SPY vs UCON
State Street SPDR S&P 500 ETF Trust vs First Trust Smith Unconstrained Bond ETF
Which is better, SPY or UCON?
Large Cap Blend against Short Term Low Quality.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
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 | UCON |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.86% |
| AUM | $804.7B | $3.3B |
| Dividend Yield | 0.98% | 5.20% |
| Holdings | 505 | 951 |
| YTD Return | +13.82%Best | -0.32% |
| 1Y Return | +16.96%Best | +1.08% |
| 3Y Return (annualized) | +22.97%Best | +5.20% |
| 5Y Return (annualized) | +13.73%Best | +2.48% |
| Volatility (annualized) | 16.6% | 4.5%Best |
| Max Drawdown | -34.1% | -15.3%Best |
| $10,000 over 5 years | $19,027Best | $11,303 |
| Fund Family | State Street Investment Management | First Trust Portfolios (US) |
| Category | Equity | Fixed Income |
| Style | Large Cap Blend | Short Term Low Quality |
| Inception | Jan 22, 1993 | Jun 4, 2018 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jun 5, 2018 to Sep 21, 2026 (8.3 years).
SPY vs UCON 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 covers the 8.3 years both funds cover.
SPY vs UCON Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and First Trust Smith Unconstrained Bond ETF (UCON) is an ETF from First Trust Portfolios (US). Over the past year SPY returned +16.96% while UCON returned +1.08%. Year to date, SPY is up 13.82% versus a loss of 0.32% for UCON.
Over three years, SPY compounded at +22.97% per year against +5.20% for UCON; over five years the annualized figures are +13.73% and +2.48% respectively. Across the full 8-year window we track, SPY has the edge at +14.29% annualized vs +2.40%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 16.6% compared with 4.5% for UCON. 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 -34.1% for SPY and -15.3% for UCON. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.67. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SPY charges 0.09% per year while UCON charges 0.86%. On a $10,000 position that is $9 vs $86 annually, a gap of $77 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 5.20% for UCON.
Holdings Overlap
At least 0.3% of SPY's money is in holdings UCON also owns.
Stated as a floor: for UCON, our book for it covers 42.7% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
We cannot see either book well enough to say how much of this pair is duplicated.
1 positions in common, counted across the 504 positions we hold weights for in SPY and 243 in UCON, against full books of 505 and 951.
Top Shared Holdings
| Stock | Weight in SPY | Weight in UCON | Difference |
|---|---|---|---|
| CCitigroup Inc Variable Rate | 0.34% | 0.14% | 0.20% |
You are not choosing between two funds in isolation.
Whichever of SPY and UCON 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 UCON?
SPY has an expense ratio of 0.09% while UCON charges 0.86%. SPY is the cheaper option, by $77 a year on a $10,000 investment.
Which performed better, SPY or UCON?
Over the past year SPY returned +16.96% vs +1.08% for UCON, so SPY leads on 1-year performance. Over the longest common window we track (8 years), SPY annualized +14.29% vs +2.40% for UCON. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or UCON?
SPY has been the more volatile fund at 16.6% annualized versus 4.5% for UCON. Worst drawdown: SPY -34.1% vs UCON -15.3%.
Should I hold both SPY and UCON?
SPY and UCON have a monthly-return correlation of 0.67, 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 UCON?
SPY yields 0.98% while UCON yields 5.20%, so UCON currently pays the higher dividend yield.
Is UCON better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.