SPY vs UPRO
SPY vs UPRO
State Street SPDR S&P 500 ETF Trust vs ProShares UltraPro S&P 500
Quick Verdict
SPY has a lower expense ratio. UPRO delivered stronger 1-year returns. UPRO offers more diversification with 504 holdings.
Side-by-Side Comparison
| Metric | SPY | UPRO | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.89% | |
| AUM | $789.1B | $5.1B | |
| Dividend Yield | 1.01% | 0.37% | |
| Holdings | 505 | 520 | |
| YTD Return | +9.93% | +20.59% | |
| 1Y Return | +19.50% | +44.86% | |
| 3Y Return (annualized) | +19.33% | +40.03% | |
| 5Y Return (annualized) | +12.82% | +18.44% | |
| Volatility (annualized) | 15.3% | 44.6% | |
| Max Drawdown | -56.5% | -76.8% | |
| Fund Family | State Street Investment Management | ProShares | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Jun 23, 2009 |
SPY vs UPRO Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and ProShares UltraPro S&P 500 (UPRO) is a ETF from ProShares. Over the past year SPY returned +19.50% while UPRO returned +44.86%. Year to date, SPY is up 9.93% versus a gain of 20.59% for UPRO.
Over three years, SPY compounded at +19.33% per year against +40.03% for UPRO; over five years the annualized figures are +12.82% and +18.44% respectively. Across the full 17-year window we track, UPRO has the edge at +32.20% annualized vs +8.74%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UPRO has been the more volatile fund, with annualized monthly volatility of 44.6% 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 -76.8% for UPRO. 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 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 1.01% against 0.37% for UPRO.
Holdings Overlap
SPY and UPRO share 492 holdings out of 515 unique holdings combined, representing a 45.3% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in SPY | Weight in UPRO | Difference |
|---|---|---|---|
| NVDA | 7.31% | 3.40% | 3.91% |
| AAPL | 7.09% | 3.29% | 3.80% |
| MSFT | 4.43% | 2.06% | 2.37% |
| AMZN | Pro | Pro | Pro |
| GOOGL | Pro | Pro | Pro |
| AVGO | Pro | Pro | Pro |
| GOOG | Pro | Pro | Pro |
| META | Pro | Pro | Pro |
| TSLA | Pro | Pro | Pro |
| MU | Pro | Pro | Pro |
See all 10 holdings SPY shares with UPRO Exact weights in each fund and the difference, for every overlapping position. Get FundXLS Pro: $29/moFirst 500 subscribers, then $49/mo. Cancel anytime. | |||
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. On a $10,000 investment, that is $80 per year of difference.
Which performed better, SPY or UPRO?
Over the past year SPY returned +19.50% vs +44.86% for UPRO, so UPRO leads on 1-year performance. Over the longest common window we track (17 years), SPY annualized +8.74% vs +32.20% for UPRO. Past performance does not guarantee future results.
Which is riskier, SPY or UPRO?
UPRO has been the more volatile fund at 44.6% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% 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. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between SPY and UPRO?
SPY and UPRO share 492 common holdings with a 45.3% weight overlap. Combined, they hold 515 unique securities.
Which pays a higher dividend, SPY or UPRO?
SPY yields 1.01% while UPRO yields 0.37%, so SPY currently pays the higher dividend yield.
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