SLON vs SPY
ProShares Ultra Solana 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 503 holdings.
Side-by-Side Comparison
| Metric | SLON | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 2.14% | 0.09% | |
| AUM | $18M | $789.1B | |
| Dividend Yield | 4.51% | 1.01% | |
| Holdings | 3 | 505 | |
| YTD Return | -76.41% | +13.68% | |
| 1Y Return | -92.33% | +21.53% | |
| 3Y Return (annualized) | - | +21.44% | |
| 5Y Return (annualized) | - | +13.18% | |
| Volatility (annualized) | 78.7% | 15.3% | |
| Max Drawdown | -96.3% | -56.5% | |
| Fund Family | ProShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jul 14, 2025 | Jan 22, 1993 |
SLON vs SPY Performance
ProShares Ultra Solana ETF (SLON) 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 SLON returned -92.33% while SPY returned +21.53%. Year to date, SLON is down 76.41% versus a gain of 13.68% for SPY.
Risk: Volatility and Drawdowns
SLON has been the more volatile fund, with annualized monthly volatility of 78.7% 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 -96.3% for SLON 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 0.31. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SLON charges 2.14% per year while SPY charges 0.09%. On a $10,000 position that is $214 vs $9 annually, a gap of $205 per year that compounds over a long holding period. On income, SLON currently yields 4.51% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, SLON or SPY?
SLON has an expense ratio of 2.14% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $205 per year of difference.
Which performed better, SLON or SPY?
Over the past year SLON returned -92.33% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), SLON annualized -88.43% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, SLON or SPY?
SLON has been the more volatile fund at 78.7% annualized versus 15.3% for SPY. Worst drawdown: SLON -96.3% vs SPY -56.5%.
Should I hold both SLON and SPY?
SLON and SPY have a monthly-return correlation of 0.31, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, SLON or SPY?
SLON yields 4.51% while SPY yields 1.01%, so SLON currently pays the higher dividend yield.
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