SPY vs ULTI
State Street SPDR S&P 500 ETF Trust vs REX IncomeMax Option Strategy ETF
Which is better, SPY or ULTI?
Large Cap Blend against Option Writing.
SPY has a lower expense ratio. SPY led over 1Y and the full window.
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 | ULTI |
|---|---|---|
| Expense Ratio | 0.09%Best | 1.32% |
| AUM | $823.2B | $17M |
| Dividend Yield | 0.99% | 127.23% |
| Holdings | 1,515 | 92 |
| YTD Return | +10.95%Best | -37.56% |
| 1Y Return | +11.25%Best | -58.20% |
| 3Y Return (annualized) | +21.53% | - |
| 5Y Return (annualized) | +11.73% | - |
| Volatility (annualized) | 12.8%Best | 58.0% |
| Max Drawdown | -8.9%Best | -59.6% |
| $10,000 over 1 years | $11,140Best | $4,092 |
| Fund Family | State Street Investment Management | REX Shares |
| Category | Equity | Alternative |
| Style | Large Cap Blend | Option Writing |
| Inception | Jan 22, 1993 | Oct 31, 2025 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1 years row, are measured over the window both funds cover: Oct 31, 2025 to Nov 2, 2026 (1 years).
SPY vs ULTI 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 1 years both funds cover.
SPY vs ULTI Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and REX IncomeMax Option Strategy ETF (ULTI) is an ETF from REX Shares. Over the past year SPY returned +11.25% while ULTI returned -58.20%. Year to date, SPY is up 10.95% versus a loss of 37.56% for ULTI.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
ULTI has been the more volatile fund, with annualized monthly volatility of 58.0% compared with 12.8% 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 -8.9% for SPY and -59.6% for ULTI. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.48. They move together some of the time, and apart the rest.
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 0.99% against 127.23% for ULTI.
Holdings Overlap
At least 0.1% of SPY's money is in holdings ULTI also owns.
Stated as a floor: for ULTI, our book for it covers 94.4% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
We cannot see either book well enough to say how much of this pair is duplicated.
2 positions in common, counted across the 504 positions we hold weights for in SPY and 86 in ULTI, against full books of 1,515 and 92.
You are not choosing between two funds in isolation.
Whichever of SPY and ULTI 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 ULTI?
SPY has an expense ratio of 0.09% while ULTI charges 1.32%. SPY is the cheaper option, by $123 a year on a $10,000 investment.
Which performed better, SPY or ULTI?
Over the past year SPY returned +11.25% vs -58.20% for ULTI, so SPY leads on 1-year performance. Over the longest common window we track (1 years), SPY annualized +11.40% vs -59.08% for ULTI. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or ULTI?
ULTI has been the more volatile fund at 58.0% annualized versus 12.8% for SPY. Worst drawdown: SPY -8.9% vs ULTI -59.6%.
Should I hold both SPY and ULTI?
SPY and ULTI have a monthly-return correlation of 0.48, 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 ULTI?
SPY yields 0.99% while ULTI yields 127.23%, so ULTI currently pays the higher dividend yield.
Is ULTI better than SPY?
SPY has a lower expense ratio. SPY led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.