SPY vs UWM
SPY vs UWM
State Street SPDR S&P 500 ETF Trust vs ProShares Ultra Russell2000
Quick Verdict
SPY has a lower expense ratio. UWM delivered stronger 1-year returns. UWM offers more diversification with 1966 holdings.
Side-by-Side Comparison
| Metric | SPY | UWM | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.95% | |
| AUM | $789.1B | $248M | |
| Dividend Yield | 1.01% | 0.78% | |
| Holdings | 505 | 1,994 | |
| YTD Return | +13.50% | +40.73% | |
| 1Y Return | +23.56% | +75.91% | |
| 3Y Return (annualized) | +21.17% | +23.36% | |
| 5Y Return (annualized) | +13.46% | +5.18% | |
| Volatility (annualized) | 15.3% | 41.1% | |
| Max Drawdown | -56.5% | -88.5% | |
| Fund Family | State Street Investment Management | ProShares | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Jan 23, 2007 |
SPY vs UWM Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and ProShares Ultra Russell2000 (UWM) is a ETF from ProShares. Over the past year SPY returned +23.56% while UWM returned +75.91%. Year to date, SPY is up 13.50% versus a gain of 40.73% for UWM.
Over three years, SPY compounded at +21.17% per year against +23.36% for UWM; over five years the annualized figures are +13.46% and +5.18% respectively. Across the full 20-year window we track, SPY has the edge at +8.85% annualized vs +7.23%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UWM has been the more volatile fund, with annualized monthly volatility of 41.1% 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 -88.5% for UWM. 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 0.88. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while UWM 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 0.78% for UWM.
Holdings Overlap
SPY and UWM share 4 holdings out of 2465 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
Frequently Asked Questions
Which is cheaper, SPY or UWM?
SPY has an expense ratio of 0.09% while UWM 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 UWM?
Over the past year SPY returned +23.56% vs +75.91% for UWM, so UWM leads on 1-year performance. Over the longest common window we track (20 years), SPY annualized +8.85% vs +7.23% for UWM. Past performance does not guarantee future results.
Which is riskier, SPY or UWM?
UWM has been the more volatile fund at 41.1% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs UWM -88.5%.
Should I hold both SPY and UWM?
SPY and UWM have a monthly-return correlation of 0.88, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and UWM?
SPY and UWM share 4 common holdings with a 0.0% weight overlap. Combined, they hold 2465 unique securities.
Which pays a higher dividend, SPY or UWM?
SPY yields 1.01% while UWM yields 0.78%, so SPY currently pays the higher dividend yield.
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