GCV vs SPY
Gabelli Convertible and Income Securities Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, GCV or SPY?
Equity-oriented Balanced against Large Cap Blend.
SPY has a lower expense ratio. GCV led over 1Y, SPY over 3Y, 5Y and the full window.
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 | GCV | SPY |
|---|---|---|
| Expense Ratio | 3.20% | 0.09%Best |
| AUM | $93M | $804.7B |
| Dividend Yield | 10.61% | 0.98% |
| Holdings | 124 | 505 |
| YTD Return | +13.78%Best | +11.97% |
| 1Y Return | +20.19%Best | +16.40% |
| 3Y Return (annualized) | +19.18% | +21.10%Best |
| 5Y Return (annualized) | +3.84% | +12.88%Best |
| Volatility (annualized) | 16.5% | 15.3%Best |
| Max Drawdown | -70.9% | -56.5%Best |
| $10,000 over 5 years | $12,073 | $18,327Best |
| Fund Family | Gabelli Funds | State Street Investment Management |
| Category | Allocation/Balanced | Equity |
| Style | Equity-oriented Balanced | Large Cap Blend |
| Inception | Mar 31, 1995 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jan 4, 1996 to Sep 14, 2026 (30.7 years).
GCV 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
GCV vs SPY Performance
Gabelli Convertible and Income Securities Fund (GCV) 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 GCV returned +20.19% while SPY returned +16.40%. Year to date, GCV is up 13.78% versus a gain of 11.97% for SPY.
Over three years, GCV compounded at +19.18% per year against +21.10% for SPY; over five years the annualized figures are +3.84% and +12.88% respectively. Across the full 31-year window we track, SPY has the edge at +8.79% annualized vs -0.95%.
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 what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.54. They move together some of the time, and apart the rest.
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 10.61% against 0.98% for SPY.
Holdings Overlap
At least 7.2% of SPY's money is in holdings GCV also owns.
Stated as a floor: for GCV, our book for it covers 50.4% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
SPY and GCV share little of their money.
The two holdings books were reported 154 days apart, GCV as of Mar 31, 2026 and SPY as of Sep 1, 2026, so some of the difference between them is the time between the two reports rather than the funds.
24 positions in common, counted across the 69 positions we hold weights for in GCV and 504 in SPY, against full books of 124 and 505.
Top Shared Holdings
| Stock | Weight in GCV | Weight in SPY | Difference |
|---|---|---|---|
| NEENextera Energy Inc | 2.52% | 0.26% | 2.26% |
| MCHPMicrochip Technology Inc. | 2.05% | 0.06% | 1.99% |
| HPEHewlett Packard Enterprise Co | 2.01% | 0.10% | 1.91% |
| JPMJpmorgan Chase | 0.11% | 1.45% | 1.34% |
| BABoeing Co | 1.12% | 0.25% | 0.87% |
| JNJJohnson & Johnson - Common | 0.09% | 0.99% | 0.90% |
| GEGeneral Electric Co. | 0.34% | 0.53% | 0.19% |
| BKBank Of New York Mellon Corp | 0.64% | 0.17% | 0.47% |
| COSTCostco Wholesale Corp. | 0.18% | 0.63% | 0.45% |
| CCICrown Castle International Corp | 0.70% | 0.05% | 0.65% |
You are not choosing between two funds in isolation.
Whichever of GCV 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, GCV or SPY?
GCV has an expense ratio of 3.20% while SPY charges 0.09%. SPY is the cheaper option, by $311 a year on a $10,000 investment.
Which performed better, GCV or SPY?
Over the past year GCV returned +20.19% vs +16.40% for SPY, so GCV leads on 1-year performance. Over the longest common window we track (31 years), GCV annualized -0.95% vs +8.79% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
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 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 GCV and SPY?
At least 7.2% of SPY's money is in holdings GCV also owns. Our book for GCV is partial, so the real figure is this or higher. They hold 24 positions in common, counted across the 69 positions we hold weights for in GCV and 504 in SPY.
Which pays a higher dividend, GCV or SPY?
GCV yields 10.61% while SPY yields 0.98%, so GCV currently pays the higher dividend yield.
Is SPY better than GCV?
SPY has a lower expense ratio. GCV led over 1Y, SPY over 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.