SPY vs ULE
State Street SPDR S&P 500 ETF Trust vs ProShares Ultra Euro
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | ULE | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.95% | |
| AUM | $789.1B | $4M | |
| Dividend Yield | 1.01% | 0.00% | |
| Holdings | 505 | 3 | |
| YTD Return | +13.79% | -3.29% | |
| 1Y Return | +23.66% | -2.91% | |
| 3Y Return (annualized) | +21.40% | +2.71% | |
| 5Y Return (annualized) | +13.37% | -2.47% | |
| Volatility (annualized) | 15.3% | 18.1% | |
| Max Drawdown | -56.5% | -72.7% | |
| Fund Family | State Street Investment Management | ProShares | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Nov 24, 2008 |
SPY vs ULE Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and ProShares Ultra Euro (ULE) is a ETF from ProShares. Over the past year SPY returned +23.66% while ULE returned -2.91%. Year to date, SPY is up 13.79% versus a loss of 3.29% for ULE.
Over three years, SPY compounded at +21.40% per year against +2.71% for ULE; over five years the annualized figures are +13.37% and -2.47% respectively. Across the full 18-year window we track, SPY has the edge at +8.85% annualized vs -3.85%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
ULE has been the more volatile fund, with annualized monthly volatility of 18.1% 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 -72.7% for ULE. 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 0.39. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while ULE 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 ULE.
Frequently Asked Questions
Which is cheaper, SPY or ULE?
SPY has an expense ratio of 0.09% while ULE 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 ULE?
Over the past year SPY returned +23.66% vs -2.91% for ULE, so SPY leads on 1-year performance. Over the longest common window we track (18 years), SPY annualized +8.85% vs -3.85% for ULE. Past performance does not guarantee future results.
Which is riskier, SPY or ULE?
ULE has been the more volatile fund at 18.1% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs ULE -72.7%.
Should I hold both SPY and ULE?
SPY and ULE have a monthly-return correlation of 0.39, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, SPY or ULE?
SPY yields 1.01% while ULE yields 0.00%, so SPY currently pays the higher dividend yield.
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