SPY vs ULTI
State Street SPDR S&P 500 ETF Trust vs REX IncomeMax Option Strategy ETF
Quick Verdict
SPY has a lower expense ratio. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | ULTI | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 1.32% | |
| AUM | $821.1B | $23M | |
| Dividend Yield | 1.01% | 103.08% | |
| Holdings | 505 | 103 | |
| YTD Return | +14.24% | -19.44% | |
| 1Y Return | +21.71% | - | |
| 3Y Return (annualized) | +22.10% | - | |
| 5Y Return (annualized) | +13.21% | - | |
| Volatility (annualized) | 15.3% | - | |
| Max Drawdown | -56.5% | -54.0% | |
| Fund Family | State Street Investment Management | REX Shares | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Oct 31, 2025 |
SPY vs ULTI Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and REX IncomeMax Option Strategy ETF (ULTI) is a ETF from REX Shares. Year to date, SPY is up 14.24% versus a loss of 19.44% for ULTI.
Risk: Volatility and Drawdowns
The deepest peak-to-trough decline in our data was -56.5% for SPY and -54.0% for ULTI. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
Fees and Cost Over Time
SPY charges 0.09% per year while ULTI charges 1.32%. On a $10,000 position that is $9 vs $132 annually, a gap of $123 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 103.08% for ULTI.
Holdings Overlap
SPY and ULTI share 5 holdings out of 520 unique holdings combined, representing a 1.3% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPY or ULTI?
SPY has an expense ratio of 0.09% while ULTI charges 1.32%. SPY is the cheaper option. On a $10,000 investment, that is $123 per year of difference.
What is the holdings overlap between SPY and ULTI?
SPY and ULTI share 5 common holdings with a 1.3% weight overlap. Combined, they hold 520 unique securities.
Which pays a higher dividend, SPY or ULTI?
SPY yields 1.01% while ULTI yields 103.08%, so ULTI currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.