SPY vs UXI
State Street SPDR S&P 500 ETF Trust vs ProShares Ultra Industrials
Quick Verdict
SPY has a lower expense ratio. UXI delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | UXI | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.95% | |
| AUM | $821.1B | $33M | |
| Dividend Yield | 1.01% | 0.51% | |
| Holdings | 505 | 87 | |
| YTD Return | +12.22% | +23.71% | |
| 1Y Return | +20.83% | +32.81% | |
| 3Y Return (annualized) | +21.70% | +33.26% | |
| 5Y Return (annualized) | +12.98% | +12.58% | |
| Volatility (annualized) | 15.3% | 38.9% | |
| Max Drawdown | -56.5% | -89.7% | |
| Fund Family | State Street Investment Management | ProShares | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Jan 30, 2007 |
SPY vs UXI Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and ProShares Ultra Industrials (UXI) is a ETF from ProShares. Over the past year SPY returned +20.83% while UXI returned +32.81%. Year to date, SPY is up 12.22% versus a gain of 23.71% for UXI.
Over three years, SPY compounded at +21.70% per year against +33.26% for UXI; over five years the annualized figures are +12.98% and +12.58% respectively. Across the full 20-year window we track, UXI has the edge at +12.44% annualized vs +8.79%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UXI has been the more volatile fund, with annualized monthly volatility of 38.9% 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 -89.7% for UXI. 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 0.92. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SPY charges 0.09% per year while UXI 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 1.01% against 0.51% for UXI.
Holdings Overlap
SPY and UXI share 79 holdings out of 506 unique holdings combined, representing a 8.6% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPY or UXI?
SPY has an expense ratio of 0.09% while UXI charges 0.95%. SPY is the cheaper option. On a $10,000 investment, that is $86 per year of difference.
Which performed better, SPY or UXI?
Over the past year SPY returned +20.83% vs +32.81% for UXI, so UXI leads on 1-year performance. Over the longest common window we track (20 years), SPY annualized +8.79% vs +12.44% for UXI. Past performance does not guarantee future results.
Which is riskier, SPY or UXI?
UXI has been the more volatile fund at 38.9% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs UXI -89.7%.
Should I hold both SPY and UXI?
SPY and UXI have a monthly-return correlation of 0.92, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between SPY and UXI?
SPY and UXI share 79 common holdings with a 8.6% weight overlap. Combined, they hold 506 unique securities.
Which pays a higher dividend, SPY or UXI?
SPY yields 1.01% while UXI yields 0.51%, so SPY currently pays the higher dividend yield.
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