Dividend comparison

SPY vs UPRO: Which Is Better?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for State Street SPDR S&P 500 ETF and ProShares - UltraPro S&P500, side by side. Updated October 21, 2026.

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SPY vs UPRO: key differences
The short answer, from the latest data on this page.
  • Fees. SPY is cheaper at 0.09% a year versus 0.88% for UPRO. On $10,000 that is $79 a year less in fees.
  • Income. SPY pays more income, yielding 0.98% over the last twelve months versus 0.76% for UPRO. That is about $22 more a year on $10,000. Both pay quarterly.
  • Performance. Over the last 5 years, UPRO returned 134.3% versus 81.3% for SPY, with dividends reinvested. $10,000 would have grown to $23,434 in UPRO and $18,129 in SPY.
  • Risk. UPRO has been the bumpier ride. Its worst peak-to-trough decline over the last 5 years was -63.9%, against -24.5% for SPY.
  • Diversification. UPRO holds 522 positions and SPY holds 504. The ten largest positions make up 38.7% of SPY and 39.1% of UPRO.
  • Overlap. At least 38% of the two portfolios overlap by weight, across 98 shared holdings.
  • Dividend growth. UPRO grew its yearly payout 116.0% a year over the last 4 years, versus 6.4% for SPY.
  • Size. SPY is the larger fund with $816.6 billion in assets, against $5.5 billion for UPRO.

Bottom line: SPY fits better if you care most about lower fees and smaller drawdowns. UPRO fits better if you care most about stronger 5-year returns and faster dividend growth.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricSPY
State Street SPDR S&P 500 ETF
UPRO
ProShares - UltraPro S&P500
Dividend yield (TTM)0.98%0.76%
Dividend / share (TTM)$7.53$1.13
Payout frequencyQuarterlyQuarterly
Last dividend$1.9035 on Jul 31, 2026$0.2698 on Sep 29, 2026
Ex-dividend dateSep 18, 2026Sep 23, 2026
Next payment$1.8888 on Oct 30, 2026—
Dividend growth (CAGR)6.4% over 4 yrs116.0% over 4 yrs
Price$769.05$149.58
Dividend growth streak16 years5 years
Beta1.013.03
Max drawdown (5Y)-24.5%-63.9%
Market cap$813.99B$4.58B
ExchangeAMEXAMEX
Expense ratio0.09%0.88%
Assets under management$816.57B$5.53B
Number of holdings504522
Top 10 concentration38.7%39.1%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

SPY

$8.15/mo

$98 /yr at 0.98% yield

UPRO

$6.30/mo

$76 /yr at 0.76% yield

Dividend history
Total dividends paid per share in each calendar year. SPY pays quarterly; UPRO pays quarterly.
YearSPYUPRO
2025$7.2533$0.9734
2024$7.0056$0.8205
2023$6.5091$0.4030
2022$6.1723$0.1715
2021$5.6618$0.0447
Strategy: Broad index
Low-cost funds that hold an entire market or index at market-cap weights and make no attempt to select securities. Return is the index return less a small fee, and dividends are a by-product of what the underlying companies choose to pay rather than an objective of the strategy. Differences between funds tracking the same index usually come down to fee, wrapper structure, share price and trading liquidity, not to holdings.

Current income is low and outside your control, so these need pairing with something else if the portfolio has to produce cash today.

What SPY vs UPRO actually do

SPY
The original S&P 500 ETF, launched in 1993 and still the most heavily traded equity fund in the world.

It holds the same 500 companies as its rivals, but it is structured as a unit investment trust rather than an open-end fund, an older wrapper that must hold every constituent and cannot put dividends back to work inside the fund before the quarterly payment date. That leaves a small cash drag and it carries a higher expense ratio than the newer S&P 500 trackers, around three times VOO's. What it buys instead is unmatched liquidity and by far the deepest options market of any S&P 500 fund.

Suits traders, options sellers and anyone who needs to move size with tight spreads. For a long-term buy-and-hold position the structural drag and higher fee work against it compared with the newer alternatives.

Core holding, trading vehicle

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $18,129 in SPY and $23,434 in UPRO.
PeriodSPYUPRO
1 month0.97%1.80%
3 months3.63%8.21%
Year to date13.37%30.02%
1 year15.51%33.52%
3 years88.86%294.36%
5 years81.29%134.34%
  • SPY
  • UPRO
29143257202120222023202420252026181234

Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.

Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
  • SPY
  • UPRO
0%10%19%29%38%Technology38.4%19.0%Financial Services11.7%26.5%Cash & Others0.3%30.2%Communication Services9.8%4.7%Healthcare9.6%4.7%Consumer Cyclical8.8%4.3%Industrials8.0%3.6%Consumer Defensive4.7%2.3%Energy3.6%1.9%Utilities2.0%1.0%Other3.4%1.7%
SPY vs UPRO holdings overlap
At least 38% overlap by weight, with 98 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
Largest shared holdingsSPY weightUPRO weight
NVDANVIDIA CORP7.93%3.96%
AAPLAPPLE INC7.55%3.77%
MSFTMICROSOFT CORP5.98%2.99%
AMZNAMAZON.COM INC3.89%1.94%
GOOGLALPHABET INC CL A3.05%1.52%
GOOGALPHABET INC CL C2.44%1.22%
AVGOBROADCOM INC2.40%1.20%
METAMETA PLATFORMS INC CLASS A2.35%1.17%
TSLATESLA INC1.57%0.78%
MUMICRON TECHNOLOGY INC1.54%0.77%
Top 10 holdings
Largest positions by portfolio weight.

SPY504 holdings total

NameWeight
NVDANVIDIA CORP7.93%
AAPLAPPLE INC7.55%
MSFTMICROSOFT CORP5.98%
AMZNAMAZON.COM INC3.89%
GOOGLALPHABET INC CL A3.05%
GOOGALPHABET INC CL C2.44%
AVGOBROADCOM INC2.40%
METAMETA PLATFORMS INC CLASS A2.35%
TSLATESLA INC1.57%
MUMICRON TECHNOLOGY INC1.54%

UPRO522 holdings total

NameWeight
IQMMPROSHARES GENIUS MNY MKT ETF20.54%
NVDANVIDIA CORP3.96%
AAPLAPPLE INC3.77%
MSFTMICROSOFT CORP2.99%
AMZNAMAZON.COM INC1.94%
GOOGLALPHABET INC-CL A1.52%
GOOGALPHABET INC-CL C1.22%
AVGOBROADCOM INC1.20%
METAMETA PLATFORMS INC-CLASS A1.17%
TSLATESLA INC0.78%

Quick verdict

SPY fits better if you care most about lower fees and smaller drawdowns. UPRO fits better if you care most about stronger 5-year returns and faster dividend growth. Model the holding inside your real portfolio before deciding.

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Frequently asked questions

Is SPY or UPRO better for dividend income?
It depends on your goals. SPY currently yields 0.98% Trailing Twelve Months (TTM) while UPRO yields 0.76%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between SPY and UPRO?
State Street SPDR S&P 500 ETF (SPY) is an ETF listed on AMEX. ProShares - UltraPro S&P500 (UPRO) is an ETF listed on AMEX. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, SPY or UPRO?
SPY has the lower expense ratio. SPY charges 0.09% a year and UPRO charges 0.88%, a difference of $79 a year on a $10,000 investment.
Which has performed better, SPY or UPRO?
Over the last 5 years, UPRO has the higher total return with dividends reinvested: SPY returned 81.3% and UPRO returned 134.3%. Past performance does not predict future returns.
Which is riskier, SPY or UPRO?
Measured by the worst peak-to-trough decline over the last five years, UPRO has been riskier: SPY fell as much as 24.5% and UPRO as much as 63.9%. Their betas are 1.01 and 3.03.
How much do SPY and UPRO overlap?
At least 38% of the two portfolios overlap by weight, across 98 shared holdings. The largest shared positions are NVDA, AAPL, MSFT. Holding both still adds meaningful diversification.
How often do SPY and UPRO pay dividends?
Both pay quarterly. The most recent payments were $1.9035 for SPY and $0.2698 for UPRO.
How much income does $10,000 in SPY vs UPRO generate?
At current TTM yields, $10,000 in SPY would generate roughly $8.15 per month ($98 annually). The same amount in UPRO would produce about $6.30 per month ($76 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both SPY and UPRO?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare SPY vs UPRO with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how SPY and UPRO fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.

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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.