SPY vs UPSD
State Street SPDR S&P 500 ETF Trust vs Aptus Large Cap Upside ETF
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | UPSD | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.79% | |
| AUM | $789.1B | $114M | |
| Dividend Yield | 1.01% | 0.68% | |
| Holdings | 505 | 103 | |
| YTD Return | +13.79% | +12.83% | |
| 1Y Return | +23.66% | +21.15% | |
| 3Y Return (annualized) | +21.40% | - | |
| 5Y Return (annualized) | +13.37% | - | |
| Volatility (annualized) | 15.3% | 14.4% | |
| Max Drawdown | -56.5% | -23.9% | |
| Fund Family | State Street Investment Management | Aptus ETFs | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Nov 20, 2024 |
SPY vs UPSD Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Aptus Large Cap Upside ETF (UPSD) is a ETF from Aptus ETFs. Over the past year SPY returned +23.66% while UPSD returned +21.15%. Year to date, SPY is up 13.79% versus a gain of 12.83% for UPSD.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 14.4% for UPSD. 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 -23.9% for UPSD. 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 0.86. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while UPSD charges 0.79%. On a $10,000 position that is $9 vs $79 annually, a gap of $70 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 0.68% for UPSD.
Holdings Overlap
SPY and UPSD share 94 holdings out of 509 unique holdings combined, representing a 39.4% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPY or UPSD?
SPY has an expense ratio of 0.09% while UPSD charges 0.79%. SPY is the cheaper option. On a $10,000 investment, that is $70 per year of difference.
Which performed better, SPY or UPSD?
Over the past year SPY returned +23.66% vs +21.15% for UPSD, so SPY leads on 1-year performance. Over the longest common window we track (2 years), SPY annualized +8.85% vs +11.47% for UPSD. Past performance does not guarantee future results.
Which is riskier, SPY or UPSD?
SPY has been the more volatile fund at 15.3% annualized versus 14.4% for UPSD. Worst drawdown: SPY -56.5% vs UPSD -23.9%.
Should I hold both SPY and UPSD?
SPY and UPSD have a monthly-return correlation of 0.86, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and UPSD?
SPY and UPSD share 94 common holdings with a 39.4% weight overlap. Combined, they hold 509 unique securities.
Which pays a higher dividend, SPY or UPSD?
SPY yields 1.01% while UPSD yields 0.68%, so SPY currently pays the higher dividend yield.
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