SPY vs USD
State Street SPDR S&P 500 ETF Trust vs ProShares Ultra Semiconductors
Which is better, SPY or USD?
Large Cap Blend against Trading-Leveraged Equity.
SPY has a lower expense ratio. USD 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 | USD |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.95% |
| AUM | $804.7B | $2.6B |
| Dividend Yield | 0.98% | 0.36% |
| Holdings | 505 | 51 |
| YTD Return | +10.96% | +46.19%Best |
| 1Y Return | +15.52% | +72.15%Best |
| 3Y Return (annualized) | +20.73% | +100.85%Best |
| 5Y Return (annualized) | +12.53% | +52.90%Best |
| Volatility (annualized) | 15.5%Best | 54.4% |
| Max Drawdown | -56.5%Best | -89.3% |
| $10,000 over 5 years | $18,044 | $83,568Best |
| Fund Family | State Street Investment Management | ProShares |
| Category | Equity | Alternative |
| Style | Large Cap Blend | Trading-Leveraged Equity |
| Inception | Jan 22, 1993 | Jan 30, 2007 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Feb 1, 2007 to Sep 16, 2026 (19.6 years).
SPY vs USD 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
SPY vs USD Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and ProShares Ultra Semiconductors (USD) is an ETF from ProShares. Over the past year SPY returned +15.52% while USD returned +72.15%. Year to date, SPY is up 10.96% versus a gain of 46.19% for USD.
Over three years, SPY compounded at +20.73% per year against +100.85% for USD; over five years the annualized figures are +12.53% and +52.90% respectively. Across the full 20-year window we track, USD has the edge at +27.03% annualized vs +9.19%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
USD has been the more volatile fund, with annualized monthly volatility of 54.4% compared with 15.5% 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 -89.3% for USD. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.78. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while USD charges 0.95%. On a $10,000 position that is $9 vs $95 annually, a gap of $86 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 0.36% for USD.
Holdings Overlap
At least 17.1% of SPY's money is in holdings USD also owns.
Stated as a floor: for USD, our book for it covers 65.1% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
SPY and USD share little of their money.
19 positions in common, counted across the 504 positions we hold weights for in SPY and 38 in USD, against full books of 505 and 51.
Top Shared Holdings
| Stock | Weight in SPY | Weight in USD | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.01% | 19.95% | 11.94% |
| AVGOBroadcom Inc | 2.66% | 6.54% | 3.88% |
| MUMicron Technology, Inc. | 1.60% | 4.03% | 2.43% |
| AMDAdvanced Micro Devices Inc | 1.14% | 2.86% | 1.72% |
| INTCIntel Corporation | 0.67% | 1.65% | 0.98% |
| LRCXLam Research Corp | 0.55% | 1.41% | 0.86% |
| AMATApplied Materials, Inc. | 0.53% | 1.36% | 0.83% |
| TXNTexas Instrument Inc | 0.35% | 0.89% | 0.54% |
| KLACKla Corp | 0.34% | 0.86% | 0.52% |
| MRVLMarvell Technology Group Ltd. | 0.28% | 0.69% | 0.41% |
You are not choosing between two funds in isolation.
Whichever of SPY and USD 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 USD?
SPY has an expense ratio of 0.09% while USD charges 0.95%. SPY is the cheaper option, by $86 a year on a $10,000 investment.
Which performed better, SPY or USD?
Over the past year SPY returned +15.52% vs +72.15% for USD, so USD leads on 1-year performance. Over the longest common window we track (20 years), SPY annualized +9.19% vs +27.03% for USD. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or USD?
USD has been the more volatile fund at 54.4% annualized versus 15.5% for SPY. Worst drawdown: SPY -56.5% vs USD -89.3%.
Should I hold both SPY and USD?
SPY and USD have a monthly-return correlation of 0.78, 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 USD?
At least 17.1% of SPY's money is in holdings USD also owns. Our book for USD is partial, so the real figure is this or higher. They hold 19 positions in common, counted across the 504 positions we hold weights for in SPY and 38 in USD.
Which pays a higher dividend, SPY or USD?
SPY yields 0.98% while USD yields 0.36%, so SPY currently pays the higher dividend yield.
Is USD better than SPY?
SPY has a lower expense ratio. USD 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.