GF vs SPY
New Germany Fund Inc. vs State Street SPDR S&P 500 ETF Trust
Which is better, GF or SPY?
Mid Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. GF is less concentrated, with 37.2% of the fund in its ten largest positions against 38.0%.
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 | GF | SPY |
|---|---|---|
| Expense Ratio | 1.10% | 0.09%Best |
| AUM | $213M | $814.4B |
| Dividend Yield | 2.27% | 1.01% |
| Holdings | 53 | 505 |
| YTD Return | -0.35% | +12.71%Best |
| 1Y Return | +0.05% | +19.36%Best |
| 3Y Return (annualized) | +11.01% | +21.09%Best |
| 5Y Return (annualized) | -4.36% | +12.69%Best |
| Volatility (annualized) | 26.8% | 15.3%Best |
| Max Drawdown | -85.0% | -56.5%Best |
| $10,000 over 5 years | $8,002 | $18,173Best |
| Top 10 Weight | 37.2%Best | 38.0% |
| Fund Family | DWS ETF Trust | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Growth | Large Cap Blend |
| Inception | Jan 30, 1990 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jan 2, 1996 to Sep 8, 2026 (30.7 years).
GF 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 covers the 30.7 years both funds cover.
GF vs SPY Performance
New Germany Fund Inc. (GF) is an ETF from DWS ETF Trust and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year GF returned +0.05% while SPY returned +19.36%. Year to date, GF is down 0.35% versus a gain of 12.71% for SPY.
Over three years, GF compounded at +11.01% per year against +21.09% for SPY; over five years the annualized figures are -4.36% and +12.69% respectively. Across the full 31-year window we track, SPY has the edge at +8.79% annualized vs +1.40%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
GF has been the more volatile fund, with annualized monthly volatility of 26.8% 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 -85.0% for GF 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 0.73. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
GF charges 1.10% per year while SPY charges 0.09%. On a $10,000 position that is $110 vs $9 annually, a gap of $101 per year that compounds over a long holding period. On income, GF currently yields 2.27% against 1.01% for SPY.
Holdings Overlap
We hold position weights for 51 holdings in GF and 503 in SPY, totalling 98.8% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 186 days apart, GF 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.
0 positions in common, counted across the 51 positions we hold weights for in GF and 503 in SPY, against full books of 53 and 505.
What only one of them owns
Our book lists 493 positions for SPY that do not appear in our book for GF (99.4% of the fund), and 2 for GF that do not appear in SPY (3.6%).
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.
You are not choosing between two funds in isolation.
Whichever of GF 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, GF or SPY?
GF has an expense ratio of 1.10% while SPY charges 0.09%. SPY is the cheaper option, by $101 a year on a $10,000 investment.
Which performed better, GF or SPY?
Over the past year GF returned +0.05% vs +19.36% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (31 years), GF annualized +1.40% vs +8.79% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, GF or SPY?
GF has been the more volatile fund at 26.8% annualized versus 15.3% for SPY. Worst drawdown: GF -85.0% vs SPY -56.5%.
Should I hold both GF and SPY?
GF and SPY have a monthly-return correlation of 0.73, 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, GF or SPY?
GF yields 2.27% while SPY yields 1.01%, so GF currently pays the higher dividend yield.
Is SPY better than GF?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. GF is less concentrated, with 37.2% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.