SPY vs UPGD
State Street SPDR S&P 500 ETF Trust vs Invesco Bloomberg Analyst Rating Improvers ETF
Which is better, SPY or UPGD?
Large Cap Blend against Mid Cap Value.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. UPGD is less concentrated, with 22.2% of the fund in its ten largest positions against 38.2%.
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 | UPGD |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.40% |
| AUM | $811.2B | $116M |
| Dividend Yield | 0.98% | 1.56% |
| Holdings | 1,515 | 52 |
| YTD Return | +12.70%Best | +7.99% |
| 1Y Return | +15.53%Best | +8.47% |
| 3Y Return (annualized) | +22.86%Best | +14.71% |
| 5Y Return (annualized) | +13.47%Best | +6.48% |
| Volatility (annualized) | 15.2%Best | 21.1% |
| Max Drawdown | -56.5%Best | -60.7% |
| $10,000 over 5 years | $18,811Best | $13,688 |
| Top 10 Weight | 38.2% | 22.2%Best |
| Fund Family | State Street Investment Management | Invesco (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Mid Cap Value |
| Inception | Jan 22, 1993 | May 19, 2006 |
Volatility and max drawdown are measured over the window both funds cover: May 19, 2006 to Oct 1, 2026 (20.4 years).
SPY vs UPGD 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 20.4 years both funds cover.
SPY vs UPGD Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) is an ETF from Invesco (US). Over the past year SPY returned +15.53% while UPGD returned +8.47%. Year to date, SPY is up 12.70% versus a gain of 7.99% for UPGD.
Over three years, SPY compounded at +22.86% per year against +14.71% for UPGD; over five years the annualized figures are +13.47% and +6.48% respectively. Across the full 20-year window we track, SPY has the edge at +9.62% annualized vs +7.71%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UPGD has been the more volatile fund, with annualized monthly volatility of 21.1% compared with 15.2% 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 -56.5% for SPY and -60.7% for UPGD. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.86. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while UPGD charges 0.40%. On a $10,000 position that is $9 vs $40 annually, a gap of $31 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 1.56% for UPGD.
Holdings Overlap
5.4% of SPY's money is in holdings UPGD also owns. 85.7% of UPGD's money is in holdings SPY also owns.
Most of UPGD is already inside SPY. Owning both mostly buys the same companies twice.
43 positions in common, counted across the 504 positions we hold weights for in SPY and 50 in UPGD, against full books of 1,515 and 52.
What only one of them owns
Our book lists 6 positions for UPGD that do not appear in our book for SPY (11.7% of the fund), and 454 for SPY that do not appear in UPGD (93.8%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in SPY | Weight in UPGD | Difference |
|---|---|---|---|
| TSLATesla Inc | 1.54% | 2.14% | 0.60% |
| INTCIntel Corporation | 0.73% | 2.29% | 1.56% |
| TXNTexas Instrument Inc | 0.36% | 2.07% | 1.71% |
| PEPPepsico Inc. | 0.28% | 1.99% | 1.71% |
| ADMArcher-daniels D | 0.06% | 2.21% | 2.15% |
| FFIVF5 Networks Inc. | 0.04% | 2.22% | 2.18% |
| EBAYEbay Inc. | 0.07% | 2.16% | 2.09% |
| OXYOccidental Petroleum Corp. | 0.07% | 2.12% | 2.05% |
| ADPAutomatic Data Processing, Inc. | 0.17% | 2.01% | 1.84% |
| NTAPNetapp Inc | 0.06% | 2.11% | 2.05% |
85.7% of UPGD is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPY or UPGD?
SPY has an expense ratio of 0.09% while UPGD charges 0.40%. SPY is the cheaper option, by $31 a year on a $10,000 investment.
Which performed better, SPY or UPGD?
Over the past year SPY returned +15.53% vs +8.47% for UPGD, so SPY leads on 1-year performance. Over the longest common window we track (20 years), SPY annualized +9.62% vs +7.71% for UPGD. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or UPGD?
UPGD has been the more volatile fund at 21.1% annualized versus 15.2% for SPY. Worst drawdown: SPY -56.5% vs UPGD -60.7%.
Should I hold both SPY and UPGD?
SPY and UPGD have a monthly-return correlation of 0.86, 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 UPGD?
85.7% of UPGD's money is in holdings SPY also owns. 85.7% of UPGD's is in holdings SPY also owns. They hold 43 positions in common, counted across the 504 positions we hold weights for in SPY and 50 in UPGD.
Which pays a higher dividend, SPY or UPGD?
SPY yields 0.98% while UPGD yields 1.56%, so UPGD currently pays the higher dividend yield.
Is UPGD better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. UPGD is less concentrated, with 22.2% of the fund in its ten largest positions against 38.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.