SPY vs UUP
State Street SPDR S&P 500 ETF Trust vs Invesco DB US Dollar Index Bullish Fund
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 | UUP | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.75% | |
| AUM | $789.1B | $430M | |
| Dividend Yield | 1.01% | 3.26% | |
| Holdings | 505 | 5 | |
| YTD Return | +13.79% | +3.54% | |
| 1Y Return | +23.66% | +6.02% | |
| 3Y Return (annualized) | +21.40% | +2.79% | |
| 5Y Return (annualized) | +13.37% | +4.52% | |
| Volatility (annualized) | 15.3% | 7.7% | |
| Max Drawdown | -56.5% | -22.2% | |
| Fund Family | State Street Investment Management | Invesco (US) | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Feb 20, 2007 |
SPY vs UUP Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and Invesco DB US Dollar Index Bullish Fund (UUP) is a ETF from Invesco (US). Over the past year SPY returned +23.66% while UUP returned +6.02%. Year to date, SPY is up 13.79% versus a gain of 3.54% for UUP.
Over three years, SPY compounded at +21.40% per year against +2.79% for UUP; over five years the annualized figures are +13.37% and +4.52% respectively. Across the full 20-year window we track, SPY has the edge at +8.85% annualized vs +1.36%. 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 7.7% for UUP. 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 -22.2% for UUP. 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 -0.44. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while UUP charges 0.75%. On a $10,000 position that is $9 vs $75 annually, a gap of $66 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 3.26% for UUP.
Holdings Overlap
SPY and UUP share 0 holdings out of 504 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 UUP?
SPY has an expense ratio of 0.09% while UUP charges 0.75%. SPY is the cheaper option. On a $10,000 investment, that is $66 per year of difference.
Which performed better, SPY or UUP?
Over the past year SPY returned +23.66% vs +6.02% for UUP, so SPY leads on 1-year performance. Over the longest common window we track (20 years), SPY annualized +8.85% vs +1.36% for UUP. Past performance does not guarantee future results.
Which is riskier, SPY or UUP?
SPY has been the more volatile fund at 15.3% annualized versus 7.7% for UUP. Worst drawdown: SPY -56.5% vs UUP -22.2%.
Should I hold both SPY and UUP?
SPY and UUP have a monthly-return correlation of -0.44, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and UUP?
SPY and UUP share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, SPY or UUP?
SPY yields 1.01% while UUP yields 3.26%, so UUP currently pays the higher dividend yield.
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