GCV vs SPY
Gabelli Convertible and Income Securities Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. GCV delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | GCV | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 3.20% | 0.09% | |
| AUM | $98M | $821.1B | |
| Dividend Yield | 10.84% | 1.01% | |
| Holdings | 124 | 505 | |
| YTD Return | +15.55% | +12.71% | |
| 1Y Return | +28.12% | +20.53% | |
| 3Y Return (annualized) | +18.70% | +21.60% | |
| 5Y Return (annualized) | +4.51% | +12.79% | |
| Volatility (annualized) | 16.5% | 15.3% | |
| Max Drawdown | -70.9% | -56.5% | |
| Fund Family | Gabelli Funds | State Street Investment Management | |
| Category | Allocation/Balanced | Equity | |
| Inception | Mar 31, 1995 | Jan 22, 1993 |
GCV vs SPY Performance
Gabelli Convertible and Income Securities Fund (GCV) 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 GCV returned +28.12% while SPY returned +20.53%. Year to date, GCV is up 15.55% versus a gain of 12.71% for SPY.
Over three years, GCV compounded at +18.70% per year against +21.60% for SPY; over five years the annualized figures are +4.51% and +12.79% respectively. Across the full 31-year window we track, SPY has the edge at +8.80% annualized vs -0.90%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
GCV has been the more volatile fund, with annualized monthly volatility of 16.5% 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 -70.9% for GCV 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 0.54. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
GCV charges 3.20% per year while SPY charges 0.09%. On a $10,000 position that is $320 vs $9 annually, a gap of $311 per year that compounds over a long holding period. On income, GCV currently yields 10.84% against 1.01% for SPY.
Holdings Overlap
GCV and SPY share 24 holdings out of 549 unique holdings combined, representing a 2.6% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, GCV or SPY?
GCV has an expense ratio of 3.20% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $311 per year of difference.
Which performed better, GCV or SPY?
Over the past year GCV returned +28.12% vs +20.53% for SPY, so GCV leads on 1-year performance. Over the longest common window we track (31 years), GCV annualized -0.90% vs +8.80% for SPY. Past performance does not guarantee future results.
Which is riskier, GCV or SPY?
GCV has been the more volatile fund at 16.5% annualized versus 15.3% for SPY. Worst drawdown: GCV -70.9% vs SPY -56.5%.
Should I hold both GCV and SPY?
GCV and SPY have a monthly-return correlation of 0.54, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between GCV and SPY?
GCV and SPY share 24 common holdings with a 2.6% weight overlap. Combined, they hold 549 unique securities.
Which pays a higher dividend, GCV or SPY?
GCV yields 10.84% while SPY yields 1.01%, so GCV currently pays the higher dividend yield.
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