Data as of .
SPYU vs UPRO: which held to its multiple?
Over three months against its own daily promise, SPYU finished 6.9 points short and UPRO 2.6 points short.
ETFIQ Decay Resistance Score: UPRO scores higher
Did it keep up with its own daily multiple, compounded day by day?
A percentile among the 391 leveraged ETFs, long, over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it · How it is computed
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| SPYU | UPRO | SPYU | UPRO | SPYU | UPRO | |
| 1 month | −6.7% | −4.2% | −4.2% | −3.2% | −2.5 pts | −1.1 pts |
| 3 months | +4.5% | +6.4% | +13.2% | +9.9% | −8.7 pts | −3.5 pts |
| 6 months | +50.0% | +44.3% | +64.1% | +48.1% | −14.1 pts | −3.7 pts |
| 1 year | +31.5% | +39.3% | +70.0% | +52.5% | −38.5 pts | −13.3 pts |
| 3 years | not published | +225.5% | not published | +233.6% | not published | −8.1 pts |
| Since launch | +173.7% | +7078.1% | +292.5% | not meaningful | −118.9 pts | not meaningful |
| SPYU MAX S&P 500 4X Leveraged ETNs due October 30, 2043 Aims to return 4 times the daily move of the S&P 500 | UPRO ProShares UltraPro S&P500 Aims to return three times the daily move of the S&P 500 | |
|---|---|---|
| Issuer | MAX | ProShares |
| Sets out to return | +4x | +3x |
| On | SPY | SPY |
| Segment | us large cap | us large cap |
| Fund returned, 3 months | +4.5% | +6.4% |
| Underlying returned, 3 months | +3.3% | +3.3% |
| What the stated multiple implies, 3 months | +13.2% | +9.9% |
| Difference from stated, 3 months | −8.7 pts | −3.5 pts |
| Fund returned, 1 year or since launch | +31.5% | +39.3% |
| Difference from stated, over that window | −38.5 pts | −13.3 pts |
| Underlying volatility | 12% | 12% |
| Difference over the days both have traded | no shared window | −3.5 pts |
| Expense ratio | not published | 0.89% |
| Launched | Dec 5, 2023 | Jan 4, 2010 |
SPYU in plain words
Three months to Sep 11, 2026: SPYU returned +4.5% where its own daily promise gave +11.4%, 6.9 points short. Read the multiple against the whole window instead and +4 times SPY's 3.3% implies +13.2%, which makes SPYU look 8.7 points short. 1.8 of that is daily compounding, which happens to any +4 times fund over the same path, and the rest is the fund. SPYU aims to return +4 times SPY's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +4 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. SPY moved at 12% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
UPRO in plain words
Three months to Sep 11, 2026: UPRO returned +6.4% where its own daily promise gave +9.0%, 2.6 points short. Read the multiple against the whole window instead and +3 times SPY's 3.3% implies +9.9%, which makes UPRO look 3.5 points short. 0.9 of that is daily compounding, which happens to any +3 times fund over the same path, and the rest is the fund. UPRO aims to return +3 times SPY's move each day, then resets. Over longer, the daily results compound, so the total is not +3 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, SPYU or UPRO?
- Over the window to Sep 11, 2026, SPYU finished 8.7 points from what its multiple implies and UPRO finished 3.5 points from its own, so UPRO came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are SPYU and UPRO levered on the same thing?
- Yes. Both are levered on the S&P 500, SPYU at +4 times and UPRO at +3 times the daily move.
- Which one decays faster, SPYU or UPRO?
- Decay follows how much the underlying moves about. Over this window SPYU’s moved at 12% annualized and UPRO’s at 12%, so SPYU has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold SPYU or UPRO for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, SPYU against UPRO, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/SPYU-UPRO Free to use with attribution; the underlying files are at Open data.