SPXX vs UPRO
Nuveen S&P 500 Dynamic Overwrite Fund vs ProShares UltraPro S&P 500
Which is better, SPXX or UPRO?
UPRO has been ahead.
UPRO has a lower expense ratio. UPRO led over 1Y, 3Y, 5Y and the full window.
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 | SPXX | UPRO |
|---|---|---|
| Expense Ratio | 0.91% | 0.88%Best |
| AUM | $2.8B | $5.7B |
| Dividend Yield | 7.40% | 0.77% |
| Holdings | 553 | 520 |
| YTD Return | +10.40% | +29.25%Best |
| 1Y Return | +18.86% | +38.25%Best |
| 3Y Return (annualized) | +17.05% | +51.43%Best |
| 5Y Return (annualized) | +9.18% | +19.36%Best |
| Volatility (annualized) | 14.9%Best | 44.4% |
| Max Drawdown | -51.1%Best | -76.8% |
| $10,000 over 5 years | $15,514 | $24,227Best |
| Fund Family | Nuveen | ProShares |
| Category | Alternative | Alternative |
| Style | Multi Alternative | Multi Alternative |
| Inception | Nov 22, 2005 | Jun 23, 2009 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jun 25, 2009 to Oct 14, 2026 (17.3 years).
SPXX vs UPRO 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
SPXX vs UPRO Performance
Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) is an ETF from Nuveen and ProShares UltraPro S&P 500 (UPRO) is an ETF from ProShares. Over the past year SPXX returned +18.86% while UPRO returned +38.25%. Year to date, SPXX is up 10.40% versus a gain of 29.25% for UPRO.
Over three years, SPXX compounded at +17.05% per year against +51.43% for UPRO; over five years the annualized figures are +9.18% and +19.36% respectively. Across the full 17-year window we track, UPRO has the edge at +32.30% annualized vs +5.46%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UPRO has been the more volatile fund, with annualized monthly volatility of 44.4% compared with 14.9% for SPXX. 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 -51.1% for SPXX and -76.8% for UPRO. 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
SPXX charges 0.91% per year while UPRO charges 0.88%. On a $10,000 position that is $91 vs $88 annually, a gap of $3 per year that compounds over a long holding period. On income, SPXX currently yields 7.40% against 0.77% for UPRO.
Holdings Overlap
At least 78.4% of SPXX's money is in holdings UPRO also owns.
Stated as a floor: for UPRO, our book for it covers 72.5% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
Most of SPXX is already inside UPRO. Owning both mostly buys the same companies twice.
77 positions in common, counted across the 546 positions we hold weights for in SPXX and 502 in UPRO, against full books of 553 and 520.
Top Shared Holdings
| Stock | Weight in SPXX | Weight in UPRO | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 7.65% | 4.01% | 3.64% |
| AAPLApple, Inc | 7.01% | 3.83% | 3.18% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 5.49% | 2.94% | 2.55% |
| AMZNAmazon.Com Inc | 4.25% | 1.95% | 2.30% |
| GOOGLAlphabet Inc Cap Stk Cl A | 3.13% | 1.61% | 1.52% |
| AVGOBroadcom Inc | 2.84% | 1.28% | 1.56% |
| GOOGAlphabet Inc Class C | 2.47% | 1.28% | 1.19% |
| METAMeta Platform Inc | 1.75% | 1.15% | 0.60% |
| JPMJpmorgan Chase | 1.93% | 0.74% | 1.19% |
| MUMicron Technology, Inc. | 1.53% | 0.82% | 0.71% |
78.4% of SPXX is already inside UPRO.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPXX or UPRO?
SPXX has an expense ratio of 0.91% while UPRO charges 0.88%. UPRO is the cheaper option, by $3 a year on a $10,000 investment.
Which performed better, SPXX or UPRO?
Over the past year SPXX returned +18.86% vs +38.25% for UPRO, so UPRO leads on 1-year performance. Over the longest common window we track (17 years), SPXX annualized +5.46% vs +32.30% for UPRO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPXX or UPRO?
UPRO has been the more volatile fund at 44.4% annualized versus 14.9% for SPXX. Worst drawdown: SPXX -51.1% vs UPRO -76.8%.
Should I hold both SPXX and UPRO?
SPXX and UPRO 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.
What is the holdings overlap between SPXX and UPRO?
At least 78.4% of SPXX's money is in holdings UPRO also owns. Our book for UPRO is partial, so the real figure is this or higher. They hold 77 positions in common, counted across the 546 positions we hold weights for in SPXX and 502 in UPRO.
Which pays a higher dividend, SPXX or UPRO?
SPXX yields 7.40% while UPRO yields 0.77%, so SPXX currently pays the higher dividend yield.
Is UPRO better than SPXX?
UPRO has a lower expense ratio. UPRO led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.