SPY vs UYG
State Street SPDR S&P 500 ETF Trust vs ProShares Ultra Financials
Which is better, SPY or UYG?
Large Cap Blend against Multi Alternative.
SPY has a lower expense ratio. SPY led over 1Y and the full window, UYG over 3Y and 5Y.
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 | UYG |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.94% |
| AUM | $804.7B | $813M |
| Dividend Yield | 0.98% | 10.91% |
| Holdings | 505 | 89 |
| YTD Return | +11.97%Best | +3.80% |
| 1Y Return | +16.40%Best | +7.84% |
| 3Y Return (annualized) | +21.10% | +31.01%Best |
| 5Y Return (annualized) | +12.88% | +13.32%Best |
| Volatility (annualized) | 15.5%Best | 41.1% |
| Max Drawdown | -56.5%Best | -98.0% |
| $10,000 over 5 years | $18,327 | $18,687Best |
| Fund Family | State Street Investment Management | ProShares |
| Category | Equity | Alternative |
| Style | Large Cap Blend | Multi Alternative |
| Inception | Jan 22, 1993 | Jan 30, 2007 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Feb 1, 2007 to Sep 14, 2026 (19.6 years).
SPY vs UYG 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 19.6 years both funds cover.
SPY vs UYG Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and ProShares Ultra Financials (UYG) is an ETF from ProShares. Over the past year SPY returned +16.40% while UYG returned +7.84%. Year to date, SPY is up 11.97% versus a gain of 3.80% for UYG.
Over three years, SPY compounded at +21.10% per year against +31.01% for UYG; over five years the annualized figures are +12.88% and +13.32% respectively. Across the full 20-year window we track, SPY has the edge at +9.25% annualized vs +0.05%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UYG has been the more volatile fund, with annualized monthly volatility of 41.1% compared with 15.5% 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 -98.0% for UYG. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.87. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while UYG charges 0.94%. On a $10,000 position that is $9 vs $94 annually, a gap of $85 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 10.91% for UYG.
Holdings Overlap
At least 11.6% of SPY's money is in holdings UYG also owns.
Stated as a floor: for UYG, our book for it covers 62.2% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
SPY and UYG share little of their money.
74 positions in common, counted across the 504 positions we hold weights for in SPY and 76 in UYG, against full books of 505 and 89.
Top Shared Holdings
| Stock | Weight in SPY | Weight in UYG | Difference |
|---|---|---|---|
| JPMJpmorgan Chase | 1.45% | 6.76% | 5.31% |
| BRK.BBerkshire Hathaway Inc Brk/B Us Equity | 1.40% | 6.55% | 5.15% |
| VVisa Inc Class A | 0.94% | 4.46% | 3.52% |
| MAMastercard Inc | 0.71% | 3.37% | 2.66% |
| GSGoldman Sachs Group Inc/The | 0.45% | 2.14% | 1.69% |
| WFCWells Fargo & Co. | 0.40% | 1.87% | 1.47% |
| MSMorgan Stanley | 0.38% | 1.81% | 1.43% |
| CCitigroup Inc. | 0.34% | 1.59% | 1.25% |
| SCHWSchwab Strategic T | 0.27% | 1.27% | 1.00% |
| AXPAmerican Express Co. | 0.26% | 1.25% | 0.99% |
You are not choosing between two funds in isolation.
Whichever of SPY and UYG 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 UYG?
SPY has an expense ratio of 0.09% while UYG charges 0.94%. SPY is the cheaper option, by $85 a year on a $10,000 investment.
Which performed better, SPY or UYG?
Over the past year SPY returned +16.40% vs +7.84% for UYG, so SPY leads on 1-year performance. Over the longest common window we track (20 years), SPY annualized +9.25% vs +0.05% for UYG. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or UYG?
UYG has been the more volatile fund at 41.1% annualized versus 15.5% for SPY. Worst drawdown: SPY -56.5% vs UYG -98.0%.
Should I hold both SPY and UYG?
SPY and UYG have a monthly-return correlation of 0.87, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between SPY and UYG?
At least 11.6% of SPY's money is in holdings UYG also owns. Our book for UYG is partial, so the real figure is this or higher. They hold 74 positions in common, counted across the 504 positions we hold weights for in SPY and 76 in UYG.
Which pays a higher dividend, SPY or UYG?
SPY yields 0.98% while UYG yields 10.91%, so UYG currently pays the higher dividend yield.
Is UYG better than SPY?
SPY has a lower expense ratio. SPY led over 1Y and the full window, UYG over 3Y and 5Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.