SETH vs SPY
ProShares Short Ether ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SETH delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SETH | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.95% | 0.09% | |
| AUM | $15M | $789.1B | |
| Dividend Yield | 9.88% | 1.01% | |
| Holdings | 2 | 505 | |
| YTD Return | +30.40% | +13.75% | |
| 1Y Return | +49.10% | +22.91% | |
| 3Y Return (annualized) | - | +21.67% | |
| 5Y Return (annualized) | - | +13.32% | |
| Volatility (annualized) | 65.7% | 15.3% | |
| Max Drawdown | -80.8% | -56.5% | |
| Fund Family | ProShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Nov 2, 2023 | Jan 22, 1993 |
SETH vs SPY Performance
ProShares Short Ether ETF (SETH) 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 SETH returned +49.10% while SPY returned +22.91%. Year to date, SETH is up 30.40% versus a gain of 13.75% for SPY.
Risk: Volatility and Drawdowns
SETH has been the more volatile fund, with annualized monthly volatility of 65.7% 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 -80.8% for SETH 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 -0.49. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SETH 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, SETH currently yields 9.88% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, SETH or SPY?
SETH 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, SETH or SPY?
Over the past year SETH returned +49.10% vs +22.91% for SPY, so SETH leads on 1-year performance. Over the longest common window we track (3 years), SETH annualized -32.33% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, SETH or SPY?
SETH has been the more volatile fund at 65.7% annualized versus 15.3% for SPY. Worst drawdown: SETH -80.8% vs SPY -56.5%.
Should I hold both SETH and SPY?
SETH and SPY have a monthly-return correlation of -0.49, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, SETH or SPY?
SETH yields 9.88% while SPY yields 1.01%, so SETH currently pays the higher dividend yield.
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