SPY vs UNL
State Street SPDR S&P 500 ETF Trust vs United States 12 Month Natural Gas Fund
Which is better, SPY or UNL?
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 | UNL |
|---|---|---|
| Expense Ratio | 0.09%Best | 1.65% |
| AUM | $804.7B | $16M |
| Dividend Yield | 0.98% | 0.00% |
| Holdings | 505 | 16 |
| YTD Return | +12.47%Best | -19.13% |
| 1Y Return | +17.51%Best | -24.17% |
| 3Y Return (annualized) | +21.18%Best | -19.40% |
| 5Y Return (annualized) | +12.88%Best | -15.67% |
| Volatility (annualized) | 14.4%Best | 30.7% |
| Max Drawdown | -34.1%Best | -89.8% |
| $10,000 over 5 years | $18,327Best | $4,265 |
| Fund Family | State Street Investment Management | USCF Investments |
| Category | Equity | Commodity |
| Style | Large Cap Blend | Energy |
| Inception | Jan 22, 1993 | Nov 18, 2009 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Nov 18, 2009 to Sep 11, 2026 (16.8 years).
SPY vs UNL 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 16.8 years both funds cover.
SPY vs UNL Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and United States 12 Month Natural Gas Fund (UNL) is an ETF from USCF Investments. Over the past year SPY returned +17.51% while UNL returned -24.17%. Year to date, SPY is up 12.47% versus a loss of 19.13% for UNL.
Over three years, SPY compounded at +21.18% per year against -19.40% for UNL; over five years the annualized figures are +12.88% and -15.67% respectively. Across the full 17-year window we track, SPY has the edge at +12.64% annualized vs -11.81%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UNL has been the more volatile fund, with annualized monthly volatility of 30.7% compared with 14.4% 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 -34.1% for SPY and -89.8% for UNL. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.05. They move largely independently of each other.
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 0.98% against 0.00% for UNL.
Holdings Overlap
We hold position weights for 504 holdings in SPY and 1 in UNL, totalling 100.0% and 29.0% 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 UNL, against full books of 505 and 16.
You are not choosing between two funds in isolation.
Whichever of SPY and UNL 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 UNL?
SPY has an expense ratio of 0.09% while UNL charges 1.65%. SPY is the cheaper option, by $156 a year on a $10,000 investment.
Which performed better, SPY or UNL?
Over the past year SPY returned +17.51% vs -24.17% for UNL, so SPY leads on 1-year performance. Over the longest common window we track (17 years), SPY annualized +12.64% vs -11.81% for UNL. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or UNL?
UNL has been the more volatile fund at 30.7% annualized versus 14.4% for SPY. Worst drawdown: SPY -34.1% vs UNL -89.8%.
Should I hold both SPY and UNL?
SPY and UNL have a monthly-return correlation of 0.05, 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 UNL?
SPY yields 0.98% while UNL yields 0.00%, so SPY currently pays the higher dividend yield.
Is UNL 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.