LTL vs SPY
ProShares Ultra Communication Services 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 | LTL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.95% | 0.09% | |
| AUM | $7M | $821.1B | |
| Dividend Yield | 1.06% | 1.01% | |
| Holdings | 29 | 505 | |
| YTD Return | -11.38% | +12.35% | |
| 1Y Return | -4.17% | +20.15% | |
| 3Y Return (annualized) | +33.35% | +21.69% | |
| 5Y Return (annualized) | +14.95% | +12.77% | |
| Volatility (annualized) | 34.2% | 15.3% | |
| Max Drawdown | -80.7% | -56.5% | |
| Fund Family | ProShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Mar 25, 2008 | Jan 22, 1993 |
LTL vs SPY Performance
ProShares Ultra Communication Services (LTL) 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 LTL returned -4.17% while SPY returned +20.15%. Year to date, LTL is down 11.38% versus a gain of 12.35% for SPY.
Over three years, LTL compounded at +33.35% per year against +21.69% for SPY; over five years the annualized figures are +14.95% and +12.77% respectively. Across the full 18-year window we track, SPY has the edge at +8.79% annualized vs +5.86%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
LTL has been the more volatile fund, with annualized monthly volatility of 34.2% 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 -80.7% for LTL 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 0.76. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
LTL charges 0.95% per year while SPY charges 0.09%. On a $10,000 position that is $95 vs $9 annually, a gap of $86 per year that compounds over a long holding period. On income, LTL currently yields 1.06% against 1.01% for SPY.
Holdings Overlap
LTL and SPY share 21 holdings out of 506 unique holdings combined, representing a 9.8% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, LTL or SPY?
LTL has an expense ratio of 0.95% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $86 per year of difference.
Which performed better, LTL or SPY?
Over the past year LTL returned -4.17% vs +20.15% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (18 years), LTL annualized +5.86% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, LTL or SPY?
LTL has been the more volatile fund at 34.2% annualized versus 15.3% for SPY. Worst drawdown: LTL -80.7% vs SPY -56.5%.
Should I hold both LTL and SPY?
LTL and SPY have a monthly-return correlation of 0.76, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between LTL and SPY?
LTL and SPY share 21 common holdings with a 9.8% weight overlap. Combined, they hold 506 unique securities.
Which pays a higher dividend, LTL or SPY?
LTL yields 1.06% while SPY yields 1.01%, so LTL currently pays the higher dividend yield.
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