SPY vs USE
State Street SPDR S&P 500 ETF Trust vs USCF Energy Commodity Strategy Absolute Return Fund
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | USE | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.79% | |
| AUM | $821.1B | $6M | |
| Dividend Yield | 1.01% | 2.17% | |
| Holdings | 505 | 9 | |
| YTD Return | +13.47% | +41.90% | |
| 1Y Return | +20.57% | +15.10% | |
| 3Y Return (annualized) | +21.83% | +11.55% | |
| 5Y Return (annualized) | +12.88% | - | |
| Volatility (annualized) | 15.3% | 33.6% | |
| Max Drawdown | -56.5% | -28.2% | |
| Fund Family | State Street Investment Management | USCF Investments | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | May 3, 2023 |
SPY vs USE Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and USCF Energy Commodity Strategy Absolute Return Fund (USE) is a ETF from USCF Investments. Over the past year SPY returned +20.57% while USE returned +15.10%. Year to date, SPY is up 13.47% versus a gain of 41.90% for USE.
Over three years, SPY compounded at +21.83% per year against +11.55% for USE. Across the full 3-year window we track, USE has the edge at +16.11% annualized vs +8.83%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
USE has been the more volatile fund, with annualized monthly volatility of 33.6% compared with 15.3% 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 -56.5% for SPY and -28.2% for USE. 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 -0.09. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while USE 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 2.17% for USE.
Holdings Overlap
SPY and USE share 0 holdings out of 505 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 USE?
SPY has an expense ratio of 0.09% while USE 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 USE?
Over the past year SPY returned +20.57% vs +15.10% for USE, so SPY leads on 1-year performance. Over the longest common window we track (3 years), SPY annualized +8.83% vs +16.11% for USE. Past performance does not guarantee future results.
Which is riskier, SPY or USE?
USE has been the more volatile fund at 33.6% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs USE -28.2%.
Should I hold both SPY and USE?
SPY and USE have a monthly-return correlation of -0.09, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and USE?
SPY and USE share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, SPY or USE?
SPY yields 1.01% while USE yields 2.17%, so USE currently pays the higher dividend yield.
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