SPY vs UTSL
State Street SPDR S&P 500 ETF Trust vs Direxion Daily Utilities Bull 3X ETF
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | UTSL | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.97% | |
| AUM | $789.1B | $41M | |
| Dividend Yield | 1.01% | 1.55% | |
| Holdings | 505 | 40 | |
| YTD Return | +13.68% | -2.26% | |
| 1Y Return | +21.53% | -3.56% | |
| 3Y Return (annualized) | +21.44% | +22.97% | |
| 5Y Return (annualized) | +13.18% | +5.30% | |
| Volatility (annualized) | 15.3% | 47.7% | |
| Max Drawdown | -56.5% | -79.5% | |
| Fund Family | State Street Investment Management | Direxion Shares ETF Trust | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | May 3, 2017 |
SPY vs UTSL Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Direxion Daily Utilities Bull 3X ETF (UTSL) is a ETF from Direxion Shares ETF Trust. Over the past year SPY returned +21.53% while UTSL returned -3.56%. Year to date, SPY is up 13.68% versus a loss of 2.26% for UTSL.
Over three years, SPY compounded at +21.44% per year against +22.97% for UTSL; over five years the annualized figures are +13.18% and +5.30% respectively. Across the full 9-year window we track, SPY has the edge at +8.85% annualized vs +6.54%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UTSL has been the more volatile fund, with annualized monthly volatility of 47.7% 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 -79.5% for UTSL. 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 0.50. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while UTSL charges 0.97%. On a $10,000 position that is $9 vs $97 annually, a gap of $88 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 1.55% for UTSL.
Holdings Overlap
SPY and UTSL share 31 holdings out of 507 unique holdings combined, representing a 2.2% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPY or UTSL?
SPY has an expense ratio of 0.09% while UTSL charges 0.97%. SPY is the cheaper option. On a $10,000 investment, that is $88 per year of difference.
Which performed better, SPY or UTSL?
Over the past year SPY returned +21.53% vs -3.56% for UTSL, so SPY leads on 1-year performance. Over the longest common window we track (9 years), SPY annualized +8.85% vs +6.54% for UTSL. Past performance does not guarantee future results.
Which is riskier, SPY or UTSL?
UTSL has been the more volatile fund at 47.7% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs UTSL -79.5%.
Should I hold both SPY and UTSL?
SPY and UTSL have a monthly-return correlation of 0.50, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and UTSL?
SPY and UTSL share 31 common holdings with a 2.2% weight overlap. Combined, they hold 507 unique securities.
Which pays a higher dividend, SPY or UTSL?
SPY yields 1.01% while UTSL yields 1.55%, so UTSL currently pays the higher dividend yield.
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