SMUP vs SPY
T-REX 2X Long SMR Daily Target ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, SMUP or SPY?
Trading-Leveraged Equity against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | SMUP | SPY |
|---|---|---|
| Expense Ratio | 1.50% | 0.09%Best |
| AUM | $6M | $811.2B |
| Dividend Yield | 108.32% | 0.98% |
| Holdings | 3 | 1,515 |
| YTD Return | +154.77%Best | +13.54% |
| 1Y Return | -75.14% | +16.25%Best |
| 3Y Return (annualized) | - | +23.72% |
| 5Y Return (annualized) | - | +13.95% |
| Volatility (annualized) | 2564.2% | 11.9%Best |
| Max Drawdown | -98.8% | -8.9%Best |
| $10,000 over 1.2 years | $1,173 | $12,269Best |
| Fund Family | REX Shares | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Trading-Leveraged Equity | Large Cap Blend |
| Inception | Jul 25, 2025 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.2 years row, are measured over the window both funds cover: Jul 25, 2025 to Oct 2, 2026 (1.2 years).
SMUP vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 1.2 years both funds cover.
SMUP vs SPY Performance
T-REX 2X Long SMR Daily Target ETF (SMUP) is an ETF from REX Shares and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year SMUP returned -75.14% while SPY returned +16.25%. Year to date, SMUP is up 154.77% versus a gain of 13.54% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SMUP has been the more volatile fund, with annualized monthly volatility of 2564.2% compared with 11.9% 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 -98.8% for SMUP and -8.9% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.74. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SMUP charges 1.50% per year while SPY charges 0.09%. On a $10,000 position that is $150 vs $9 annually, a gap of $141 per year that compounds over a long holding period. On income, SMUP currently yields 108.32% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 1 holding in SMUP and 504 in SPY, totalling 2.7% and 99.8% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 1 positions we hold weights for in SMUP and 504 in SPY, against full books of 3 and 1,515.
You are not choosing between two funds in isolation.
Whichever of SMUP and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SMUP or SPY?
SMUP has an expense ratio of 1.50% while SPY charges 0.09%. SPY is the cheaper option, by $141 a year on a $10,000 investment.
Which performed better, SMUP or SPY?
Over the past year SMUP returned -75.14% vs +16.25% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), SMUP annualized -83.23% vs +18.58% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SMUP or SPY?
SMUP has been the more volatile fund at 2564.2% annualized versus 11.9% for SPY. Worst drawdown: SMUP -98.8% vs SPY -8.9%.
Should I hold both SMUP and SPY?
SMUP and SPY have a monthly-return correlation of 0.74, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SMUP or SPY?
SMUP yields 108.32% while SPY yields 0.98%, so SMUP currently pays the higher dividend yield.
Is SPY better than SMUP?
SPY has a lower expense ratio. SPY led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.