SPY vs UGL
SPY vs UGL
State Street SPDR S&P 500 ETF Trust vs ProShares Ultra Gold
Quick Verdict
SPY has a lower expense ratio. UGL delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | UGL | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.95% | |
| AUM | $789.1B | $653M | |
| Dividend Yield | 1.01% | 0.00% | |
| Holdings | 505 | 6 | |
| YTD Return | +13.79% | -9.32% | |
| 1Y Return | +23.66% | +38.46% | |
| 3Y Return (annualized) | +21.40% | +51.87% | |
| 5Y Return (annualized) | +13.37% | +30.23% | |
| Volatility (annualized) | 15.3% | 33.2% | |
| Max Drawdown | -56.5% | -75.9% | |
| Fund Family | State Street Investment Management | ProShares | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Dec 1, 2008 |
SPY vs UGL Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and ProShares Ultra Gold (UGL) is a ETF from ProShares. Over the past year SPY returned +23.66% while UGL returned +38.46%. Year to date, SPY is up 13.79% versus a loss of 9.32% for UGL.
Over three years, SPY compounded at +21.40% per year against +51.87% for UGL; over five years the annualized figures are +13.37% and +30.23% respectively. Across the full 18-year window we track, UGL has the edge at +12.62% annualized vs +8.85%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UGL has been the more volatile fund, with annualized monthly volatility of 33.2% 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 -75.9% for UGL. 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 0.09. They move independently enough that combining them can meaningfully diversify a portfolio.
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 1.01% against 0.00% for UGL.
Holdings Overlap
SPY and UGL share 0 holdings out of 504 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 UGL?
SPY has an expense ratio of 0.09% while UGL charges 0.95%. SPY is the cheaper option. On a $10,000 investment, that is $86 per year of difference.
Which performed better, SPY or UGL?
Over the past year SPY returned +23.66% vs +38.46% for UGL, so UGL leads on 1-year performance. Over the longest common window we track (18 years), SPY annualized +8.85% vs +12.62% for UGL. Past performance does not guarantee future results.
Which is riskier, SPY or UGL?
UGL has been the more volatile fund at 33.2% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs UGL -75.9%.
Should I hold both SPY and UGL?
SPY and UGL have a monthly-return correlation of 0.09, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and UGL?
SPY and UGL share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, SPY or UGL?
SPY yields 1.01% while UGL yields 0.00%, so SPY currently pays the higher dividend yield.
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