SPY vs SZK
State Street SPDR S&P 500 ETF Trust vs ProShares UltraShort Consumer Staples
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 | SPY | SZK | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.95% | |
| AUM | $821.1B | $4M | |
| Dividend Yield | 1.01% | 2.79% | |
| Holdings | 505 | 5 | |
| YTD Return | +12.68% | -18.93% | |
| 1Y Return | +21.82% | -8.53% | |
| 3Y Return (annualized) | +21.98% | -9.65% | |
| 5Y Return (annualized) | +12.89% | -4.51% | |
| Volatility (annualized) | 15.3% | 27.5% | |
| Max Drawdown | -56.5% | -99.5% | |
| Fund Family | State Street Investment Management | ProShares | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Jan 30, 2007 |
SPY vs SZK Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and ProShares UltraShort Consumer Staples (SZK) is a ETF from ProShares. Over the past year SPY returned +21.82% while SZK returned -8.53%. Year to date, SPY is up 12.68% versus a loss of 18.93% for SZK.
Over three years, SPY compounded at +21.98% per year against -9.65% for SZK; over five years the annualized figures are +12.89% and -4.51% respectively. Across the full 20-year window we track, SPY has the edge at +8.81% annualized vs -20.73%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SZK has been the more volatile fund, with annualized monthly volatility of 27.5% 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 -56.5% for SPY and -99.5% for SZK. 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 -0.78. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while SZK charges 0.95%. On a $10,000 position that is $9 vs $95 annually, a gap of $86 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 2.79% for SZK.
Frequently Asked Questions
Which is cheaper, SPY or SZK?
SPY has an expense ratio of 0.09% while SZK charges 0.95%. SPY is the cheaper option. On a $10,000 investment, that is $86 per year of difference.
Which performed better, SPY or SZK?
Over the past year SPY returned +21.82% vs -8.53% for SZK, so SPY leads on 1-year performance. Over the longest common window we track (20 years), SPY annualized +8.81% vs -20.73% for SZK. Past performance does not guarantee future results.
Which is riskier, SPY or SZK?
SZK has been the more volatile fund at 27.5% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs SZK -99.5%.
Should I hold both SPY and SZK?
SPY and SZK have a monthly-return correlation of -0.78, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, SPY or SZK?
SPY yields 1.01% while SZK yields 2.79%, so SZK currently pays the higher dividend yield.
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