SPY vs USDX
State Street SPDR S&P 500 ETF Trust vs SGI Enhanced Core 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 | USDX | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 1.08% | |
| AUM | $789.1B | $302M | |
| Dividend Yield | 1.01% | 6.79% | |
| Holdings | 505 | 37 | |
| YTD Return | +14.47% | +3.11% | |
| 1Y Return | +21.96% | +6.31% | |
| 3Y Return (annualized) | +21.70% | - | |
| 5Y Return (annualized) | +13.30% | - | |
| Volatility (annualized) | 15.3% | 1.0% | |
| Max Drawdown | -56.5% | -0.9% | |
| Fund Family | State Street Investment Management | Summit Global Investments | |
| Category | Equity | Money Market | |
| Inception | Jan 22, 1993 | Feb 29, 2024 |
SPY vs USDX Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and SGI Enhanced Core ETF (USDX) is a ETF from Summit Global Investments. Over the past year SPY returned +21.96% while USDX returned +6.31%. Year to date, SPY is up 14.47% versus a gain of 3.11% for USDX.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 1.0% for USDX. 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 -0.9% for USDX. 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 -0.02. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while USDX charges 1.08%. On a $10,000 position that is $9 vs $108 annually, a gap of $99 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 6.79% for USDX.
Holdings Overlap
SPY and USDX share 0 holdings out of 510 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 USDX?
SPY has an expense ratio of 0.09% while USDX charges 1.08%. SPY is the cheaper option. On a $10,000 investment, that is $99 per year of difference.
Which performed better, SPY or USDX?
Over the past year SPY returned +21.96% vs +6.31% for USDX, so SPY leads on 1-year performance. Over the longest common window we track (3 years), SPY annualized +8.87% vs +7.15% for USDX. Past performance does not guarantee future results.
Which is riskier, SPY or USDX?
SPY has been the more volatile fund at 15.3% annualized versus 1.0% for USDX. Worst drawdown: SPY -56.5% vs USDX -0.9%.
Should I hold both SPY and USDX?
SPY and USDX have a monthly-return correlation of -0.02, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and USDX?
SPY and USDX share 0 common holdings with a 0.0% weight overlap. Combined, they hold 510 unique securities.
Which pays a higher dividend, SPY or USDX?
SPY yields 1.01% while USDX yields 6.79%, so USDX currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.