GCAD vs SPY
Gabelli Commercial Aerospace and Defense Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
GCAD has a lower expense ratio. GCAD delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | GCAD | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.00% | 0.09% | |
| AUM | $48M | $821.1B | |
| Dividend Yield | 1.75% | 1.01% | |
| Holdings | 55 | 505 | |
| YTD Return | +12.57% | +12.68% | |
| 1Y Return | +27.35% | +21.82% | |
| 3Y Return (annualized) | +32.18% | +21.98% | |
| 5Y Return (annualized) | - | +12.89% | |
| Volatility (annualized) | 16.6% | 15.3% | |
| Max Drawdown | -16.1% | -56.5% | |
| Fund Family | Gabelli Funds | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jan 3, 2023 | Jan 22, 1993 |
GCAD vs SPY Performance
Gabelli Commercial Aerospace and Defense Fund (GCAD) is a ETF from Gabelli Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year GCAD returned +27.35% while SPY returned +21.82%. Year to date, GCAD is up 12.57% versus a gain of 12.68% for SPY.
Over three years, GCAD compounded at +32.18% per year against +21.98% for SPY. Across the full 4-year window we track, GCAD has the edge at +27.10% annualized vs +8.81%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
GCAD has been the more volatile fund, with annualized monthly volatility of 16.6% 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 -16.1% for GCAD 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 0.63. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
GCAD charges 0.00% per year while SPY charges 0.09%. On a $10,000 position that is $0 vs $9 annually, a gap of $9 per year that compounds over a long holding period. On income, GCAD currently yields 1.75% against 1.01% for SPY.
Holdings Overlap
GCAD and SPY share 15 holdings out of 540 unique holdings combined, representing a 2.8% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, GCAD or SPY?
GCAD has an expense ratio of 0.00% while SPY charges 0.09%. GCAD is the cheaper option. On a $10,000 investment, that is $9 per year of difference.
Which performed better, GCAD or SPY?
Over the past year GCAD returned +27.35% vs +21.82% for SPY, so GCAD leads on 1-year performance. Over the longest common window we track (4 years), GCAD annualized +27.10% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, GCAD or SPY?
GCAD has been the more volatile fund at 16.6% annualized versus 15.3% for SPY. Worst drawdown: GCAD -16.1% vs SPY -56.5%.
Should I hold both GCAD and SPY?
GCAD and SPY have a monthly-return correlation of 0.63, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between GCAD and SPY?
GCAD and SPY share 15 common holdings with a 2.8% weight overlap. Combined, they hold 540 unique securities.
Which pays a higher dividend, GCAD or SPY?
GCAD yields 1.75% while SPY yields 1.01%, so GCAD currently pays the higher dividend yield.
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