OKLL vs SPY
Defiance Daily Target 2x Long OKLO ETF 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 | OKLL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.31% | 0.09% | |
| AUM | $128M | $789.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 10 | 505 | |
| YTD Return | -82.68% | +14.47% | |
| 1Y Return | -90.04% | +21.96% | |
| 3Y Return (annualized) | - | +21.70% | |
| 5Y Return (annualized) | - | +13.30% | |
| Volatility (annualized) | 191.9% | 15.3% | |
| Max Drawdown | -98.4% | -56.5% | |
| Fund Family | Defiance ETFs, LLC | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jun 23, 2025 | Jan 22, 1993 |
OKLL vs SPY Performance
Defiance Daily Target 2x Long OKLO ETF (OKLL) is a ETF from Defiance ETFs, LLC and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year OKLL returned -90.04% while SPY returned +21.96%. Year to date, OKLL is down 82.68% versus a gain of 14.47% for SPY.
Risk: Volatility and Drawdowns
OKLL has been the more volatile fund, with annualized monthly volatility of 191.9% 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 -98.4% for OKLL 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 0.70. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
OKLL charges 1.31% per year while SPY charges 0.09%. On a $10,000 position that is $131 vs $9 annually, a gap of $122 per year that compounds over a long holding period. On income, OKLL currently yields 0.00% against 1.01% for SPY.
Holdings Overlap
OKLL and SPY share 0 holdings out of 504 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, OKLL or SPY?
OKLL has an expense ratio of 1.31% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $122 per year of difference.
Which performed better, OKLL or SPY?
Over the past year OKLL returned -90.04% vs +21.96% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), OKLL annualized -82.23% vs +8.87% for SPY. Past performance does not guarantee future results.
Which is riskier, OKLL or SPY?
OKLL has been the more volatile fund at 191.9% annualized versus 15.3% for SPY. Worst drawdown: OKLL -98.4% vs SPY -56.5%.
Should I hold both OKLL and SPY?
OKLL and SPY have a monthly-return correlation of 0.70, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between OKLL and SPY?
OKLL and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, OKLL or SPY?
OKLL yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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