SPY vs UGL
State Street SPDR S&P 500 ETF Trust vs ProShares Ultra Gold
Which is better, SPY or UGL?
Each has led over a different period.
SPY has a lower expense ratio. SPY led over 1Y and the full window, UGL over 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 | UGL |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.95% |
| AUM | $804.7B | $843M |
| Dividend Yield | 0.98% | 0.00% |
| Holdings | 505 | 6 |
| YTD Return | +10.96%Best | -13.31% |
| 1Y Return | +15.52%Best | +14.48% |
| 3Y Return (annualized) | +20.73% | +49.76%Best |
| 5Y Return (annualized) | +12.53% | +28.41%Best |
| Volatility (annualized) | 14.9%Best | 33.4% |
| Max Drawdown | -34.1%Best | -75.9% |
| $10,000 over 5 years | $18,044 | $34,914Best |
| Fund Family | State Street Investment Management | ProShares |
| Category | Equity | Alternative |
| Style | Large Cap Blend | - |
| Inception | Jan 22, 1993 | Dec 1, 2008 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Dec 3, 2008 to Sep 16, 2026 (17.8 years).
SPY vs UGL 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 17.8 years both funds cover.
SPY vs UGL Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and ProShares Ultra Gold (UGL) is an ETF from ProShares. Over the past year SPY returned +15.52% while UGL returned +14.48%. Year to date, SPY is up 10.96% versus a loss of 13.31% for UGL.
Over three years, SPY compounded at +20.73% per year against +49.76% for UGL; over five years the annualized figures are +12.53% and +28.41% respectively. Across the full 18-year window we track, SPY has the edge at +13.36% annualized vs +12.25%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UGL has been the more volatile fund, with annualized monthly volatility of 33.4% compared with 14.9% 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 -34.1% for SPY and -75.9% for UGL. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.09. They move largely independently of each other.
Fees and Cost Over Time
SPY charges 0.09% per year while UGL 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 UGL.
Holdings Overlap
We hold position weights for 504 holdings in SPY and 1 in UGL, totalling 99.9% and 37.7% 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 UGL, against full books of 505 and 6.
You are not choosing between two funds in isolation.
Whichever of SPY and UGL 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 UGL?
SPY has an expense ratio of 0.09% while UGL charges 0.95%. SPY is the cheaper option, by $86 a year on a $10,000 investment.
Which performed better, SPY or UGL?
Over the past year SPY returned +15.52% vs +14.48% for UGL, so SPY leads on 1-year performance. Over the longest common window we track (18 years), SPY annualized +13.36% vs +12.25% for UGL. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or UGL?
UGL has been the more volatile fund at 33.4% annualized versus 14.9% for SPY. Worst drawdown: SPY -34.1% vs UGL -75.9%.
Should I hold both SPY and UGL?
SPY and UGL have a monthly-return correlation of 0.09, 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 UGL?
SPY yields 0.98% while UGL yields 0.00%, so SPY currently pays the higher dividend yield.
Is UGL better than SPY?
SPY has a lower expense ratio. SPY led over 1Y and the full window, UGL over 3Y and 5Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.