SPY vs UYM
State Street SPDR S&P 500 ETF Trust vs ProShares Ultra Materials
Quick Verdict
SPY has a lower expense ratio. UYM delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | UYM | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.95% | |
| AUM | $814.4B | $42M | |
| Dividend Yield | 1.01% | 1.19% | |
| Holdings | 505 | 31 | |
| YTD Return | +12.10% | +21.88% | |
| 1Y Return | +20.30% | +22.32% | |
| 3Y Return (annualized) | +20.82% | +10.47% | |
| 5Y Return (annualized) | +12.53% | +5.62% | |
| Volatility (annualized) | 15.3% | 45.6% | |
| Max Drawdown | -56.5% | -92.8% | |
| Fund Family | State Street Investment Management | ProShares | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Jan 30, 2007 |
SPY vs UYM Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and ProShares Ultra Materials (UYM) is a ETF from ProShares. Over the past year SPY returned +20.30% while UYM returned +22.32%. Year to date, SPY is up 12.10% versus a gain of 21.88% for UYM.
Over three years, SPY compounded at +20.82% per year against +10.47% for UYM; over five years the annualized figures are +12.53% and +5.62% respectively. Across the full 20-year window we track, SPY has the edge at +8.78% annualized vs +2.92%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UYM has been the more volatile fund, with annualized monthly volatility of 45.6% 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 -92.8% for UYM. 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 0.84. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while UYM 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 1.19% for UYM.
Holdings Overlap
SPY and UYM share 24 holdings out of 506 unique holdings combined, representing a 1.6% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPY or UYM?
SPY has an expense ratio of 0.09% while UYM 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 UYM?
Over the past year SPY returned +20.30% vs +22.32% for UYM, so UYM leads on 1-year performance. Over the longest common window we track (20 years), SPY annualized +8.78% vs +2.92% for UYM. Past performance does not guarantee future results.
Which is riskier, SPY or UYM?
UYM has been the more volatile fund at 45.6% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs UYM -92.8%.
Should I hold both SPY and UYM?
SPY and UYM have a monthly-return correlation of 0.84, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and UYM?
SPY and UYM share 24 common holdings with a 1.6% weight overlap. Combined, they hold 506 unique securities.
Which pays a higher dividend, SPY or UYM?
SPY yields 1.01% while UYM yields 1.19%, so UYM currently pays the higher dividend yield.
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