rpar ETF |
| Category | Equity | Alternative |
| Style | Large Cap Blend | Multi Alternative |
| Inception | Jan 22, 1993 | Jan 3, 2022 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 4.7 years row, are measured over the window both funds cover: Jan 4, 2022 to Sep 8, 2026 (4.7 years).
SPY vs UPAR growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 4.7 years both funds cover.
SPY vs UPAR Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and UPAR Ultra Risk Parity ETF (UPAR) is an ETF from Rpar ETF. Over the past year SPY returned +19.36% while UPAR returned +14.15%. Year to date, SPY is up 12.71% versus a gain of 7.51% for UPAR.
Over three years, SPY compounded at +21.09% per year against +11.86% for UPAR.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UPAR has been the more volatile fund, with annualized monthly volatility of 19.4% compared with 15.6% for SPY. 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 -24.5% for SPY and -39.0% for UPAR. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.78. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while UPAR charges 0.68%. On a $10,000 position that is $9 vs $68 annually, a gap of $59 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 3.43% for UPAR.
Holdings Overlap
At least 2.7% of SPY's money is in holdings UPAR also owns.
Stated as a floor: for UPAR, our book for it covers 48.6% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
SPY and UPAR share little of their money.
The two holdings books were reported 96 days apart, SPY as of Aug 4, 2026 and UPAR as of Apr 30, 2026, so some of the difference between them is the time between the two reports rather than the funds.
19 positions in common, counted across the 503 positions we hold weights for in SPY and 129 in UPAR, against full books of 505 and 140.
Top Shared Holdings
| Stock | Weight in SPY | Weight in UPAR | Difference |
|---|---|---|---|
| XOMExxon Mobil Corp | 0.96% | 2.01% | 1.05% |
| DEDeere & Co. | 0.23% | 1.64% | 1.41% |
| CVXChevron Corp.United States -Energy | 0.54% | 1.18% | 0.64% |
| COPConocophillips Co | 0.22% | 0.45% | 0.23% |
| CTVACorteva Inc. | 0.08% | 0.54% | 0.46% |
| EOGEog Resources Inc | 0.11% | 0.24% | 0.13% |
| ECLEcolab, Inc. | 0.11% | 0.23% | 0.12% |
| FSLRFirst Solar, Inc | 0.04% | 0.26% | 0.22% |
| DVNDevon Energy Corporation 4.75 05/15/2042 | 0.08% | 0.18% | 0.10% |
| FANGDiamondback Energy Inc. | 0.06% | 0.19% | 0.13% |
You are not choosing between two funds in isolation.
Whichever of SPY and UPAR you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPY or UPAR?
SPY has an expense ratio of 0.09% while UPAR charges 0.68%. SPY is the cheaper option, by $59 a year on a $10,000 investment.
Which performed better, SPY or UPAR?
Over the past year SPY returned +19.36% vs +14.15% for UPAR, so SPY leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or UPAR?
UPAR has been the more volatile fund at 19.4% annualized versus 15.6% for SPY. Worst drawdown: SPY -24.5% vs UPAR -39.0%.
Should I hold both SPY and UPAR?
SPY and UPAR have a monthly-return correlation of 0.78, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between SPY and UPAR?
At least 2.7% of SPY's money is in holdings UPAR also owns. Our book for UPAR is partial, so the real figure is this or higher. They hold 19 positions in common, counted across the 503 positions we hold weights for in SPY and 129 in UPAR.
Which pays a higher dividend, SPY or UPAR?
SPY yields 1.01% while UPAR yields 3.43%, so UPAR currently pays the higher dividend yield.
Is UPAR better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.