CLIX vs SPY
ProShares Long Online/Short Stores ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, CLIX or SPY?
Long-Short Strategy against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y 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 | CLIX | SPY |
|---|---|---|
| Expense Ratio | 0.65% | 0.09%Best |
| AUM | $6M | $823.2B |
| Dividend Yield | 0.50% | 0.99% |
| Holdings | 30 | 1,515 |
| Volatility (annualized) | 24.4% | 16.2%Best |
| Max Drawdown | -73.2% | -34.1%Best |
| $10,000 over 8.9 years | $14,770 | $32,474Best |
| Fund Family | ProShares | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Long-Short Strategy | Large Cap Blend |
| Inception | Nov 14, 2017 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
The two price series end 11 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. CLIX has data through Oct 12, 2026 and SPY through Oct 23, 2026.
Volatility and max drawdown, and the $10,000 over 8.9 years row, are measured over the window both funds cover: Nov 16, 2017 to Oct 12, 2026 (8.9 years).
Risk: Volatility and Drawdowns
CLIX has been the more volatile fund, with annualized monthly volatility of 24.4% compared with 16.2% for SPY. 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 -73.2% for CLIX and -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.53. They move together some of the time, and apart the rest.
Fees and Cost Over Time
CLIX charges 0.65% per year while SPY charges 0.09%. On a $10,000 position that is $65 vs $9 annually, a gap of $56 per year that compounds over a long holding period. On income, CLIX currently yields 0.50% against 0.99% for SPY.
Holdings Overlap
At least 4.0% of SPY's money is in holdings CLIX also owns.
Stated as a floor: for CLIX, our book for it covers 83.2% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
SPY and CLIX share little of their money.
4 positions in common, counted across the 22 positions we hold weights for in CLIX and 504 in SPY, against full books of 30 and 1,515.
You are not choosing between two funds in isolation.
Whichever of CLIX and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, CLIX or SPY?
CLIX has an expense ratio of 0.65% while SPY charges 0.09%. SPY is the cheaper option, by $56 a year on a $10,000 investment.
Which is riskier, CLIX or SPY?
CLIX has been the more volatile fund at 24.4% annualized versus 16.2% for SPY. Worst drawdown: CLIX -73.2% vs SPY -34.1%.
Should I hold both CLIX and SPY?
CLIX and SPY have a monthly-return correlation of 0.53, 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 CLIX and SPY?
At least 4.0% of SPY's money is in holdings CLIX also owns. Our book for CLIX is partial, so the real figure is this or higher. They hold 4 positions in common, counted across the 22 positions we hold weights for in CLIX and 504 in SPY.
Which pays a higher dividend, CLIX or SPY?
CLIX yields 0.50% while SPY yields 0.99%, so SPY currently pays the higher dividend yield.
Is SPY better than CLIX?
SPY has a lower expense ratio. SPY led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.