GAB vs SPY
Gabelli Equity Trust vs State Street SPDR S&P 500 ETF Trust
Which is better, GAB or SPY?
SPY has been ahead.
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 | GAB | SPY |
|---|---|---|
| Expense Ratio | 1.50% | 0.09%Best |
| AUM | $2.4B | $814.4B |
| Dividend Yield | 10.21% | 1.01% |
| Holdings | 682 | 505 |
| YTD Return | -1.92% | +13.34%Best |
| 1Y Return | +1.96% | +19.97%Best |
| 3Y Return (annualized) | +13.11% | +21.20%Best |
| 5Y Return (annualized) | +6.08% | +12.81%Best |
| Volatility (annualized) | 20.1% | 15.2%Best |
| Max Drawdown | -83.0% | -56.5%Best |
| $10,000 over 5 years | $13,433 | $18,270Best |
| Fund Family | Gabelli Funds | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Aug 21, 1986 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jan 2, 1996 to Sep 4, 2026 (30.7 years).
GAB vs SPY 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
GAB vs SPY Performance
Gabelli Equity Trust (GAB) is an ETF from Gabelli Funds and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year GAB returned +1.96% while SPY returned +19.97%. Year to date, GAB is down 1.92% versus a gain of 13.34% for SPY.
Over three years, GAB compounded at +13.11% per year against +21.20% for SPY; over five years the annualized figures are +6.08% and +12.81% respectively. Across the full 31-year window we track, SPY has the edge at +8.82% annualized vs +0.49%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
GAB has been the more volatile fund, with annualized monthly volatility of 20.1% compared with 15.2% 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 -83.0% for GAB and -56.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.76. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
GAB charges 1.50% per year while SPY charges 0.09%. On a $10,000 position that is $150 vs $9 annually, a gap of $141 per year that compounds over a long holding period. On income, GAB currently yields 10.21% against 1.01% for SPY.
Holdings Overlap
At least 72.8% of SPY's money is in holdings GAB also owns.
Only one direction is shown: for GAB, our book for it lists positions totalling 115.8% of the fund, which is what a leveraged book looks like and is not a denominator we can divide by.
Most of SPY is already inside GAB. Owning both mostly buys the same companies twice.
The two holdings books were reported 126 days apart, GAB as of Mar 31, 2026 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
199 positions in common, counted across the 654 positions we hold weights for in GAB and 503 in SPY, against full books of 682 and 505.
Top Shared Holdings
| Stock | Weight in GAB | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 0.08% | 7.71% | 7.63% |
| AAPLApple Inc Ord | 0.09% | 6.83% | 6.74% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 0.15% | 5.50% | 5.35% |
| AMZNAmazon.Com Inc | 0.13% | 4.08% | 3.95% |
| AMEAmetek Inc. | 3.66% | 0.09% | 3.57% |
| DEDeere & Co. | 3.16% | 0.23% | 2.93% |
| MAMastercard Inc | 2.49% | 0.69% | 1.80% |
| GOOGAlphabet, Inc., Class C | 0.47% | 2.67% | 2.20% |
| AVGOBroadcom Inc | 0.10% | 2.97% | 2.87% |
| AXPAmerican Express Co. | 2.66% | 0.28% | 2.38% |
72.8% of SPY is already inside GAB.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, GAB or SPY?
GAB has an expense ratio of 1.50% while SPY charges 0.09%. SPY is the cheaper option, by $141 a year on a $10,000 investment.
Which performed better, GAB or SPY?
Over the past year GAB returned +1.96% vs +19.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (31 years), GAB annualized +0.49% vs +8.82% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, GAB or SPY?
GAB has been the more volatile fund at 20.1% annualized versus 15.2% for SPY. Worst drawdown: GAB -83.0% vs SPY -56.5%.
Should I hold both GAB and SPY?
GAB and SPY have a monthly-return correlation of 0.76, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between GAB and SPY?
At least 72.8% of SPY's money is in holdings GAB also owns. Our book for GAB is partial, so the real figure is this or higher. They hold 199 positions in common, counted across the 654 positions we hold weights for in GAB and 503 in SPY.
Which pays a higher dividend, GAB or SPY?
GAB yields 10.21% while SPY yields 1.01%, so GAB currently pays the higher dividend yield.
Is SPY better than GAB?
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.