SPY vs UYG
SPY vs UYG
State Street SPDR S&P 500 ETF Trust vs ProShares Ultra Financials
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | UYG | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.94% | |
| AUM | $789.1B | $827M | |
| Dividend Yield | 1.01% | 12.47% | |
| Holdings | 505 | 89 | |
| YTD Return | +13.50% | +7.61% | |
| 1Y Return | +23.56% | +18.59% | |
| 3Y Return (annualized) | +21.17% | +30.90% | |
| 5Y Return (annualized) | +13.46% | +14.61% | |
| Volatility (annualized) | 15.3% | 41.2% | |
| Max Drawdown | -56.5% | -98.0% | |
| Fund Family | State Street Investment Management | ProShares | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Jan 30, 2007 |
SPY vs UYG Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and ProShares Ultra Financials (UYG) is a ETF from ProShares. Over the past year SPY returned +23.56% while UYG returned +18.59%. Year to date, SPY is up 13.50% versus a gain of 7.61% for UYG.
Over three years, SPY compounded at +21.17% per year against +30.90% for UYG; over five years the annualized figures are +13.46% and +14.61% respectively. Across the full 20-year window we track, SPY has the edge at +8.85% annualized vs +0.23%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UYG has been the more volatile fund, with annualized monthly volatility of 41.2% 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 -98.0% for UYG. 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 0.87. 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 1.01% against 12.47% for UYG.
Holdings Overlap
SPY and UYG share 73 holdings out of 507 unique holdings combined, representing a 10.7% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in SPY | Weight in UYG | Difference |
|---|---|---|---|
| JPM | 1.40% | 6.82% | 5.42% |
| V | 0.92% | 4.47% | 3.55% |
| MA | 0.66% | 3.24% | 2.58% |
| BAC | Pro | Pro | Pro |
| GS | Pro | Pro | Pro |
| WFC | Pro | Pro | Pro |
| MS | Pro | Pro | Pro |
| C | Pro | Pro | Pro |
| AXP | Pro | Pro | Pro |
| SCHW | Pro | Pro | Pro |
See all 10 holdings SPY shares with UYG Exact weights in each fund and the difference, for every overlapping position. Get FundXLS Pro: $29/moFirst 500 subscribers, then $49/mo. Cancel anytime. | |||
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. On a $10,000 investment, that is $85 per year of difference.
Which performed better, SPY or UYG?
Over the past year SPY returned +23.56% vs +18.59% for UYG, so SPY leads on 1-year performance. Over the longest common window we track (20 years), SPY annualized +8.85% vs +0.23% for UYG. Past performance does not guarantee future results.
Which is riskier, SPY or UYG?
UYG has been the more volatile fund at 41.2% annualized versus 15.3% 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 combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and UYG?
SPY and UYG share 73 common holdings with a 10.7% weight overlap. Combined, they hold 507 unique securities.
Which pays a higher dividend, SPY or UYG?
SPY yields 1.01% while UYG yields 12.47%, so UYG currently pays the higher dividend yield.
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