GDV vs SPY
Gabelli Dividend & Income Trust vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. GDV delivered stronger 1-year returns. GDV offers more diversification with 715 holdings.
Side-by-Side Comparison
| Metric | GDV | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.30% | 0.09% | |
| AUM | $3.5B | $821.1B | |
| Dividend Yield | 5.23% | 1.01% | |
| Holdings | 715 | 505 | |
| YTD Return | +13.68% | +12.93% | |
| 1Y Return | +21.84% | +20.62% | |
| 3Y Return (annualized) | +20.97% | +22.00% | |
| 5Y Return (annualized) | +9.38% | +13.33% | |
| Volatility (annualized) | 19.1% | 15.3% | |
| Max Drawdown | -73.3% | -56.5% | |
| Fund Family | Gabelli Funds | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Nov 28, 2003 | Jan 22, 1993 |
GDV vs SPY Performance
Gabelli Dividend & Income Trust (GDV) 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 GDV returned +21.84% while SPY returned +20.62%. Year to date, GDV is up 13.68% versus a gain of 12.93% for SPY.
Over three years, GDV compounded at +20.97% per year against +22.00% for SPY; over five years the annualized figures are +9.38% and +13.33% respectively. Across the full 23-year window we track, SPY has the edge at +8.82% annualized vs +3.37%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
GDV has been the more volatile fund, with annualized monthly volatility of 19.1% 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 -73.3% for GDV 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 0.90. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
GDV charges 1.30% per year while SPY charges 0.09%. On a $10,000 position that is $130 vs $9 annually, a gap of $121 per year that compounds over a long holding period. On income, GDV currently yields 5.23% against 1.01% for SPY.
Holdings Overlap
GDV and SPY share 221 holdings out of 962 unique holdings combined, representing a 36.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, GDV or SPY?
GDV has an expense ratio of 1.30% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $121 per year of difference.
Which performed better, GDV or SPY?
Over the past year GDV returned +21.84% vs +20.62% for SPY, so GDV leads on 1-year performance. Over the longest common window we track (23 years), GDV annualized +3.37% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, GDV or SPY?
GDV has been the more volatile fund at 19.1% annualized versus 15.3% for SPY. Worst drawdown: GDV -73.3% vs SPY -56.5%.
Should I hold both GDV and SPY?
GDV and SPY have a monthly-return correlation of 0.90, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between GDV and SPY?
GDV and SPY share 221 common holdings with a 36.0% weight overlap. Combined, they hold 962 unique securities.
Which pays a higher dividend, GDV or SPY?
GDV yields 5.23% while SPY yields 1.01%, so GDV currently pays the higher dividend yield.
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