EUO vs SPY
ProShares UltraShort Euro vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | EUO | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.98% | 0.09% | |
| AUM | $33M | $821.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 4 | 505 | |
| YTD Return | +3.74% | +13.17% | |
| 1Y Return | +4.54% | +21.53% | |
| 3Y Return (annualized) | +0.24% | +22.06% | |
| 5Y Return (annualized) | +3.80% | +13.35% | |
| Volatility (annualized) | 17.9% | 15.3% | |
| Max Drawdown | -38.6% | -56.5% | |
| Fund Family | ProShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Nov 24, 2008 | Jan 22, 1993 |
EUO vs SPY Performance
ProShares UltraShort Euro (EUO) is a ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year EUO returned +4.54% while SPY returned +21.53%. Year to date, EUO is up 3.74% versus a gain of 13.17% for SPY.
Over three years, EUO compounded at +0.24% per year against +22.06% for SPY; over five years the annualized figures are +3.80% and +13.35% respectively. Across the full 18-year window we track, SPY has the edge at +8.82% annualized vs +1.01%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EUO has been the more volatile fund, with annualized monthly volatility of 17.9% compared with 15.3% 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 -38.6% for EUO and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.40. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
EUO charges 0.98% per year while SPY charges 0.09%. On a $10,000 position that is $98 vs $9 annually, a gap of $89 per year that compounds over a long holding period. On income, EUO currently yields 0.00% against 1.01% for SPY.
Holdings Overlap
EUO and SPY share 0 holdings out of 505 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, EUO or SPY?
EUO has an expense ratio of 0.98% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $89 per year of difference.
Which performed better, EUO or SPY?
Over the past year EUO returned +4.54% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (18 years), EUO annualized +1.01% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, EUO or SPY?
EUO has been the more volatile fund at 17.9% annualized versus 15.3% for SPY. Worst drawdown: EUO -38.6% vs SPY -56.5%.
Should I hold both EUO and SPY?
EUO and SPY have a monthly-return correlation of -0.40, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between EUO and SPY?
EUO and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, EUO or SPY?
EUO yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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