SPY vs UPGD
State Street SPDR S&P 500 ETF Trust vs Invesco Bloomberg Analyst Rating Improvers ETF
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | UPGD | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.40% | |
| AUM | $814.4B | $120M | |
| Dividend Yield | 1.01% | 1.57% | |
| Holdings | 505 | 52 | |
| YTD Return | +12.60% | +11.01% | |
| 1Y Return | +20.83% | +13.77% | |
| 3Y Return (annualized) | +20.98% | +13.20% | |
| 5Y Return (annualized) | +12.56% | +6.98% | |
| Volatility (annualized) | 15.3% | 21.1% | |
| Max Drawdown | -56.5% | -60.7% | |
| Fund Family | State Street Investment Management | Invesco (US) | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | May 19, 2006 |
SPY vs UPGD Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) is a ETF from Invesco (US). Over the past year SPY returned +20.83% while UPGD returned +13.77%. Year to date, SPY is up 12.60% versus a gain of 11.01% for UPGD.
Over three years, SPY compounded at +20.98% per year against +13.20% for UPGD; over five years the annualized figures are +12.56% and +6.98% respectively. Across the full 20-year window we track, SPY has the edge at +8.79% annualized vs +7.89%. 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 15.3% 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 worth weighing if you expect to sell during market stress rather than ride it out.
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 1.01% against 1.57% for UPGD.
Holdings Overlap
SPY and UPGD share 44 holdings out of 511 unique holdings combined, representing a 5.3% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $31 per year of difference.
Which performed better, SPY or UPGD?
Over the past year SPY returned +20.83% vs +13.77% for UPGD, so SPY leads on 1-year performance. Over the longest common window we track (20 years), SPY annualized +8.79% vs +7.89% for UPGD. Past performance does not guarantee future results.
Which is riskier, SPY or UPGD?
UPGD has been the more volatile fund at 21.1% annualized versus 15.3% 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 combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and UPGD?
SPY and UPGD share 44 common holdings with a 5.3% weight overlap. Combined, they hold 511 unique securities.
Which pays a higher dividend, SPY or UPGD?
SPY yields 1.01% while UPGD yields 1.57%, so UPGD currently pays the higher dividend yield.
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