SPY vs UNL
State Street SPDR S&P 500 ETF Trust vs United States 12 Month Natural Gas Fund
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | UNL | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 1.65% | |
| AUM | $821.1B | $16M | |
| Dividend Yield | 1.01% | 0.00% | |
| Holdings | 505 | 16 | |
| YTD Return | +12.68% | -19.49% | |
| 1Y Return | +21.82% | -23.82% | |
| 3Y Return (annualized) | +21.98% | -20.09% | |
| 5Y Return (annualized) | +12.89% | -12.00% | |
| Volatility (annualized) | 15.3% | 30.8% | |
| Max Drawdown | -56.5% | -89.8% | |
| Fund Family | State Street Investment Management | USCF Investments | |
| Category | Equity | Commodity | |
| Inception | Jan 22, 1993 | Nov 18, 2009 |
SPY vs UNL Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and United States 12 Month Natural Gas Fund (UNL) is a ETF from USCF Investments. Over the past year SPY returned +21.82% while UNL returned -23.82%. Year to date, SPY is up 12.68% versus a loss of 19.49% for UNL.
Over three years, SPY compounded at +21.98% per year against -20.09% for UNL; over five years the annualized figures are +12.89% and -12.00% respectively. Across the full 17-year window we track, SPY has the edge at +8.81% annualized vs -11.87%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UNL has been the more volatile fund, with annualized monthly volatility of 30.8% 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 -89.8% for UNL. 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 0.05. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while UNL charges 1.65%. On a $10,000 position that is $9 vs $165 annually, a gap of $156 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 0.00% for UNL.
Holdings Overlap
SPY and UNL share 0 holdings out of 506 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 UNL?
SPY has an expense ratio of 0.09% while UNL charges 1.65%. SPY is the cheaper option. On a $10,000 investment, that is $156 per year of difference.
Which performed better, SPY or UNL?
Over the past year SPY returned +21.82% vs -23.82% for UNL, so SPY leads on 1-year performance. Over the longest common window we track (17 years), SPY annualized +8.81% vs -11.87% for UNL. Past performance does not guarantee future results.
Which is riskier, SPY or UNL?
UNL has been the more volatile fund at 30.8% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs UNL -89.8%.
Should I hold both SPY and UNL?
SPY and UNL have a monthly-return correlation of 0.05, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and UNL?
SPY and UNL share 0 common holdings with a 0.0% weight overlap. Combined, they hold 506 unique securities.
Which pays a higher dividend, SPY or UNL?
SPY yields 1.01% while UNL yields 0.00%, so SPY currently pays the higher dividend yield.
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