SPY vs UNG
State Street SPDR S&P 500 ETF Trust vs United States Natural Gas Fund LP
Which is better, SPY or UNG?
Large Cap Blend against Energy.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y 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 | UNG |
|---|---|---|
| Expense Ratio | 0.09%Best | 1.17% |
| AUM | $804.7B | $565M |
| Dividend Yield | 0.98% | 0.00% |
| Holdings | 505 | 7 |
| YTD Return | +11.52%Best | -15.51% |
| 1Y Return | +17.48%Best | -20.89% |
| 3Y Return (annualized) | +20.62%Best | -27.61% |
| 5Y Return (annualized) | +12.73%Best | -31.87% |
| Volatility (annualized) | 15.5%Best | 46.9% |
| Max Drawdown | -56.5% | - |
| $10,000 over 5 years | $18,205Best | $1,468 |
| Fund Family | State Street Investment Management | USCF Investments |
| Category | Equity | Commodity |
| Style | Large Cap Blend | Energy |
| Inception | Jan 22, 1993 | Apr 18, 2007 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Apr 18, 2007 to Sep 10, 2026 (19.4 years).
SPY vs UNG 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 19.4 years both funds cover.
SPY vs UNG Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and United States Natural Gas Fund LP (UNG) is an ETF from USCF Investments. Over the past year SPY returned +17.48% while UNG returned -20.89%. Year to date, SPY is up 11.52% versus a loss of 15.51% for UNG.
Over three years, SPY compounded at +20.62% per year against -27.61% for UNG; over five years the annualized figures are +12.73% and -31.87% respectively. Across the full 19-year window we track, SPY has the edge at +9.23% annualized vs -28.32%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UNG has been the more volatile fund, with annualized monthly volatility of 46.9% compared with 15.5% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
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 UNG charges 1.17%. On a $10,000 position that is $9 vs $117 annually, a gap of $108 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 0.00% for UNG.
Holdings Overlap
We hold position weights for 504 holdings in SPY and 1 in UNG, totalling 100.0% and 17.9% 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 UNG, against full books of 505 and 7.
You are not choosing between two funds in isolation.
Whichever of SPY and UNG 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 UNG?
SPY has an expense ratio of 0.09% while UNG charges 1.17%. SPY is the cheaper option, by $108 a year on a $10,000 investment.
Which performed better, SPY or UNG?
Over the past year SPY returned +17.48% vs -20.89% for UNG, so SPY leads on 1-year performance. Over the longest common window we track (19 years), SPY annualized +9.23% vs -28.32% for UNG. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or UNG?
UNG has been the more volatile fund at 46.9% annualized versus 15.5% for SPY.
Should I hold both SPY and UNG?
SPY and UNG 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 UNG?
SPY yields 0.98% while UNG yields 0.00%, so SPY currently pays the higher dividend yield.
Is UNG better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.