SPY vs UNHG
State Street SPDR S&P 500 ETF Trust vs Leverage Shares 2X Long UNH Daily ETF
Quick Verdict
SPY has a lower expense ratio. UNHG delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | UNHG | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.77% | |
| AUM | $821.1B | $71M | |
| Dividend Yield | 1.01% | 8.51% | |
| Holdings | 505 | 6 | |
| YTD Return | +12.68% | +12.43% | |
| 1Y Return | +21.82% | +31.61% | |
| 3Y Return (annualized) | +21.98% | - | |
| 5Y Return (annualized) | +12.89% | - | |
| Volatility (annualized) | 15.3% | 103.4% | |
| Max Drawdown | -56.5% | -57.0% | |
| Fund Family | State Street Investment Management | Leverage Shares | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Jul 22, 2025 |
SPY vs UNHG Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Leverage Shares 2X Long UNH Daily ETF (UNHG) is a ETF from Leverage Shares. Over the past year SPY returned +21.82% while UNHG returned +31.61%. Year to date, SPY is up 12.68% versus a gain of 12.43% for UNHG.
Risk: Volatility and Drawdowns
UNHG has been the more volatile fund, with annualized monthly volatility of 103.4% 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 -57.0% for UNHG. 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 0.66. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while UNHG charges 0.77%. On a $10,000 position that is $9 vs $77 annually, a gap of $68 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 8.51% for UNHG.
Holdings Overlap
SPY and UNHG share 0 holdings out of 505 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 UNHG?
SPY has an expense ratio of 0.09% while UNHG charges 0.77%. SPY is the cheaper option. On a $10,000 investment, that is $68 per year of difference.
Which performed better, SPY or UNHG?
Over the past year SPY returned +21.82% vs +31.61% for UNHG, so UNHG leads on 1-year performance. Over the longest common window we track (1 years), SPY annualized +8.81% vs +38.06% for UNHG. Past performance does not guarantee future results.
Which is riskier, SPY or UNHG?
UNHG has been the more volatile fund at 103.4% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs UNHG -57.0%.
Should I hold both SPY and UNHG?
SPY and UNHG have a monthly-return correlation of 0.66, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and UNHG?
SPY and UNHG share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, SPY or UNHG?
SPY yields 1.01% while UNHG yields 8.51%, so UNHG currently pays the higher dividend yield.
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