SPXU vs SPY
ProShares UltraPro Short S&P500 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 | SPXU | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.90% | 0.09% | |
| AUM | $365M | $821.1B | |
| Dividend Yield | 6.79% | 1.01% | |
| Holdings | 19 | 505 | |
| YTD Return | -31.65% | +14.24% | |
| 1Y Return | -41.62% | +21.71% | |
| 3Y Return (annualized) | -43.03% | +22.10% | |
| 5Y Return (annualized) | -33.59% | +13.21% | |
| Volatility (annualized) | 39.7% | 15.3% | |
| Max Drawdown | -100.0% | -56.5% | |
| Fund Family | ProShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jun 23, 2009 | Jan 22, 1993 |
SPXU vs SPY Performance
ProShares UltraPro Short S&P500 (SPXU) 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 SPXU returned -41.62% while SPY returned +21.71%. Year to date, SPXU is down 31.65% versus a gain of 14.24% for SPY.
Over three years, SPXU compounded at -43.03% per year against +22.10% for SPY; over five years the annualized figures are -33.59% and +13.21% respectively. Across the full 17-year window we track, SPY has the edge at +8.86% annualized vs -42.78%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPXU has been the more volatile fund, with annualized monthly volatility of 39.7% 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 -100.0% for SPXU 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 -0.96. They move independently enough that combining them can meaningfully diversify a portfolio.
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 6.79% against 1.01% for SPY.
Holdings Overlap
SPXU 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, SPXU or SPY?
SPXU has an expense ratio of 0.90% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $81 per year of difference.
Which performed better, SPXU or SPY?
Over the past year SPXU returned -41.62% vs +21.71% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (17 years), SPXU annualized -42.78% vs +8.86% for SPY. Past performance does not guarantee future results.
Which is riskier, SPXU or SPY?
SPXU has been the more volatile fund at 39.7% annualized versus 15.3% for SPY. Worst drawdown: SPXU -100.0% vs SPY -56.5%.
Should I hold both SPXU and SPY?
SPXU and SPY have a monthly-return correlation of -0.96, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPXU and SPY?
SPXU and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, SPXU or SPY?
SPXU yields 6.79% while SPY yields 1.01%, so SPXU 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.