SPXU vs SPY
ProShares UltraPro Short S&P500 vs State Street SPDR S&P 500 ETF Trust
Which is better, SPXU or SPY?
Opposite sides of the same exposure.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two move opposite each other, correlation -0.96, so holding both offsets the exposure while paying both fees.
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 | SPXU | SPY |
|---|---|---|
| Expense Ratio | 0.90% | 0.09%Best |
| AUM | $396M | $804.7B |
| Dividend Yield | 7.32% | 0.98% |
| Holdings | 19 | 505 |
| YTD Return | -27.83% | +12.47%Best |
| 1Y Return | -35.25% | +17.51%Best |
| 3Y Return (annualized) | -41.79% | +21.18%Best |
| 5Y Return (annualized) | -32.83% | +12.88%Best |
| Volatility (annualized) | 39.6% | 14.4%Best |
| Max Drawdown | - | -34.1% |
| $10,000 over 5 years | $1,367 | $18,327Best |
| Fund Family | ProShares | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Trading-Inverse Equity | Large Cap Blend |
| Inception | Jun 23, 2009 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jun 25, 2009 to Sep 11, 2026 (17.2 years).
SPXU 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
SPXU vs SPY Performance
ProShares UltraPro Short S&P500 (SPXU) is an ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year SPXU returned -35.25% while SPY returned +17.51%. Year to date, SPXU is down 27.83% versus a gain of 12.47% for SPY.
Over three years, SPXU compounded at -41.79% per year against +21.18% for SPY; over five years the annualized figures are -32.83% and +12.88% respectively. Across the full 17-year window we track, SPY has the edge at +13.57% annualized vs -42.45%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPXU has been the more volatile fund, with annualized monthly volatility of 39.6% compared with 14.4% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The two funds' monthly returns correlate at -0.96. They move opposite each other. Holding both offsets the exposure rather than spreading it, while paying both funds' fees.
Fees and Cost Over Time
SPXU charges 0.90% per year while SPY charges 0.09%. On a $10,000 position that is $90 vs $9 annually, a gap of $81 per year that compounds over a long holding period. On income, SPXU currently yields 7.32% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 1 holding in SPXU and 504 in SPY, totalling 82.2% and 100.0% 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 SPXU and 504 in SPY, against full books of 19 and 505.
You are not choosing between two funds in isolation.
Whichever of SPXU 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, SPXU or SPY?
SPXU has an expense ratio of 0.90% while SPY charges 0.09%. SPY is the cheaper option, by $81 a year on a $10,000 investment.
Which performed better, SPXU or SPY?
Over the past year SPXU returned -35.25% vs +17.51% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (17 years), SPXU annualized -42.45% vs +13.57% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPXU or SPY?
SPXU has been the more volatile fund at 39.6% annualized versus 14.4% for SPY.
Should I hold both SPXU and SPY?
SPXU and SPY have a monthly-return correlation of -0.96, so they move opposite each other. Holding both offsets the exposure rather than spreading it, and pays both funds' fees on the way. This is information, not a recommendation.
Which pays a higher dividend, SPXU or SPY?
SPXU yields 7.32% while SPY yields 0.98%, so SPXU currently pays the higher dividend yield.
Is SPY better than SPXU?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two move opposite each other, correlation -0.96, so holding both offsets the exposure while paying both fees. Which one suits a particular account depends on what it is for. This is information, not a recommendation.