SPY vs UBT
State Street SPDR S&P 500 ETF Trust vs ProShares Ultra 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 | UBT | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.95% | |
| AUM | $789.1B | $59M | |
| Dividend Yield | 1.01% | 3.44% | |
| Holdings | 505 | 8 | |
| YTD Return | +14.47% | -8.03% | |
| 1Y Return | +21.96% | -7.71% | |
| 3Y Return (annualized) | +21.70% | -8.14% | |
| 5Y Return (annualized) | +13.30% | -21.05% | |
| Volatility (annualized) | 15.3% | 27.3% | |
| Max Drawdown | -56.5% | -79.0% | |
| Fund Family | State Street Investment Management | ProShares | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Jan 19, 2010 |
SPY vs UBT Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and ProShares Ultra 20+ Year Treasury (UBT) is a ETF from ProShares. Over the past year SPY returned +21.96% while UBT returned -7.71%. Year to date, SPY is up 14.47% versus a loss of 8.03% for UBT.
Over three years, SPY compounded at +21.70% per year against -8.14% for UBT; over five years the annualized figures are +13.30% and -21.05% respectively. Across the full 17-year window we track, SPY has the edge at +8.87% annualized vs -0.42%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UBT has been the more volatile fund, with annualized monthly volatility of 27.3% 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 -79.0% for UBT. 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 -0.09. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while UBT 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 3.44% for UBT.
Holdings Overlap
SPY and UBT 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 UBT?
SPY has an expense ratio of 0.09% while UBT 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 UBT?
Over the past year SPY returned +21.96% vs -7.71% for UBT, so SPY leads on 1-year performance. Over the longest common window we track (17 years), SPY annualized +8.87% vs -0.42% for UBT. Past performance does not guarantee future results.
Which is riskier, SPY or UBT?
UBT has been the more volatile fund at 27.3% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs UBT -79.0%.
Should I hold both SPY and UBT?
SPY and UBT have a monthly-return correlation of -0.09, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and UBT?
SPY and UBT share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, SPY or UBT?
SPY yields 1.01% while UBT yields 3.44%, so UBT currently pays the higher dividend yield.
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