SPY vs UCO
State Street SPDR S&P 500 ETF Trust vs ProShares Ultra Bloomberg Crude Oil
Which is better, SPY or UCO?
Each has led over a different period.
SPY has a lower expense ratio. SPY led over 3Y and the full window, UCO over 1Y and 5Y.
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 | SPY | UCO |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.95% |
| AUM | $804.7B | $460M |
| Dividend Yield | 0.98% | 0.00% |
| Holdings | 505 | 9 |
| YTD Return | +13.81% | +162.74%Best |
| 1Y Return | +16.94% | +125.22%Best |
| 3Y Return (annualized) | +22.84%Best | +12.76% |
| 5Y Return (annualized) | +13.50% | +21.04%Best |
| Volatility (annualized) | 14.8%Best | 65.1% |
| Max Drawdown | -34.1% | - |
| $10,000 over 5 years | $18,836 | $25,980Best |
| Fund Family | State Street Investment Management | ProShares |
| Category | Equity | Alternative |
| Style | Large Cap Blend | - |
| Inception | Jan 22, 1993 | Nov 24, 2008 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Nov 25, 2008 to Sep 22, 2026 (17.8 years).
SPY vs UCO 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.
SPY vs UCO Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and ProShares Ultra Bloomberg Crude Oil (UCO) is an ETF from ProShares. Over the past year SPY returned +16.94% while UCO returned +125.22%. Year to date, SPY is up 13.81% versus a gain of 162.74% for UCO.
Over three years, SPY compounded at +22.84% per year against +12.76% for UCO; over five years the annualized figures are +13.50% and +21.04% respectively. Across the full 18-year window we track, SPY has the edge at +13.60% annualized vs -23.07%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UCO has been the more volatile fund, with annualized monthly volatility of 65.1% compared with 14.8% 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 0.37. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SPY charges 0.09% per year while UCO 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 0.98% against 0.00% for UCO.
Holdings Overlap
We hold position weights for 504 holdings in SPY and 1 in UCO, totalling 99.9% and 28.8% 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 504 positions we hold weights for in SPY and 1 in UCO, against full books of 505 and 9.
You are not choosing between two funds in isolation.
Whichever of SPY and UCO 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, SPY or UCO?
SPY has an expense ratio of 0.09% while UCO charges 0.95%. SPY is the cheaper option, by $86 a year on a $10,000 investment.
Which performed better, SPY or UCO?
Over the past year SPY returned +16.94% vs +125.22% for UCO, so UCO leads on 1-year performance. Over the longest common window we track (18 years), SPY annualized +13.60% vs -23.07% for UCO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or UCO?
UCO has been the more volatile fund at 65.1% annualized versus 14.8% for SPY.
Should I hold both SPY and UCO?
SPY and UCO have a monthly-return correlation of 0.37, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SPY or UCO?
SPY yields 0.98% while UCO yields 0.00%, so SPY currently pays the higher dividend yield.
Is UCO better than SPY?
SPY has a lower expense ratio. SPY led over 3Y and the full window, UCO over 1Y and 5Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.