SPY vs TTT
State Street SPDR S&P 500 ETF Trust vs ProShares UltraPro Short 20 Year Treasury
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 | SPY | TTT | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.95% | |
| AUM | $789.1B | $18M | |
| Dividend Yield | 1.01% | 9.68% | |
| Holdings | 505 | 10 | |
| YTD Return | +13.68% | +15.36% | |
| 1Y Return | +21.53% | +11.73% | |
| 3Y Return (annualized) | +21.44% | +5.09% | |
| 5Y Return (annualized) | +13.18% | +22.80% | |
| Volatility (annualized) | 15.3% | 39.0% | |
| Max Drawdown | -56.5% | -94.1% | |
| Fund Family | State Street Investment Management | ProShares | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Mar 27, 2012 |
SPY vs TTT Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and ProShares UltraPro Short 20 Year Treasury (TTT) is a ETF from ProShares. Over the past year SPY returned +21.53% while TTT returned +11.73%. Year to date, SPY is up 13.68% versus a gain of 15.36% for TTT.
Over three years, SPY compounded at +21.44% per year against +5.09% for TTT; over five years the annualized figures are +13.18% and +22.80% respectively. Across the full 14-year window we track, SPY has the edge at +8.85% annualized vs -9.36%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TTT has been the more volatile fund, with annualized monthly volatility of 39.0% 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 -94.1% for TTT. 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 -0.06. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while TTT 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 9.68% for TTT.
Holdings Overlap
SPY and TTT share 0 holdings out of 504 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, SPY or TTT?
SPY has an expense ratio of 0.09% while TTT 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 TTT?
Over the past year SPY returned +21.53% vs +11.73% for TTT, so SPY leads on 1-year performance. Over the longest common window we track (14 years), SPY annualized +8.85% vs -9.36% for TTT. Past performance does not guarantee future results.
Which is riskier, SPY or TTT?
TTT has been the more volatile fund at 39.0% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs TTT -94.1%.
Should I hold both SPY and TTT?
SPY and TTT have a monthly-return correlation of -0.06, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and TTT?
SPY and TTT share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, SPY or TTT?
SPY yields 1.01% while TTT yields 9.68%, so TTT currently pays the higher dividend yield.
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