GCAD vs SPY
Gabelli Commercial Aerospace and Defense Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, GCAD or SPY?
Each has led over a different period.
SPY has a lower expense ratio. GCAD led over 3Y and the full window, SPY over 1Y. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 49.6%.
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 | GCAD | SPY |
|---|---|---|
| Expense Ratio | 0.10% | 0.09%Best |
| AUM | $44M | $804.7B |
| Dividend Yield | 1.87% | 0.98% |
| Holdings | 55 | 505 |
| YTD Return | +4.97% | +11.52%Best |
| 1Y Return | +16.81% | +17.48%Best |
| 3Y Return (annualized) | +30.65%Best | +20.62% |
| 5Y Return (annualized) | - | +12.73% |
| Volatility (annualized) | 17.0% | 12.5%Best |
| Max Drawdown | -16.1%Best | -18.8% |
| $10,000 over 3.7 years | $22,344Best | $20,725 |
| Top 10 Weight | 49.6% | 38.0%Best |
| Fund Family | Gabelli Funds | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 3, 2023 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 3.7 years row, are measured over the window both funds cover: Jan 4, 2023 to Sep 10, 2026 (3.7 years).
GCAD 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 covers the 3.7 years both funds cover.
GCAD vs SPY Performance
Gabelli Commercial Aerospace and Defense Fund (GCAD) 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 GCAD returned +16.81% while SPY returned +17.48%. Year to date, GCAD is up 4.97% versus a gain of 11.52% for SPY.
Over three years, GCAD compounded at +30.65% per year against +20.62% for SPY. Across the full 4-year window we track, GCAD has the edge at +24.27% annualized vs +21.77%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
GCAD has been the more volatile fund, with annualized monthly volatility of 17.0% compared with 12.5% 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 -16.1% for GCAD and -18.8% 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 0.62. They move together some of the time, and apart the rest.
Fees and Cost Over Time
GCAD charges 0.10% per year while SPY charges 0.09%. On a $10,000 position that is $10 vs $9 annually, a gap of $1 per year that compounds over a long holding period. On income, GCAD currently yields 1.87% against 0.98% for SPY.
Holdings Overlap
43.2% of GCAD's money is in holdings SPY also owns. 2.9% of SPY's money is in holdings GCAD also owns.
The two portfolios partly overlap.
15 positions in common, counted across the 51 positions we hold weights for in GCAD and 504 in SPY, against full books of 55 and 505.
What only one of them owns
Our book lists 479 positions for SPY that do not appear in our book for GCAD (96.7% of the fund), and 28 for GCAD that do not appear in SPY (49.9%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in GCAD | Weight in SPY | Difference |
|---|---|---|---|
| BABoeing Co | 5.30% | 0.28% | 5.02% |
| RTXRaytheon Technologies Corp | 4.86% | 0.44% | 4.42% |
| LMTLockheed Martin Corp | 4.69% | 0.18% | 4.51% |
| LHXL3Harris Technologies Inc. | 4.44% | 0.08% | 4.36% |
| HONAHoneywell Aerospace Inc | 4.24% | 0.10% | 4.14% |
| NOCNorthrop Grumman Corp. | 3.98% | 0.11% | 3.87% |
| TXTTextron Inc. | 3.64% | 0.02% | 3.62% |
| HWMHowmet Aerospace Inc. | 2.81% | 0.17% | 2.64% |
| GDGeneral Dynamics Corp. | 2.63% | 0.15% | 2.48% |
| GEGeneral Electric Co. | 1.55% | 0.59% | 0.96% |
43.2% of GCAD is already inside SPY.
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, GCAD or SPY?
GCAD has an expense ratio of 0.10% while SPY charges 0.09%. SPY is the cheaper option, by $1 a year on a $10,000 investment.
Which performed better, GCAD or SPY?
Over the past year GCAD returned +16.81% vs +17.48% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), GCAD annualized +24.27% vs +21.77% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, GCAD or SPY?
GCAD has been the more volatile fund at 17.0% annualized versus 12.5% for SPY. Worst drawdown: GCAD -16.1% vs SPY -18.8%.
Should I hold both GCAD and SPY?
GCAD and SPY have a monthly-return correlation of 0.62, 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 GCAD and SPY?
43.2% of GCAD's money is in holdings SPY also owns. 2.9% of SPY's is in holdings GCAD also owns. They hold 15 positions in common, counted across the 51 positions we hold weights for in GCAD and 504 in SPY.
Which pays a higher dividend, GCAD or SPY?
GCAD yields 1.87% while SPY yields 0.98%, so GCAD currently pays the higher dividend yield.
Is SPY better than GCAD?
SPY has a lower expense ratio. GCAD led over 3Y and the full window, SPY over 1Y. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 49.6%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.