UPRO vs SPY
Comparison between PROSHARES ULTRAPRO S&P500 (UPRO, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).
5-Year PerformanceUPRO has outperformed SPY, delivering a return of +21.6% compared to +13.3%
UPRO vs SPY - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
UPRO
$4B
Winner
SPY
$652B
Expense Ratio
UPRO
N/A
SPY
0.09%
Max Drawdown
UPRO
76.82%
Winner
SPY
56.47%
Sharpe Ratio
UPRO
1.98
Winner
SPY
2.07
5Y Beta
UPRO
2.89
Winner
SPY
1.00
P/E Ratio
UPRO
N/A
SPY
28.24
Forward P/E
UPRO
N/A
SPY
21.85
5Y Dividends CAGR
Winner
UPRO
84.45%
SPY
5.43%
5Y EPS CAGR
UPRO
N/A
SPY
25.79%
Debt to Equity
UPRO
N/A
SPY
22.35%
P/S Ratio
UPRO
N/A
SPY
3.55
P/B Ratio
UPRO
N/A
SPY
5.29
UPRO vs SPY - Holdings Comparison
UPRO and SPY have 504 common holdings. Overlap is 48.44%
UPRO's top 25 holdings weight is 68.84%. SPY's top 25 holdings weight is 51.32%.
| Rank | UPRO | SPY |
|---|---|---|
| #1 | PROSHARES GENIUS MONEY MARKET ETF (IQMM) - 29.07% | NVIDIA CORP (NVDA) - 8.45% |
| #2 | S&P 500 INDEX SWAP (n/a) - 12.08% | APPLE INC (AAPL) - 6.48% |
| #3 | NVIDIA CORP (NVDA) - 4.11% | MICROSOFT CORP (MSFT) - 5.20% |
| #4 | APPLE INC (AAPL) - 3.15% | AMAZON.COM INC (AMZN) - 4.14% |
| #5 | MICROSOFT CORP (MSFT) - 2.53% | ALPHABET INC CLASS A (GOOGL) - 3.32% |
| #6 | AMAZON.COM INC (AMZN) - 2.01% | BROADCOM INC (AVGO) - 3.09% |
| #7 | CTE PROSHARES TRUST M (n/a) - 1.86% | ALPHABET INC CLASS C (GOOG) - 2.65% |
| #8 | ALPHABET INC CLASS A (GOOGL) - 1.62% | META PLATFORMS INC CLASS A (META) - 2.40% |
| #9 | BROADCOM INC (AVGO) - 1.50% | TESLA INC (TSLA) - 1.73% |
| #10 | ALPHABET INC CLASS C (GOOG) - 1.29% | BERKSHIRE HATHAWAY INC CLASS B (BRK-B) - 1.43% |
| #11 | CASH (n/a) - 1.21% | JPMORGAN CHASE & CO (JPM) - 1.37% |
| #12 | META PLATFORMS INC CLASS A (META) - 1.16% | ELI LILLY AND CO (LLY) - 1.13% |
| #13 | E-MINI S&P 500 FUTURE JUNE 26 (n/a) - 1.15% | EXXON MOBIL CORP (XOM) - 1.03% |
| #14 | TESLA INC (TSLA) - 0.84% | MICRON TECHNOLOGY INC (MU) - 0.93% |
| #15 | BERKSHIRE HATHAWAY INC CLASS B (BRK-B) - 0.70% | WALMART INC (WMT) - 0.91% |
| #16 | JPMORGAN CHASE & CO (JPM) - 0.67% | JOHNSON & JOHNSON (JNJ) - 0.90% |
| #17 | ELI LILLY AND CO (LLY) - 0.55% | ADVANCED MICRO DEVICES INC (AMD) - 0.86% |
| #18 | EXXON MOBIL CORP (XOM) - 0.50% | VISA INC CLASS A (V) - 0.85% |
| #19 | MICRON TECHNOLOGY INC (MU) - 0.45% | COSTCO WHOLESALE CORP (COST) - 0.72% |
| #20 | WALMART INC (WMT) - 0.44% | MASTERCARD INC CLASS A (MA) - 0.67% |
| #21 | JOHNSON & JOHNSON (JNJ) - 0.44% | INTEL CORP (INTC) - 0.65% |
| #22 | ADVANCED MICRO DEVICES INC (AMD) - 0.42% | NETFLIX INC (NFLX) - 0.64% |
| #23 | VISA INC CLASS A (V) - 0.41% | CATERPILLAR INC (CAT) - 0.62% |
| #24 | COSTCO WHOLESALE CORP (COST) - 0.35% | CHEVRON CORP (CVX) - 0.58% |
| #25 | MASTERCARD INC CLASS A (MA) - 0.33% | PROCTER & GAMBLE CO (PG) - 0.57% |
| Total Holdings | 509 | 505 |
UPRO vs SPY - Historical Returns
Returns include dividend reinvestment.
1M
Winner
UPRO
+28.36%
SPY
+9.11%
3M
Winner
UPRO
+16.14%
SPY
+6.59%
6M
Winner
UPRO
+24.88%
SPY
+10.56%
1Y
Winner
UPRO
+97.54%
SPY
+32.04%
5Y(CAGR)
Winner
UPRO
+21.61%
SPY
+13.35%
10Y(CAGR)
Winner
UPRO
+30.11%
SPY
+15.49%
Max(CAGR)
Winner
UPRO
+33.01%
SPY
+8.50%
UPRO vs SPY - Annual Returns (1999 - 2026)
Returns include dividend reinvestment.
| Year | UPRO | SPY |
|---|---|---|
| 2026 | +19.94% | +8.27% |
| 2025 | +33.00% | +18.00% |
| 2024 | +66.56% | +25.59% |
| 2023 | +70.82% | +26.72% |
| 2022 | -57.58% | -18.64% |
| 2021 | +107.13% | +30.52% |
| 2020 | +7.18% | +17.28% |
| 2019 | +101.91% | +31.09% |
| 2018 | -26.65% | -5.24% |
| 2017 | +67.74% | +20.78% |
| 2016 | +36.68% | +13.59% |
| 2015 | -4.99% | +1.31% |
| 2014 | +42.06% | +14.56% |
| 2013 | +103.37% | +29.00% |
| 2012 | +40.02% | +14.17% |
| 2011 | -14.37% | +0.85% |
| 2010 | +29.81% | +13.14% |
| 2009 | +73.78% | +22.67% |
| 2008 | N/A | -36.25% |
| 2007 | N/A | +5.32% |
| 2006 | N/A | +13.85% |
| 2005 | N/A | +5.32% |
| 2004 | N/A | +10.75% |
| 2003 | N/A | +24.18% |
| 2002 | N/A | -22.42% |
| 2001 | N/A | -10.13% |
| 2000 | N/A | -8.84% |
| 1999 | N/A | +8.61% |
UPRO vs SPY Drawdown Comparison
The maximum drawdown for UPRO was -76.82%, occurring on Mar 23, 2020. Recovery took 225 trading sessions.
The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.
| Rank | UPRO | SPY |
|---|---|---|
| #1 | -76.82% Feb 19, 2020 - Jan 8, 2021 | -55.20% Oct 9, 2007 - Aug 16, 2012 |
| #2 | -63.94% Jan 3, 2022 - Jun 17, 2024 | -47.50% Mar 24, 2000 - Oct 26, 2006 |
| #3 | -51.73% Apr 29, 2011 - Apr 2, 2012 | -33.70% Feb 19, 2020 - Aug 10, 2020 |
| #4 | -50.28% Sep 20, 2018 - Jul 12, 2019 | -24.50% Jan 3, 2022 - Dec 13, 2023 |
| #5 | -48.86% Feb 19, 2025 - Jul 25, 2025 | -19.34% Sep 20, 2018 - Apr 12, 2019 |
| #6 | -42.88% Apr 23, 2010 - Dec 10, 2010 | -18.76% Feb 19, 2025 - Jun 26, 2025 |
| #7 | -39.29% May 21, 2015 - Jul 18, 2016 | -13.02% Jul 20, 2015 - Apr 18, 2016 |
| #8 | -29.34% Jan 26, 2018 - Aug 29, 2018 | -10.10% Jan 26, 2018 - Aug 6, 2018 |
| #9 | -27.26% Apr 2, 2012 - Sep 6, 2012 | -9.44% Sep 2, 2020 - Nov 11, 2020 |
| #10 | -26.79% Jan 12, 2026 - Apr 17, 2026 | -9.30% Jan 19, 2000 - Mar 17, 2000 |
| #11 | -24.41% Jul 16, 2024 - Sep 24, 2024 | -9.05% Jul 19, 2007 - Oct 5, 2007 |
| #12 | -22.72% Jan 19, 2010 - Mar 16, 2010 | -8.88% Jan 27, 2026 - Apr 14, 2026 |
| #13 | -21.27% Sep 14, 2012 - Jan 4, 2013 | -8.41% Jul 16, 2024 - Sep 19, 2024 |
| #14 | -21.05% Sep 18, 2014 - Nov 3, 2014 | -7.35% Sep 14, 2012 - Jan 2, 2013 |
| #15 | -18.18% Feb 18, 2011 - Apr 26, 2011 | -7.27% Sep 18, 2014 - Oct 31, 2014 |
Correlation
Correlation between UPRO and SPY is 0.98 which considered as a very strong positive correlation - the stocks move almost identically together.
0.98
-101
Dividend Comparison (1999 - 2026)
UPRO vs SPY dividend yield comparison.
| Year | UPRO | SPY |
|---|---|---|
| 2026 | 0.16% | 0.24% |
| 2025 | 0.84% | 1.07% |
| 2024 | 0.93% | 1.21% |
| 2023 | 0.74% | 1.40% |
| 2022 | 0.52% | 1.65% |
| 2021 | 0.06% | 1.20% |
| 2020 | 0.11% | 1.52% |
| 2019 | 0.41% | 1.75% |
| 2018 | 0.63% | 2.04% |
| 2017 | 0.00% | 1.80% |
| 2016 | 0.12% | 2.03% |
| 2015 | 0.34% | 2.06% |
| 2014 | 0.22% | 1.87% |
| 2013 | 0.07% | 1.81% |
| 2012 | 0.05% | 2.18% |
| 2011 | 0.06% | 2.05% |
| 2010 | 0.18% | 1.80% |
| 2009 | 0.11% | 1.95% |
| 2008 | 0.00% | 3.02% |
| 2007 | 0.00% | 1.85% |
| 2006 | 0.00% | 1.73% |
| 2005 | 0.00% | 1.73% |
| 2004 | 0.00% | 1.82% |
| 2003 | 0.00% | 1.47% |
| 2002 | 0.00% | 1.70% |
| 2001 | 0.00% | 1.25% |
| 2000 | 0.00% | 1.15% |
| 1999 | 0.00% | 0.24% |
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