SPY vs UGA
State Street SPDR S&P 500 ETF Trust vs United States Gasoline Fund LP
Which is better, SPY or UGA?
Large Cap Blend against Energy.
SPY has a lower expense ratio. SPY led over the full window, UGA over 1Y, 3Y 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 | UGA |
|---|---|---|
| Expense Ratio | 0.09%Best | 1.08% |
| AUM | $814.4B | $146M |
| Dividend Yield | 1.01% | 0.00% |
| Holdings | 505 | 5 |
| YTD Return | +12.71% | +122.02%Best |
| 1Y Return | +19.36% | +114.23%Best |
| 3Y Return (annualized) | +21.09% | +22.05%Best |
| 5Y Return (annualized) | +12.69% | +30.14%Best |
| Volatility (annualized) | 15.7%Best | 36.7% |
| Max Drawdown | -52.4%Best | -86.6% |
| $10,000 over 5 years | $18,173 | $37,330Best |
| Fund Family | State Street Investment Management | USCF Investments |
| Category | Equity | Commodity |
| Style | Large Cap Blend | Energy |
| Inception | Jan 22, 1993 | Feb 26, 2008 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Feb 27, 2008 to Sep 8, 2026 (18.5 years).
SPY vs UGA 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 18.5 years both funds cover.
SPY vs UGA Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and United States Gasoline Fund LP (UGA) is an ETF from USCF Investments. Over the past year SPY returned +19.36% while UGA returned +114.23%. Year to date, SPY is up 12.71% versus a gain of 122.02% for UGA.
Over three years, SPY compounded at +21.09% per year against +22.05% for UGA; over five years the annualized figures are +12.69% and +30.14% respectively. Across the full 19-year window we track, SPY has the edge at +10.12% annualized vs +5.63%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UGA has been the more volatile fund, with annualized monthly volatility of 36.7% compared with 15.7% 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 -52.4% for SPY and -86.6% for UGA. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.43. They move together some of the time, and apart the rest.
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
We hold position weights for 503 holdings in SPY and 1 in UGA, totalling 100.0% and 33.0% 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 503 positions we hold weights for in SPY and 1 in UGA, against full books of 505 and 5.
You are not choosing between two funds in isolation.
Whichever of SPY and UGA 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 UGA?
SPY has an expense ratio of 0.09% while UGA charges 1.08%. SPY is the cheaper option, by $99 a year on a $10,000 investment.
Which performed better, SPY or UGA?
Over the past year SPY returned +19.36% vs +114.23% for UGA, so UGA leads on 1-year performance. Over the longest common window we track (19 years), SPY annualized +10.12% vs +5.63% for UGA. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or UGA?
UGA has been the more volatile fund at 36.7% annualized versus 15.7% for SPY. Worst drawdown: SPY -52.4% vs UGA -86.6%.
Should I hold both SPY and UGA?
SPY and UGA have a monthly-return correlation of 0.43, 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 UGA?
SPY yields 1.01% while UGA yields 0.00%, so SPY currently pays the higher dividend yield.
Is UGA better than SPY?
SPY has a lower expense ratio. SPY led over the full window, UGA over 1Y, 3Y and 5Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.