SPY vs UGA
State Street SPDR S&P 500 ETF Trust vs United States Gasoline Fund LP
Quick Verdict
SPY has a lower expense ratio. UGA delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | UGA | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 1.08% | |
| AUM | $789.1B | $144M | |
| Dividend Yield | 1.01% | 0.00% | |
| Holdings | 505 | 5 | |
| YTD Return | +13.79% | +82.25% | |
| 1Y Return | +23.66% | +81.17% | |
| 3Y Return (annualized) | +21.40% | +15.99% | |
| 5Y Return (annualized) | +13.37% | +25.33% | |
| Volatility (annualized) | 15.3% | 36.8% | |
| Max Drawdown | -56.5% | -86.6% | |
| Fund Family | State Street Investment Management | USCF Investments | |
| Category | Equity | Commodity | |
| Inception | Jan 22, 1993 | Feb 26, 2008 |
SPY vs UGA Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and United States Gasoline Fund LP (UGA) is a ETF from USCF Investments. Over the past year SPY returned +23.66% while UGA returned +81.17%. Year to date, SPY is up 13.79% versus a gain of 82.25% for UGA.
Over three years, SPY compounded at +21.40% per year against +15.99% for UGA; over five years the annualized figures are +13.37% and +25.33% respectively. Across the full 18-year window we track, SPY has the edge at +8.85% annualized vs +4.54%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UGA has been the more volatile fund, with annualized monthly volatility of 36.8% 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 -86.6% for UGA. 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 0.42. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while UGA charges 1.08%. On a $10,000 position that is $9 vs $108 annually, a gap of $99 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 0.00% for UGA.
Holdings Overlap
SPY and UGA share 0 holdings out of 505 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 UGA?
SPY has an expense ratio of 0.09% while UGA charges 1.08%. SPY is the cheaper option. On a $10,000 investment, that is $99 per year of difference.
Which performed better, SPY or UGA?
Over the past year SPY returned +23.66% vs +81.17% for UGA, so UGA leads on 1-year performance. Over the longest common window we track (18 years), SPY annualized +8.85% vs +4.54% for UGA. Past performance does not guarantee future results.
Which is riskier, SPY or UGA?
UGA has been the more volatile fund at 36.8% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs UGA -86.6%.
Should I hold both SPY and UGA?
SPY and UGA have a monthly-return correlation of 0.42, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and UGA?
SPY and UGA share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, SPY or UGA?
SPY yields 1.01% while UGA yields 0.00%, so SPY currently pays the higher dividend yield.
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