GDO vs SPY
Western Asset Global Corporate Defined Opportunity Fund Inc. vs State Street SPDR S&P 500 ETF Trust
Which is better, GDO or SPY?
Long Term Low Quality against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 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 | GDO | SPY |
|---|---|---|
| Expense Ratio | 1.20% | 0.09%Best |
| AUM | $84M | $814.4B |
| Dividend Yield | 13.14% | 1.01% |
| Holdings | 326 | 505 |
| YTD Return | -6.42% | +13.78%Best |
| 1Y Return | -3.13% | +21.44%Best |
| 3Y Return (annualized) | +6.05% | +21.38%Best |
| 5Y Return (annualized) | -1.19% | +12.80%Best |
| Volatility (annualized) | 12.7%Best | 14.4% |
| Max Drawdown | -41.8% | -34.1%Best |
| $10,000 over 5 years | $9,419 | $18,262Best |
| Fund Family | Franklin Templeton Investments (US) | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | Long Term Low Quality | Large Cap Blend |
| Inception | Nov 24, 2009 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Nov 24, 2009 to Sep 3, 2026 (16.8 years).
GDO 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.
GDO vs SPY Performance
Western Asset Global Corporate Defined Opportunity Fund Inc. (GDO) is an ETF from Franklin Templeton Investments (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year GDO returned -3.13% while SPY returned +21.44%. Year to date, GDO is down 6.42% versus a gain of 13.78% for SPY.
Over three years, GDO compounded at +6.05% per year against +21.38% for SPY; over five years the annualized figures are -1.19% and +12.80% respectively. Across the full 17-year window we track, SPY has the edge at +12.76% annualized vs -0.64%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 14.4% compared with 12.7% for GDO. 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 -41.8% for GDO and -34.1% 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 0.68. They move together some of the time, and apart the rest.
Fees and Cost Over Time
GDO charges 1.20% per year while SPY charges 0.09%. On a $10,000 position that is $120 vs $9 annually, a gap of $111 per year that compounds over a long holding period. On income, GDO currently yields 13.14% against 1.01% for SPY.
Holdings Overlap
At least 0.3% of SPY's money is in holdings GDO also owns.
Stated as a floor: for GDO, our book for it covers 79.2% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
We cannot see either book well enough to say how much of this pair is duplicated.
The two holdings books were reported 186 days apart, GDO as of Jan 30, 2026 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
1 positions in common, counted across the 213 positions we hold weights for in GDO and 504 in SPY, against full books of 326 and 505.
Top Shared Holdings
| Stock | Weight in GDO | Weight in SPY | Difference |
|---|---|---|---|
| CCitigroup Inc 6.875 11/73 6.88 2173-11-15 | 0.10% | 0.35% | 0.25% |
You are not choosing between two funds in isolation.
Whichever of GDO 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, GDO or SPY?
GDO has an expense ratio of 1.20% while SPY charges 0.09%. SPY is the cheaper option, by $111 a year on a $10,000 investment.
Which performed better, GDO or SPY?
Over the past year GDO returned -3.13% vs +21.44% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (17 years), GDO annualized -0.64% vs +12.76% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, GDO or SPY?
SPY has been the more volatile fund at 14.4% annualized versus 12.7% for GDO. Worst drawdown: GDO -41.8% vs SPY -34.1%.
Should I hold both GDO and SPY?
GDO and SPY have a monthly-return correlation of 0.68, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, GDO or SPY?
GDO yields 13.14% while SPY yields 1.01%, so GDO currently pays the higher dividend yield.
Is SPY better than GDO?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.