SJB vs SPY
ProShares Short High Yield 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 | SJB | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.95% | 0.09% | |
| AUM | $45M | $814.4B | |
| Dividend Yield | 3.59% | 1.01% | |
| Holdings | 6 | 505 | |
| YTD Return | +0.81% | +12.60% | |
| 1Y Return | +0.77% | +20.83% | |
| 3Y Return (annualized) | -2.53% | +20.98% | |
| 5Y Return (annualized) | -0.39% | +12.56% | |
| Volatility (annualized) | 7.2% | 15.3% | |
| Max Drawdown | -59.7% | -56.5% | |
| Fund Family | ProShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Mar 21, 2011 | Jan 22, 1993 |
SJB vs SPY Performance
ProShares Short High Yield (SJB) 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 SJB returned +0.77% while SPY returned +20.83%. Year to date, SJB is up 0.81% versus a gain of 12.60% for SPY.
Over three years, SJB compounded at -2.53% per year against +20.98% for SPY; over five years the annualized figures are -0.39% and +12.56% respectively. Across the full 15-year window we track, SPY has the edge at +8.79% annualized vs -5.28%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 7.2% for SJB. 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 -59.7% for SJB 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 -0.77. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SJB 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, SJB currently yields 3.59% against 1.01% for SPY.
Holdings Overlap
SJB 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, SJB or SPY?
SJB 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, SJB or SPY?
Over the past year SJB returned +0.77% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (15 years), SJB annualized -5.28% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, SJB or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 7.2% for SJB. Worst drawdown: SJB -59.7% vs SPY -56.5%.
Should I hold both SJB and SPY?
SJB and SPY have a monthly-return correlation of -0.77, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SJB and SPY?
SJB and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, SJB or SPY?
SJB yields 3.59% while SPY yields 1.01%, so SJB currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.