SPY vs UPV
State Street SPDR S&P 500 ETF Trust vs ProShares Ultra FTSE Europe
Quick Verdict
SPY has a lower expense ratio. UPV delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | UPV | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.95% | |
| AUM | $789.1B | $16M | |
| Dividend Yield | 1.01% | 2.24% | |
| Holdings | 505 | 7 | |
| YTD Return | +13.68% | +16.27% | |
| 1Y Return | +21.53% | +36.63% | |
| 3Y Return (annualized) | +21.44% | +27.24% | |
| 5Y Return (annualized) | +13.18% | +9.19% | |
| Volatility (annualized) | 15.3% | 35.9% | |
| Max Drawdown | -56.5% | -68.7% | |
| Fund Family | State Street Investment Management | ProShares | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Apr 27, 2010 |
SPY vs UPV Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and ProShares Ultra FTSE Europe (UPV) is a ETF from ProShares. Over the past year SPY returned +21.53% while UPV returned +36.63%. Year to date, SPY is up 13.68% versus a gain of 16.27% for UPV.
Over three years, SPY compounded at +21.44% per year against +27.24% for UPV; over five years the annualized figures are +13.18% and +9.19% respectively. Across the full 16-year window we track, SPY has the edge at +8.85% annualized vs +8.39%. 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 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 -68.7% for UPV. 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 0.82. 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 1.01% against 2.24% for UPV.
Holdings Overlap
SPY and UPV 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 UPV?
SPY has an expense ratio of 0.09% while UPV charges 0.95%. SPY is the cheaper option. On a $10,000 investment, that is $86 per year of difference.
Which performed better, SPY or UPV?
Over the past year SPY returned +21.53% vs +36.63% for UPV, so UPV leads on 1-year performance. Over the longest common window we track (16 years), SPY annualized +8.85% vs +8.39% for UPV. Past performance does not guarantee future results.
Which is riskier, SPY or UPV?
UPV has been the more volatile fund at 35.9% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs UPV -68.7%.
Should I hold both SPY and UPV?
SPY and UPV have a monthly-return correlation of 0.82, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and UPV?
SPY and UPV share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, SPY or UPV?
SPY yields 1.01% while UPV yields 2.24%, so UPV currently pays the higher dividend yield.
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