SPY vs USNG
State Street SPDR S&P 500 ETF Trust vs Amplify Samsung US Natural Gas Infrastructure ETF
Which is better, SPY or USNG?
Large Cap Blend against Large Cap Value.
SPY has a lower expense ratio. USNG led over 1Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 62.7%.
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 | USNG |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.59% |
| AUM | $804.7B | $10M |
| Dividend Yield | 0.98% | 1.52% |
| Holdings | 505 | 27 |
| YTD Return | +12.09% | +27.98%Best |
| 1Y Return | +16.29% | +31.18%Best |
| 3Y Return (annualized) | +21.20% | - |
| 5Y Return (annualized) | +13.37% | - |
| Volatility (annualized) | 12.0%Best | 16.2% |
| Max Drawdown | -8.9%Best | -11.9% |
| $10,000 over 1.3 years | $12,950 | $14,347Best |
| Top 10 Weight | 37.8%Best | 62.7% |
| Fund Family | State Street Investment Management | Amplify ETFs |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Value |
| Inception | Jan 22, 1993 | May 20, 2025 |
Volatility and max drawdown, and the $10,000 over 1.3 years row, are measured over the window both funds cover: May 20, 2025 to Sep 18, 2026 (1.3 years).
SPY vs USNG 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 1.3 years both funds cover.
SPY vs USNG Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Amplify Samsung US Natural Gas Infrastructure ETF (USNG) is an ETF from Amplify ETFs. Over the past year SPY returned +16.29% while USNG returned +31.18%. Year to date, SPY is up 12.09% versus a gain of 27.98% for USNG.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
USNG has been the more volatile fund, with annualized monthly volatility of 16.2% compared with 12.0% 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 -8.9% for SPY and -11.9% for USNG. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.24. They move largely independently of each other.
Fees and Cost Over Time
SPY charges 0.09% per year while USNG charges 0.59%. On a $10,000 position that is $9 vs $59 annually, a gap of $50 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 1.52% for USNG.
Holdings Overlap
0.7% of SPY's money is in holdings USNG also owns. 28.8% of USNG's money is in holdings SPY also owns.
USNG and SPY share little of their money.
9 positions in common, counted across the 504 positions we hold weights for in SPY and 26 in USNG, against full books of 505 and 27.
What only one of them owns
Our book lists 14 positions for USNG that do not appear in our book for SPY (58.7% of the fund), and 488 for SPY that do not appear in USNG (98.6%).
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 USNG | Difference |
|---|---|---|---|
| WMBWilliams Cos. Inc. | 0.14% | 8.73% | 8.59% |
| KMIKinder Morgan Inc./de | 0.10% | 7.48% | 7.38% |
| TRGPTarga Resources Corp Preferred | 0.10% | 4.17% | 4.07% |
| VSTVistra Energy Corp. | 0.07% | 2.67% | 2.60% |
| PPLPpl Corp (Utilities) | 0.04% | 1.91% | 1.87% |
| APDAir Products & Chemicals Inc. | 0.10% | 1.62% | 1.52% |
| OKEOneok Inc. | 0.09% | 0.89% | 0.80% |
| EQTEQT Corp. | 0.05% | 0.86% | 0.81% |
| EXEExpand Energy Corp | 0.04% | 0.51% | 0.47% |
28.8% of USNG 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 USNG?
SPY has an expense ratio of 0.09% while USNG charges 0.59%. SPY is the cheaper option, by $50 a year on a $10,000 investment.
Which performed better, SPY or USNG?
Over the past year SPY returned +16.29% vs +31.18% for USNG, so USNG leads on 1-year performance. Over the longest common window we track (1 years), SPY annualized +22.00% vs +32.00% for USNG. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or USNG?
USNG has been the more volatile fund at 16.2% annualized versus 12.0% for SPY. Worst drawdown: SPY -8.9% vs USNG -11.9%.
Should I hold both SPY and USNG?
SPY and USNG have a monthly-return correlation of 0.24, 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 USNG?
28.8% of USNG's money is in holdings SPY also owns. 28.8% of USNG's is in holdings SPY also owns. They hold 9 positions in common, counted across the 504 positions we hold weights for in SPY and 26 in USNG.
Which pays a higher dividend, SPY or USNG?
SPY yields 0.98% while USNG yields 1.52%, so USNG currently pays the higher dividend yield.
Is USNG better than SPY?
SPY has a lower expense ratio. USNG led over 1Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 62.7%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.