SPY vs YCS
State Street SPDR S&P 500 ETF Trust vs ProShares UltraShort Yen ETF
Quick Verdict
SPY has a lower expense ratio. YCS delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | YCS | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.95% | |
| AUM | $789.1B | $32M | |
| Dividend Yield | 1.01% | 0.00% | |
| Holdings | 505 | 4 | |
| YTD Return | +13.39% | +7.16% | |
| 1Y Return | +22.52% | +23.77% | |
| 3Y Return (annualized) | +21.36% | +16.15% | |
| 5Y Return (annualized) | +13.19% | +23.29% | |
| Volatility (annualized) | 15.3% | 19.4% | |
| Max Drawdown | -56.5% | -49.6% | |
| Fund Family | State Street Investment Management | ProShares | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Nov 24, 2008 |
SPY vs YCS Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and ProShares UltraShort Yen ETF (YCS) is a ETF from ProShares. Over the past year SPY returned +22.52% while YCS returned +23.77%. Year to date, SPY is up 13.39% versus a gain of 7.16% for YCS.
Over three years, SPY compounded at +21.36% per year against +16.15% for YCS; over five years the annualized figures are +13.19% and +23.29% respectively. Across the full 18-year window we track, SPY has the edge at +8.84% annualized vs +6.44%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
YCS has been the more volatile fund, with annualized monthly volatility of 19.4% 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 -49.6% for YCS. 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 -0.03. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while YCS 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 0.00% for YCS.
Holdings Overlap
SPY and YCS 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 YCS?
SPY has an expense ratio of 0.09% while YCS 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 YCS?
Over the past year SPY returned +22.52% vs +23.77% for YCS, so YCS leads on 1-year performance. Over the longest common window we track (18 years), SPY annualized +8.84% vs +6.44% for YCS. Past performance does not guarantee future results.
Which is riskier, SPY or YCS?
YCS has been the more volatile fund at 19.4% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs YCS -49.6%.
Should I hold both SPY and YCS?
SPY and YCS have a monthly-return correlation of -0.03, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and YCS?
SPY and YCS share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, SPY or YCS?
SPY yields 1.01% while YCS yields 0.00%, so SPY currently pays the higher dividend yield.
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