SPY vs UPSX
State Street SPDR S&P 500 ETF Trust vs Tradr 2X Long UPST Daily ETF
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | UPSX | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 1.30% | |
| AUM | $789.1B | $19M | |
| Dividend Yield | 1.01% | 0.00% | |
| Holdings | 505 | 6 | |
| YTD Return | +13.68% | -72.56% | |
| 1Y Return | +21.53% | -88.77% | |
| 3Y Return (annualized) | +21.44% | - | |
| 5Y Return (annualized) | +13.18% | - | |
| Volatility (annualized) | 15.3% | 113.4% | |
| Max Drawdown | -56.5% | -95.0% | |
| Fund Family | State Street Investment Management | Tradr ETFs | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Jun 9, 2025 |
SPY vs UPSX Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Tradr 2X Long UPST Daily ETF (UPSX) is a ETF from Tradr ETFs. Over the past year SPY returned +21.53% while UPSX returned -88.77%. Year to date, SPY is up 13.68% versus a loss of 72.56% for UPSX.
Risk: Volatility and Drawdowns
UPSX has been the more volatile fund, with annualized monthly volatility of 113.4% 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 -95.0% for UPSX. 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 0.48. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while UPSX charges 1.30%. On a $10,000 position that is $9 vs $130 annually, a gap of $121 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 0.00% for UPSX.
Holdings Overlap
SPY and UPSX share 0 holdings out of 504 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPY or UPSX?
SPY has an expense ratio of 0.09% while UPSX charges 1.30%. SPY is the cheaper option. On a $10,000 investment, that is $121 per year of difference.
Which performed better, SPY or UPSX?
Over the past year SPY returned +21.53% vs -88.77% for UPSX, so SPY leads on 1-year performance. Over the longest common window we track (1 years), SPY annualized +8.85% vs -83.87% for UPSX. Past performance does not guarantee future results.
Which is riskier, SPY or UPSX?
UPSX has been the more volatile fund at 113.4% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs UPSX -95.0%.
Should I hold both SPY and UPSX?
SPY and UPSX have a monthly-return correlation of 0.48, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and UPSX?
SPY and UPSX share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, SPY or UPSX?
SPY yields 1.01% while UPSX yields 0.00%, so SPY currently pays the higher dividend yield.
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