Which came closer to its stated multiple, SPXU or UPRO?

Over the window to Sep 30, 2026, SPXU finished 2.1 points from what its multiple implies and UPRO finished 3.4 points from its own, so SPXU came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are SPXU and UPRO levered on the same thing?

Yes. Both are levered on the S&P 500, SPXU at -3 times and UPRO at +3 times the daily move.

Which one decays faster, SPXU or UPRO?

Decay follows how much the underlying moves about. Over this window SPXU’s moved at 11% annualized and UPRO’s at 11%, so SPXU has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold SPXU 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.

Which is cheaper, SPXU or UPRO?

SPXU charges 0.90% a year and UPRO charges 0.88%, so UPRO is cheaper. Fees come from each fund's prospectus.

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SPXU vs UPRO: which held to its multiple?

Over three months against its own daily promise, SPXU finished 3.4 points over and UPRO 2.6 points short. ProShares UltraPro Short S&P500 and ProShares UltraPro S&P500.

−5.4%

SPXU returned, 3 months

+4.1%

UPRO returned, 3 months

+2.1 pts

SPXU from its stated multiple

−3.4 pts

UPRO from its stated multiple

SPXU · 3 months to Sep 30, 20262.1 pts ahead of its stated multiple

SPXU returned −5.4% while −3 times SPY's move would have been −7.6%

UPRO · 3 months to Sep 30, 20263.4 pts short of its stated multiple

UPRO returned +4.1% while 3 times SPY's move would have been +7.6%

ETFIQ Decay Resistance Score · SPXU scores higherDid it keep up with its own daily multiple, compounded day by day?

SPXU among the 125 inverse ETFs over three months

SPXU 90

0.4, the lowest in this set99.6, the highest

UPRO among the 470 leveraged ETFs, long, over three months

UPRO 49.8

0.1, the lowest in this set99.9, the highest

A percentile among the 125 inverse ETFs over three months. UPRO is a percentile among the 470 leveraged ETFs, long, over three months, a different set, so the two marks are not on one scale. 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

	Total return		Multiple would give		Difference
Window	SPXU	UPRO	SPXU	UPRO	SPXU	UPRO
1 month	+1.6%	−2.0%	+1.0%	−1.0%	+0.6 pts	−1.0 pts
3 months	−5.4%	+4.1%	−7.6%	+7.6%	+2.1 pts	−3.4 pts
6 months	−35.9%	+48.8%	−50.9%	+50.9%	+15.1 pts	−2.1 pts
1 year	−32.4%	+33.0%	−47.1%	+47.1%	+14.8 pts	−14.1 pts
3 years	−82.5%	+267.2%	−254.9%	+254.9%	+172.4 pts	+12.3 pts
Since launch SPXU Jan 2010 · UPRO Jan 2010	−100.0%	+7040.0%	not meaningful	not meaningful	not meaningful	not meaningful

SPXU and UPRO over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

SPXU

ProShares UltraPro Short S&P500 · Aims to return three times the opposite of 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 ProShares ProShares

Sets out to return -3x +3x

Underlying asset SPY SPY

Segment us large cap us large cap

Fund returned, 3 months or since launch −5.4% +4.1%

Underlying returned, over that window +2.5% +2.5%

What the stated multiple implies, over that window −7.6% +7.6%

Difference from stated, over that window +2.1 pts −3.4 pts

Fund returned, 1 year or since launch −32.4% +33.0%

Difference from stated, over that window +14.8 pts −14.1 pts

Underlying volatility 11% 11%

Difference over the days both have traded +2.1 pts −3.4 pts

Expense ratio 0.90% 0.88%

Launched Jan 4, 2010 Jan 4, 2010

Net assets $430m $5.3bn

SPXU and UPRO on the same fields, as of Sep 30, 2026. Source: ETFIQ.

SPXU in plain words

Three months to Sep 30, 2026: SPXU returned −5.4% where its own daily promise gave −8.9%, 3.4 points over. Read the multiple against the whole window instead and −3 times SPY's 2.5% implies −7.6%, which makes SPXU look 2.1 points over. 1.3 of that is daily compounding, which happens to any −3 times fund over the same path, and the rest is the fund. SPXU aims to return -3 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 -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. SPY moved at 11% 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 30, 2026: UPRO returned +4.1% where its own daily promise gave +6.8%, 2.6 points short. Read the multiple against the whole window instead and 3 times SPY's 2.5% implies +7.6%, which makes UPRO look 3.4 points short. 0.8 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, SPXU or UPRO?: Over the window to Sep 30, 2026, SPXU finished 2.1 points from what its multiple implies and UPRO finished 3.4 points from its own, so SPXU came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are SPXU and UPRO levered on the same thing?: Yes. Both are levered on the S&P 500, SPXU at -3 times and UPRO at +3 times the daily move.
Which one decays faster, SPXU or UPRO?: Decay follows how much the underlying moves about. Over this window SPXU’s moved at 11% annualized and UPRO’s at 11%, so SPXU has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold SPXU 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.
Which is cheaper, SPXU or UPRO?: SPXU charges 0.90% a year and UPRO charges 0.88%, so UPRO is cheaper. Fees come from each fund's prospectus.

Other comparisons

SPXU vs SSO SPXU vs SPUU SPXU vs SPXL SPXU vs SPYU UPRO vs SPUU UPRO vs SPXL UPRO vs SDS UPRO vs SH

SPY →SPXU on its own →UPRO on its own →How every figure is computed →Standards and sources →

Where these figures came from

SPXU and UPRO filings on SEC EDGAR ↗SPXU and UPRO prospectus with the expense ratio (SEC) ↗ProShares page for SPXU ↗ProShares page for UPRO ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, SPXU against UPRO, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/spxu-vs-upro

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.