SPY vs UPV
State Street SPDR S&P 500 ETF Trust vs ProShares Ultra FTSE Europe
Which is better, SPY or UPV?
Large Cap Blend against Trading-Leveraged Equity.
SPY has a lower expense ratio. SPY led over 5Y and the full window, UPV over 1Y and 3Y.
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 | UPV |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.95% |
| AUM | $804.7B | $14M |
| Dividend Yield | 0.98% | 2.12% |
| Holdings | 505 | 7 |
| YTD Return | +10.96%Best | +6.53% |
| 1Y Return | +15.52% | +20.67%Best |
| 3Y Return (annualized) | +20.73% | +26.43%Best |
| 5Y Return (annualized) | +12.53%Best | +7.78% |
| Volatility (annualized) | 14.5%Best | 35.9% |
| Max Drawdown | -34.1%Best | -68.7% |
| $10,000 over 5 years | $18,044Best | $14,544 |
| Fund Family | State Street Investment Management | ProShares |
| Category | Equity | Alternative |
| Style | Large Cap Blend | Trading-Leveraged Equity |
| Inception | Jan 22, 1993 | Apr 27, 2010 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Apr 30, 2010 to Sep 16, 2026 (16.4 years).
SPY vs UPV 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 16.4 years both funds cover.
SPY vs UPV Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and ProShares Ultra FTSE Europe (UPV) is an ETF from ProShares. Over the past year SPY returned +15.52% while UPV returned +20.67%. Year to date, SPY is up 10.96% versus a gain of 6.53% for UPV.
Over three years, SPY compounded at +20.73% per year against +26.43% for UPV; over five years the annualized figures are +12.53% and +7.78% respectively. Across the full 16-year window we track, SPY has the edge at +12.45% annualized vs +7.76%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UPV has been the more volatile fund, with annualized monthly volatility of 35.9% compared with 14.5% 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 -68.7% for UPV. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.82. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while UPV charges 0.95%. On a $10,000 position that is $9 vs $95 annually, a gap of $86 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 2.12% for UPV.
Holdings Overlap
We hold position weights for 504 holdings in SPY and 1 in UPV, totalling 99.9% and 53.2% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 504 positions we hold weights for in SPY and 1 in UPV, against full books of 505 and 7.
You are not choosing between two funds in isolation.
Whichever of SPY and UPV 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 UPV?
SPY has an expense ratio of 0.09% while UPV charges 0.95%. SPY is the cheaper option, by $86 a year on a $10,000 investment.
Which performed better, SPY or UPV?
Over the past year SPY returned +15.52% vs +20.67% for UPV, so UPV leads on 1-year performance. Over the longest common window we track (16 years), SPY annualized +12.45% vs +7.76% for UPV. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or UPV?
UPV has been the more volatile fund at 35.9% annualized versus 14.5% for SPY. Worst drawdown: SPY -34.1% vs UPV -68.7%.
Should I hold both SPY and UPV?
SPY and UPV have a monthly-return correlation of 0.82, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SPY or UPV?
SPY yields 0.98% while UPV yields 2.12%, so UPV currently pays the higher dividend yield.
Is UPV better than SPY?
SPY has a lower expense ratio. SPY led over 5Y and the full window, UPV over 1Y and 3Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.