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. SPY is less concentrated, with 38.9% of the fund in its ten largest positions against 61.5%.
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 | $777.9B | $14M |
| Dividend Yield | 1.00% | 0.00% |
| Holdings | 1,011 | 57 |
| YTD Return | +12.09%Best | -24.84% |
| 1Y Return | +12.45%Best | -35.43% |
| 3Y Return (annualized) | +21.45%Best | -21.02% |
| 5Y Return (annualized) | +11.87%Best | -17.16% |
| Volatility (annualized) | 14.3%Best | 30.6% |
| Max Drawdown | -34.1%Best | -91.0% |
| $10,000 over 5 years | $17,521Best | $3,901 |
| Top 10 Weight | 38.9%Best | 61.5% |
| Fund Family | State Street Investment Management | USCF Investments |
| Category | Equity | Commodity |
| Style | Large Cap Blend | Energy |
| Inception | Jan 22, 1993 | Nov 18, 2009 |
Volatility and max drawdown are measured over the window both funds cover: Nov 18, 2009 to Nov 11, 2026 (17 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 17 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 +12.45% while UNL returned -35.43%. Year to date, SPY is up 12.09% versus a loss of 24.84% for UNL.
Over three years, SPY compounded at +21.45% per year against -21.02% for UNL; over five years the annualized figures are +11.87% and -17.16% respectively. Across the full 17-year window we track, SPY has the edge at +12.49% annualized vs -12.08%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UNL has been the more volatile fund, with annualized monthly volatility of 30.6% compared with 14.3% 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 -34.1% for SPY and -91.0% 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 0.06. 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 1.00% against 0.00% for UNL.
Holdings Overlap
10.3% of SPY's money is in holdings UNL also owns. 52.9% of UNL's money is in holdings SPY also owns.
The two portfolios partly overlap.
11 positions in common, counted across the 504 positions we hold weights for in SPY and 24 in UNL, against full books of 1,011 and 57.
What only one of them owns
Our book lists 12 positions for UNL that do not appear in our book for SPY (44.7% of the fund), and 488 for SPY that do not appear in UNL (89.4%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in SPY | Weight in UNL | Difference |
|---|---|---|---|
| PANWPalo Alto Networks Inc. | 0.46% | 11.40% | 10.94% |
| MSFTMicrosoft Corp | 5.96% | 3.49% | 2.47% |
| CRWDCrowdstrike Holdings Inc | 0.38% | 7.37% | 6.99% |
| AVGOBroadcom Inc | 2.48% | 4.03% | 1.55% |
| CSCOCisco Systems Inc. - Ordinary Shares | 0.67% | 5.04% | 4.37% |
| FTNTFortinet Inc | 0.17% | 4.96% | 4.79% |
| FFIVF5 Networks Inc. | 0.04% | 4.94% | 4.90% |
| VRSNVerisign Inc. | 0.04% | 4.14% | 4.10% |
| AKAMAkamai Technologies Inc. | 0.02% | 2.68% | 2.66% |
| LDOSLeidos Holdings, Inc. | 0.02% | 2.44% | 2.42% |
52.9% of UNL is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
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 +12.45% vs -35.43% for UNL, so SPY leads on 1-year performance. Over the longest common window we track (17 years), SPY annualized +12.49% vs -12.08% 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 30.6% annualized versus 14.3% for SPY. Worst drawdown: SPY -34.1% vs UNL -91.0%.
Should I hold both SPY and UNL?
SPY and UNL have a monthly-return correlation of 0.06, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between SPY and UNL?
52.9% of UNL's money is in holdings SPY also owns. 52.9% of UNL's is in holdings SPY also owns. They hold 11 positions in common, counted across the 504 positions we hold weights for in SPY and 24 in UNL.
Which pays a higher dividend, SPY or UNL?
SPY yields 1.00% 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. SPY is less concentrated, with 38.9% of the fund in its ten largest positions against 61.5%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.