GBLD vs SPY
Invesco MSCI Green Building ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | GBLD | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.39% | 0.09% | |
| AUM | $6M | $821.1B | |
| Dividend Yield | 3.21% | 1.01% | |
| Holdings | 114 | 505 | |
| YTD Return | +4.28% | +14.24% | |
| 1Y Return | +18.62% | +21.71% | |
| 3Y Return (annualized) | +5.47% | +22.10% | |
| 5Y Return (annualized) | - | +13.21% | |
| Volatility (annualized) | 17.7% | 15.3% | |
| Max Drawdown | -39.7% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Apr 22, 2021 | Jan 22, 1993 |
GBLD vs SPY Performance
Invesco MSCI Green Building ETF (GBLD) is a ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year GBLD returned +18.62% while SPY returned +21.71%. Year to date, GBLD is up 4.28% versus a gain of 14.24% for SPY.
Over three years, GBLD compounded at +5.47% per year against +22.10% for SPY. Across the full 5-year window we track, SPY has the edge at +8.86% annualized vs -1.90%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
GBLD has been the more volatile fund, with annualized monthly volatility of 17.7% 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 -39.7% for GBLD and -56.5% for SPY. 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 0.70. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
GBLD charges 0.39% per year while SPY charges 0.09%. On a $10,000 position that is $39 vs $9 annually, a gap of $30 per year that compounds over a long holding period. On income, GBLD currently yields 3.21% against 1.01% for SPY.
Holdings Overlap
GBLD and SPY share 1 holdings out of 605 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in GBLD | Weight in SPY | Difference |
|---|---|---|---|
| BXP | 4.02% | 0.02% | 4.00% |
Frequently Asked Questions
Which is cheaper, GBLD or SPY?
GBLD has an expense ratio of 0.39% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $30 per year of difference.
Which performed better, GBLD or SPY?
Over the past year GBLD returned +18.62% vs +21.71% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (5 years), GBLD annualized -1.90% vs +8.86% for SPY. Past performance does not guarantee future results.
Which is riskier, GBLD or SPY?
GBLD has been the more volatile fund at 17.7% annualized versus 15.3% for SPY. Worst drawdown: GBLD -39.7% vs SPY -56.5%.
Should I hold both GBLD and SPY?
GBLD and SPY have a monthly-return correlation of 0.70, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between GBLD and SPY?
GBLD and SPY share 1 common holdings with a 0.0% weight overlap. Combined, they hold 605 unique securities.
Which pays a higher dividend, GBLD or SPY?
GBLD yields 3.21% while SPY yields 1.01%, so GBLD currently pays the higher dividend yield.
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