SPY vs UTRE
State Street SPDR S&P 500 ETF Trust vs F/m US Treasury 3 Year Note ETF
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 | UTRE | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.15% | |
| AUM | $821.1B | $11M | |
| Dividend Yield | 1.01% | 3.84% | |
| Holdings | 505 | 2 | |
| YTD Return | +14.24% | +0.44% | |
| 1Y Return | +21.71% | +2.12% | |
| 3Y Return (annualized) | +22.10% | +4.43% | |
| 5Y Return (annualized) | +13.21% | - | |
| Volatility (annualized) | 15.3% | 2.5% | |
| Max Drawdown | -56.5% | -2.8% | |
| Fund Family | State Street Investment Management | US Benchmark Series | |
| Category | Equity | Fixed Income | |
| Inception | Jan 22, 1993 | Mar 28, 2023 |
SPY vs UTRE Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and F/m US Treasury 3 Year Note ETF (UTRE) is a ETF from US Benchmark Series. Over the past year SPY returned +21.71% while UTRE returned +2.12%. Year to date, SPY is up 14.24% versus a gain of 0.44% for UTRE.
Over three years, SPY compounded at +22.10% per year against +4.43% for UTRE. Across the full 3-year window we track, SPY has the edge at +8.86% annualized vs +3.61%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 2.5% for UTRE. 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 -2.8% for UTRE. 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 0.20. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while UTRE charges 0.15%. On a $10,000 position that is $9 vs $15 annually, a gap of $6 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 3.84% for UTRE.
Frequently Asked Questions
Which is cheaper, SPY or UTRE?
SPY has an expense ratio of 0.09% while UTRE charges 0.15%. SPY is the cheaper option. On a $10,000 investment, that is $6 per year of difference.
Which performed better, SPY or UTRE?
Over the past year SPY returned +21.71% vs +2.12% for UTRE, so SPY leads on 1-year performance. Over the longest common window we track (3 years), SPY annualized +8.86% vs +3.61% for UTRE. Past performance does not guarantee future results.
Which is riskier, SPY or UTRE?
SPY has been the more volatile fund at 15.3% annualized versus 2.5% for UTRE. Worst drawdown: SPY -56.5% vs UTRE -2.8%.
Should I hold both SPY and UTRE?
SPY and UTRE have a monthly-return correlation of 0.20, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, SPY or UTRE?
SPY yields 1.01% while UTRE yields 3.84%, so UTRE currently pays the higher dividend yield.
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