GDFN vs SPY
Tema International Defense Innovation ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, GDFN or SPY?
Mid Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 44.0%.
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 | GDFN | SPY |
|---|---|---|
| Expense Ratio | 0.68% | 0.09%Best |
| AUM | $1M | $811.2B |
| Dividend Yield | 0.00% | 0.98% |
| Holdings | 32 | 1,515 |
| Top 10 Weight | 44.0% | 38.2%Best |
| Fund Family | Tema Global Limited | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Growth | Large Cap Blend |
| Inception | Sep 25, 2025 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized), Volatility (annualized), Max Drawdown, $10,000 over the window.
The two price series end 185 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. GDFN has data through Mar 30, 2026 and SPY through Oct 1, 2026.
Fees and Cost Over Time
GDFN charges 0.68% per year while SPY charges 0.09%. On a $10,000 position that is $68 vs $9 annually, a gap of $59 per year that compounds over a long holding period. On income, GDFN currently yields 0.00% against 0.98% for SPY.
Holdings Overlap
10.4% of GDFN's money is in holdings SPY also owns. 1.7% of SPY's money is in holdings GDFN also owns.
GDFN and SPY share little of their money.
The two holdings books were reported 257 days apart, GDFN as of Dec 31, 2025 and SPY as of Sep 14, 2026, so some of the difference between them is the time between the two reports rather than the funds.
7 positions in common, counted across the 31 positions we hold weights for in GDFN and 504 in SPY, against full books of 32 and 1,515.
What only one of them owns
Our book lists 490 positions for SPY that do not appear in our book for GDFN (97.5% of the fund), and 4 for GDFN that do not appear in SPY (13.2%).
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 GDFN | Weight in SPY | Difference |
|---|---|---|---|
| PLTRPalantir Technologies Inc | 2.40% | 0.61% | 1.79% |
| RTXRaytheon Co. | 1.41% | 0.40% | 1.01% |
| LMTLockheed Martin Corp | 1.62% | 0.16% | 1.46% |
| LHXL3Harris Technologies Inc. | 1.55% | 0.07% | 1.48% |
| BABoeing Co | 1.12% | 0.25% | 0.87% |
| GDGeneral Dynamics Corp. | 1.17% | 0.14% | 1.03% |
| NOCNorthrop Grumman Corp. | 1.16% | 0.11% | 1.05% |
You are not choosing between two funds in isolation.
Whichever of GDFN 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, GDFN or SPY?
GDFN has an expense ratio of 0.68% while SPY charges 0.09%. SPY is the cheaper option, by $59 a year on a $10,000 investment.
What is the holdings overlap between GDFN and SPY?
10.4% of GDFN's money is in holdings SPY also owns. 1.7% of SPY's is in holdings GDFN also owns. They hold 7 positions in common, counted across the 31 positions we hold weights for in GDFN and 504 in SPY.
Which pays a higher dividend, GDFN or SPY?
GDFN yields 0.00% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than GDFN?
SPY has a lower expense ratio. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 44.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.