SPY vs UPRO
State Street SPDR S&P 500 ETF Trust vs ProShares UltraPro S&P 500
Which is better, SPY or UPRO?
Large Cap Blend against Multi Alternative.
SPY has a lower expense ratio. UPRO led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 1.00.
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 | UPRO |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.89% |
| AUM | $804.7B | $5.4B |
| Dividend Yield | 0.98% | 0.72% |
| Holdings | 505 | 520 |
| YTD Return | +12.47% | +27.24%Best |
| 1Y Return | +17.51% | +37.98%Best |
| 3Y Return (annualized) | +21.18% | +46.88%Best |
| 5Y Return (annualized) | +12.88% | +18.37%Best |
| Volatility (annualized) | 14.4%Best | 44.5% |
| Max Drawdown | -34.1%Best | -76.8% |
| $10,000 over 5 years | $18,327 | $23,239Best |
| Fund Family | State Street Investment Management | ProShares |
| Category | Equity | Alternative |
| Style | Large Cap Blend | Multi Alternative |
| Inception | Jan 22, 1993 | Jun 23, 2009 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jun 25, 2009 to Sep 11, 2026 (17.2 years).
SPY vs UPRO 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
SPY vs UPRO Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and ProShares UltraPro S&P 500 (UPRO) is an ETF from ProShares. Over the past year SPY returned +17.51% while UPRO returned +37.98%. Year to date, SPY is up 12.47% versus a gain of 27.24% for UPRO.
Over three years, SPY compounded at +21.18% per year against +46.88% for UPRO; over five years the annualized figures are +12.88% and +18.37% respectively. Across the full 17-year window we track, UPRO has the edge at +32.37% annualized vs +13.57%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UPRO has been the more volatile fund, with annualized monthly volatility of 44.5% compared with 14.4% 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 -34.1% for SPY and -76.8% for UPRO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 1.00. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SPY charges 0.09% per year while UPRO charges 0.89%. On a $10,000 position that is $9 vs $89 annually, a gap of $80 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 0.72% for UPRO.
Holdings Overlap
At least 98.2% of SPY's money is in holdings UPRO also owns.
Stated as a floor: for UPRO, our book for it covers 68.1% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
Most of SPY is already inside UPRO. Owning both mostly buys the same companies twice.
485 positions in common, counted across the 504 positions we hold weights for in SPY and 500 in UPRO, against full books of 505 and 520.
Top Shared Holdings
| Stock | Weight in SPY | Weight in UPRO | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 7.71% | 3.83% | 3.88% |
| AAPLApple, Inc | 6.83% | 3.29% | 3.54% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 5.50% | 2.61% | 2.89% |
| AMZNAmazon.Com Inc | 4.08% | 1.92% | 2.16% |
| GOOGLAlphabet A Usd 0.001 | 3.33% | 1.53% | 1.80% |
| AVGOBroadcom Inc | 2.97% | 1.43% | 1.54% |
| GOOGAlphabet Inc | 2.67% | 1.23% | 1.44% |
| METAMeta Platforms, Inc. | 1.94% | 0.93% | 1.01% |
| MUMicron Technology, Inc. | 1.51% | 0.73% | 0.78% |
| JPMJpmorgan Chase & Co. | 1.44% | 0.69% | 0.75% |
98.2% of SPY is already inside UPRO.
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 UPRO?
SPY has an expense ratio of 0.09% while UPRO charges 0.89%. SPY is the cheaper option, by $80 a year on a $10,000 investment.
Which performed better, SPY or UPRO?
Over the past year SPY returned +17.51% vs +37.98% for UPRO, so UPRO leads on 1-year performance. Over the longest common window we track (17 years), SPY annualized +13.57% vs +32.37% for UPRO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or UPRO?
UPRO has been the more volatile fund at 44.5% annualized versus 14.4% for SPY. Worst drawdown: SPY -34.1% vs UPRO -76.8%.
Should I hold both SPY and UPRO?
SPY and UPRO have a monthly-return correlation of 1.00, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between SPY and UPRO?
At least 98.2% of SPY's money is in holdings UPRO also owns. Our book for UPRO is partial, so the real figure is this or higher. They hold 485 positions in common, counted across the 504 positions we hold weights for in SPY and 500 in UPRO.
Which pays a higher dividend, SPY or UPRO?
SPY yields 0.98% while UPRO yields 0.72%, so SPY currently pays the higher dividend yield.
Is UPRO better than SPY?
SPY has a lower expense ratio. UPRO led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 1.00. Which one suits a particular account depends on what it is for. This is information, not a recommendation.