SPY vs UST
State Street SPDR S&P 500 ETF Trust vs ProShares Ultra 7-10 Year Treasury
Which is better, SPY or UST?
Large Cap Blend against Trading-Leveraged Debt.
SPY has a lower expense ratio. SPY 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 | UST |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.95% |
| AUM | $804.7B | $14M |
| Dividend Yield | 0.98% | 3.64% |
| Holdings | 505 | 6 |
| YTD Return | +12.19%Best | -6.01% |
| 1Y Return | +18.53%Best | -6.59% |
| 3Y Return (annualized) | +20.88%Best | +0.72% |
| 5Y Return (annualized) | +12.69%Best | -8.45% |
| Volatility (annualized) | 14.4% | 12.6%Best |
| Max Drawdown | -34.1%Best | -48.1% |
| $10,000 over 5 years | $18,173Best | $6,431 |
| Fund Family | State Street Investment Management | ProShares |
| Category | Equity | Alternative |
| Style | Large Cap Blend | Trading-Leveraged Debt |
| Inception | Jan 22, 1993 | Jan 19, 2010 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jan 22, 2010 to Sep 9, 2026 (16.6 years).
SPY vs UST 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 16.6 years both funds cover.
SPY vs UST Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and ProShares Ultra 7-10 Year Treasury (UST) is an ETF from ProShares. Over the past year SPY returned +18.53% while UST returned -6.59%. Year to date, SPY is up 12.19% versus a loss of 6.01% for UST.
Over three years, SPY compounded at +20.88% per year against +0.72% for UST; over five years the annualized figures are +12.69% and -8.45% respectively. Across the full 17-year window we track, SPY has the edge at +12.90% annualized vs +1.46%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 14.4% compared with 12.6% for UST. 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 -34.1% for SPY and -48.1% for UST. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at -0.04. They move largely independently of each other.
Fees and Cost Over Time
SPY charges 0.09% per year while UST 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 3.64% for UST.
Holdings Overlap
We hold position weights for 504 holdings in SPY and 1 in UST, totalling 100.0% and 93.3% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 504 positions we hold weights for in SPY and 1 in UST, against full books of 505 and 6.
You are not choosing between two funds in isolation.
Whichever of SPY and UST 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 UST?
SPY has an expense ratio of 0.09% while UST charges 0.95%. SPY is the cheaper option, by $86 a year on a $10,000 investment.
Which performed better, SPY or UST?
Over the past year SPY returned +18.53% vs -6.59% for UST, so SPY leads on 1-year performance. Over the longest common window we track (17 years), SPY annualized +12.90% vs +1.46% for UST. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or UST?
SPY has been the more volatile fund at 14.4% annualized versus 12.6% for UST. Worst drawdown: SPY -34.1% vs UST -48.1%.
Should I hold both SPY and UST?
SPY and UST have a monthly-return correlation of -0.04, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SPY or UST?
SPY yields 0.98% while UST yields 3.64%, so UST currently pays the higher dividend yield.
Is UST better than SPY?
SPY has a lower expense ratio. SPY 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.