GBXA vs SPY
Goldman Sachs US Large Cap Buffer 1 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 | GBXA | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.50% | 0.09% | |
| AUM | $7M | $821.1B | |
| Dividend Yield | 0.34% | 1.01% | |
| Holdings | 6 | 505 | |
| YTD Return | -4.50% | +12.22% | |
| 1Y Return | +9.31% | +20.83% | |
| 3Y Return (annualized) | - | +21.70% | |
| 5Y Return (annualized) | - | +12.98% | |
| Volatility (annualized) | 8.9% | 15.3% | |
| Max Drawdown | -12.3% | -56.5% | |
| Fund Family | Goldman Sachs Asset Management | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Dec 30, 2024 | Jan 22, 1993 |
GBXA vs SPY Performance
Goldman Sachs US Large Cap Buffer 1 ETF (GBXA) is a ETF from Goldman Sachs Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year GBXA returned +9.31% while SPY returned +20.83%. Year to date, GBXA is down 4.50% versus a gain of 12.22% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 8.9% for GBXA. 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 -12.3% for GBXA 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 0.97. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
GBXA charges 0.50% per year while SPY charges 0.09%. On a $10,000 position that is $50 vs $9 annually, a gap of $41 per year that compounds over a long holding period. On income, GBXA currently yields 0.34% against 1.01% for SPY.
Holdings Overlap
GBXA and SPY share 0 holdings out of 505 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, GBXA or SPY?
GBXA has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $41 per year of difference.
Which performed better, GBXA or SPY?
Over the past year GBXA returned +9.31% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), GBXA annualized +3.38% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, GBXA or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 8.9% for GBXA. Worst drawdown: GBXA -12.3% vs SPY -56.5%.
Should I hold both GBXA and SPY?
GBXA and SPY have a monthly-return correlation of 0.97, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between GBXA and SPY?
GBXA and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, GBXA or SPY?
GBXA yields 0.34% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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