SPY vs XPP
State Street SPDR S&P 500 ETF Trust vs ProShares Ultra FTSE China 50
Which is better, SPY or XPP?
Large Cap Blend against Trading-Leveraged Equity.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
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 | XPP |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.95% |
| AUM | $804.7B | $8M |
| Dividend Yield | 0.98% | 2.41% |
| Holdings | 505 | 7 |
| YTD Return | +13.81%Best | -26.77% |
| 1Y Return | +16.94%Best | -30.18% |
| 3Y Return (annualized) | +22.84%Best | +8.65% |
| 5Y Return (annualized) | +13.50%Best | -14.99% |
| Volatility (annualized) | 14.4%Best | 46.9% |
| Max Drawdown | -34.1%Best | -90.5% |
| $10,000 over 5 years | $18,836Best | $4,440 |
| Fund Family | State Street Investment Management | ProShares |
| Category | Equity | Alternative |
| Style | Large Cap Blend | Trading-Leveraged Equity |
| Inception | Jan 22, 1993 | Jun 4, 2009 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jun 4, 2009 to Sep 22, 2026 (17.3 years).
SPY vs XPP 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 17.3 years both funds cover.
SPY vs XPP Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and ProShares Ultra FTSE China 50 (XPP) is an ETF from ProShares. Over the past year SPY returned +16.94% while XPP returned -30.18%. Year to date, SPY is up 13.81% versus a loss of 26.77% for XPP.
Over three years, SPY compounded at +22.84% per year against +8.65% for XPP; over five years the annualized figures are +13.50% and -14.99% respectively. Across the full 17-year window we track, SPY has the edge at +13.40% annualized vs -5.60%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
XPP has been the more volatile fund, with annualized monthly volatility of 46.9% compared with 14.4% 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 -34.1% for SPY and -90.5% for XPP. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.41. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SPY charges 0.09% per year while XPP 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 0.98% against 2.41% for XPP.
Holdings Overlap
We hold position weights for 504 holdings in SPY and 1 in XPP, totalling 99.9% and 41.7% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 504 positions we hold weights for in SPY and 1 in XPP, against full books of 505 and 7.
You are not choosing between two funds in isolation.
Whichever of SPY and XPP 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 XPP?
SPY has an expense ratio of 0.09% while XPP charges 0.95%. SPY is the cheaper option, by $86 a year on a $10,000 investment.
Which performed better, SPY or XPP?
Over the past year SPY returned +16.94% vs -30.18% for XPP, so SPY leads on 1-year performance. Over the longest common window we track (17 years), SPY annualized +13.40% vs -5.60% for XPP. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or XPP?
XPP has been the more volatile fund at 46.9% annualized versus 14.4% for SPY. Worst drawdown: SPY -34.1% vs XPP -90.5%.
Should I hold both SPY and XPP?
SPY and XPP have a monthly-return correlation of 0.41, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SPY or XPP?
SPY yields 0.98% while XPP yields 2.41%, so XPP currently pays the higher dividend yield.
Is XPP better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.