SPY vs USOY
State Street SPDR S&P 500 ETF Trust vs Defiance Oil Enhanced Options Income ETF
Quick Verdict
SPY has a lower expense ratio. USOY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | USOY | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 1.12% | |
| AUM | $814.4B | $65M | |
| Dividend Yield | 1.01% | 57.76% | |
| Holdings | 505 | 36 | |
| YTD Return | +12.60% | +57.61% | |
| 1Y Return | +20.83% | +45.81% | |
| 3Y Return (annualized) | +20.98% | - | |
| 5Y Return (annualized) | +12.56% | - | |
| Volatility (annualized) | 15.3% | 31.0% | |
| Max Drawdown | -56.5% | -25.5% | |
| Fund Family | State Street Investment Management | Defiance ETFs, LLC | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | May 9, 2024 |
SPY vs USOY Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Defiance Oil Enhanced Options Income ETF (USOY) is a ETF from Defiance ETFs, LLC. Over the past year SPY returned +20.83% while USOY returned +45.81%. Year to date, SPY is up 12.60% versus a gain of 57.61% for USOY.
Risk: Volatility and Drawdowns
USOY has been the more volatile fund, with annualized monthly volatility of 31.0% 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 -25.5% for USOY. 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 -0.21. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while USOY charges 1.12%. On a $10,000 position that is $9 vs $112 annually, a gap of $103 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 57.76% for USOY.
Holdings Overlap
SPY and USOY share 0 holdings out of 507 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 USOY?
SPY has an expense ratio of 0.09% while USOY charges 1.12%. SPY is the cheaper option. On a $10,000 investment, that is $103 per year of difference.
Which performed better, SPY or USOY?
Over the past year SPY returned +20.83% vs +45.81% for USOY, so USOY leads on 1-year performance. Over the longest common window we track (2 years), SPY annualized +8.79% vs +23.84% for USOY. Past performance does not guarantee future results.
Which is riskier, SPY or USOY?
USOY has been the more volatile fund at 31.0% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs USOY -25.5%.
Should I hold both SPY and USOY?
SPY and USOY have a monthly-return correlation of -0.21, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and USOY?
SPY and USOY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 507 unique securities.
Which pays a higher dividend, SPY or USOY?
SPY yields 1.01% while USOY yields 57.76%, so USOY currently pays the higher dividend yield.
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