GCPU vs SPY
Grayscale AI Compute ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, GCPU or SPY?
Multi Alternative against Large Cap Blend.
SPY has a lower expense ratio. GCPU led over the full window, SPY over 1Y. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 67.5%.
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 | GCPU | SPY |
|---|---|---|
| Expense Ratio | 0.59% | 0.09%Best |
| AUM | $12M | $811.2B |
| Dividend Yield | 0.50% | 0.98% |
| Holdings | 27 | 1,515 |
| YTD Return | +6.62% | +12.70%Best |
| 1Y Return | -15.96% | +15.53%Best |
| 3Y Return (annualized) | - | +22.86% |
| 5Y Return (annualized) | - | +13.47% |
| Volatility (annualized) | 71.2% | 12.6%Best |
| Max Drawdown | -56.7% | -18.8%Best |
| $10,000 over 1.7 years | $13,076Best | $12,940 |
| Top 10 Weight | 67.5% | 38.2%Best |
| Fund Family | Grayscale | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Multi Alternative | Large Cap Blend |
| Inception | Jan 30, 2025 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 1.7 years row, are measured over the window both funds cover: Jan 30, 2025 to Oct 1, 2026 (1.7 years).
GCPU 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 1.7 years both funds cover.
GCPU vs SPY Performance
Grayscale AI Compute ETF (GCPU) is an ETF from Grayscale and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year GCPU returned -15.96% while SPY returned +15.53%. Year to date, GCPU is up 6.62% versus a gain of 12.70% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
GCPU has been the more volatile fund, with annualized monthly volatility of 71.2% compared with 12.6% 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 -56.7% for GCPU 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 0.80. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
GCPU charges 0.59% per year while SPY charges 0.09%. On a $10,000 position that is $59 vs $9 annually, a gap of $50 per year that compounds over a long holding period. On income, GCPU currently yields 0.50% against 0.98% for SPY.
Holdings Overlap
8.9% of GCPU's money is in holdings SPY also owns. 7.8% of SPY's money is in holdings GCPU also owns.
GCPU and SPY share little of their money.
2 positions in common, counted across the 26 positions we hold weights for in GCPU and 504 in SPY, against full books of 27 and 1,515.
What only one of them owns
Our book lists 495 positions for SPY that do not appear in our book for GCPU (91.4% of the fund), and 18 for GCPU that do not appear in SPY (59.7%).
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.
You are not choosing between two funds in isolation.
Whichever of GCPU and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, GCPU or SPY?
GCPU has an expense ratio of 0.59% while SPY charges 0.09%. SPY is the cheaper option, by $50 a year on a $10,000 investment.
Which performed better, GCPU or SPY?
Over the past year GCPU returned -15.96% vs +15.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), GCPU annualized +17.09% vs +16.37% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, GCPU or SPY?
GCPU has been the more volatile fund at 71.2% annualized versus 12.6% for SPY. Worst drawdown: GCPU -56.7% vs SPY -18.8%.
Should I hold both GCPU and SPY?
GCPU and SPY have a monthly-return correlation of 0.80, 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 GCPU and SPY?
8.9% of GCPU's money is in holdings SPY also owns. 7.8% of SPY's is in holdings GCPU also owns. They hold 2 positions in common, counted across the 26 positions we hold weights for in GCPU and 504 in SPY.
Which pays a higher dividend, GCPU or SPY?
GCPU yields 0.50% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than GCPU?
SPY has a lower expense ratio. GCPU led over the full window, SPY over 1Y. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 67.5%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.