USSL.TO vs. SPY

Last updated Jun 25, 2026

USSL.TO (Global X Enhanced S&P 500 Index ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - USSL.TO is a Leveraged Equities fund tracking the S&P 500, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past year, USSL.TO returned 32.14% vs 26.48% for SPY. At a 0.46 correlation, their price movements are largely independent. USSL.TO charges 1.34%/yr vs 0.09%/yr for SPY.

Performance

USSL.TO vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Enhanced S&P 500 Index ETF (USSL.TO) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

USSL.TO is traded in CAD, while SPY is traded in USD. To make them comparable, the SPY values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, USSL.TO achieves a 13.68% return, which is significantly higher than SPY's 12.18% return.

USSL.TO

• 1D: -1.78%
• 1M: 4.42%
• YTD: 13.68%
• 6M: 13.35%
• 1Y: 32.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: 0.33%
• 1M: 1.71%
• YTD: 12.18%
• 6M: 10.88%
• 1Y: 26.48%
• 3Y*: 23.84%
• 5Y*: 16.23%
• 10Y*: 16.71%

*Multi-year figures are annualized to reflect compound growth (CAGR)

USSL.TO vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USSL.TO Global X Enhanced S&P 500 Index ETF	13.68%	13.42%	21.92%
SPY State Street SPDR S&P 500 ETF	12.16%	12.34%	17.33%

Correlation

The correlation between USSL.TO and SPY is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (All Time) Calculated using the full available price history since May 22, 2024	0.46

The correlation between USSL.TO and SPY has been stable across timeframes, ranging from 0.46 to 0.51 - a consistent structural relationship.

USSL.TO vs. SPY - Sectors Allocation Comparison

Sectors	USSL.TO	SPY
Technology	35.6%	39.0%
Financial Services	11.8%	11.1%
Communication Services	11.2%	10.6%
Consumer Cyclical	10.1%	9.9%
Healthcare	8.5%	8.3%
Industrials	8.3%	7.8%
Consumer Defensive	4.9%	4.5%
Energy	3.5%	3.1%
Utilities	2.4%	2.1%
Real Estate	1.9%	1.8%
Basic Materials	1.8%	1.7%

Return for Risk

USSL.TO vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

USSL.TO

USSL.TO Risk / Return Rank: 89
USSL.TO Sharpe Ratio Rank: 90
USSL.TO Sortino Ratio Rank: 90
USSL.TO Omega Ratio Rank: 88
USSL.TO Calmar Ratio Rank: 88
USSL.TO Martin Ratio Rank: 87

SPY

SPY Risk / Return Rank: 60
SPY Sharpe Ratio Rank: 59
SPY Sortino Ratio Rank: 57
SPY Omega Ratio Rank: 59
SPY Calmar Ratio Rank: 57
SPY Martin Ratio Rank: 67

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

USSL.TO vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Enhanced S&P 500 Index ETF (USSL.TO) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	USSL.TO	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.68	2.08	+0.60
Sortino ratio: Return per unit of downside risk	3.63	2.87	+0.76
Omega ratio: Gain probability vs. loss probability	1.48	1.36	+0.12
Calmar ratio: Return relative to maximum drawdown	4.51	2.97	+1.54
Martin ratio: Return relative to average drawdown	16.46	11.13	+5.33

USSL.TO vs. SPY - Sharpe Ratio Comparison

The current USSL.TO Sharpe Ratio is 2.68, which is comparable to the SPY Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of USSL.TO and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

USSL.TO vs. SPY - Drawdown Comparison

The maximum USSL.TO drawdown since its inception was -23.90%, smaller than the maximum SPY drawdown of -46.39%. Use the drawdown chart below to compare losses from any high point for USSL.TO and SPY.

Drawdown Indicators

	USSL.TO	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-23.90%	-46.39%	+22.49%
Max Drawdown (1Y) Largest decline over 1 year	-10.79%	-8.94%	-1.85%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.41%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.61%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.69%	—
Current Drawdown Current decline from peak	-2.06%	-1.24%	-0.82%
Average Drawdown Average peak-to-trough decline	-3.42%	-7.96%	+4.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.89%	2.39%	+4.50%

Volatility

USSL.TO vs. SPY - Volatility Comparison

Global X Enhanced S&P 500 Index ETF (USSL.TO) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 5.08% and 5.16%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USSL.TO	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.08%	5.16%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	13.23%	10.22%	+3.01%
Volatility (1Y) Calculated over the trailing 1-year period	18.27%	12.81%	+5.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.49%	18.11%	+5.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.49%	19.01%	+4.48%

USSL.TO vs. SPY - Expense Ratio Comparison

USSL.TO has a 1.34% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

USSL.TO vs. SPY - Dividend Comparison

USSL.TO has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.03%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
USSL.TO Global X Enhanced S&P 500 Index ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USSL.TO and SPY in my portfolio?

USSL.TO and SPY have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USSL.TO or SPY?

On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, USSL.TO or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 1.34% for USSL.TO.

What is the main difference between USSL.TO and SPY?

USSL.TO is categorized as Leveraged Equities, while SPY is S&P 500. USSL.TO tracks S&P 500, while SPY tracks S&P 500 Index. They also come from different issuers: Global X and State Street. Their fees differ too: 1.34% for USSL.TO and 0.09% for SPY.