GGN vs SPY
GAMCO Global Gold Natural Resources & Income Trust vs State Street SPDR S&P 500 ETF Trust
Which is better, GGN or SPY?
Each has led over a different period.
SPY has a lower expense ratio. GGN led over 3Y and 5Y, SPY over 1Y and the full window. GGN is less concentrated, with 36.9% 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 | GGN | SPY |
|---|---|---|
| Expense Ratio | 1.40% | 0.09%Best |
| AUM | $1.0B | $804.7B |
| Dividend Yield | 6.70% | 0.98% |
| Holdings | 221 | 505 |
| YTD Return | +9.35% | +11.52%Best |
| 1Y Return | +17.18% | +17.48%Best |
| 3Y Return (annualized) | +21.89%Best | +20.62% |
| 5Y Return (annualized) | +16.68%Best | +12.73% |
| Volatility (annualized) | 26.8% | 14.9%Best |
| Max Drawdown | -94.2% | -56.5%Best |
| $10,000 over 5 years | $21,626Best | $18,205 |
| Top 10 Weight | 36.9%Best | 38.0% |
| Fund Family | Gabelli Funds | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Mar 29, 2005 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Mar 29, 2005 to Sep 10, 2026 (21.5 years).
GGN 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 21.5 years both funds cover.
GGN vs SPY Performance
GAMCO Global Gold Natural Resources & Income Trust (GGN) 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 GGN returned +17.18% while SPY returned +17.48%. Year to date, GGN is up 9.35% versus a gain of 11.52% for SPY.
Over three years, GGN compounded at +21.89% per year against +20.62% for SPY; over five years the annualized figures are +16.68% and +12.73% respectively. Across the full 22-year window we track, SPY has the edge at +9.50% annualized vs -3.77%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
GGN has been the more volatile fund, with annualized monthly volatility of 26.8% compared with 14.9% 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 -94.2% for GGN 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 0.48. They move together some of the time, and apart the rest.
Fees and Cost Over Time
GGN charges 1.40% per year while SPY charges 0.09%. On a $10,000 position that is $140 vs $9 annually, a gap of $131 per year that compounds over a long holding period. On income, GGN currently yields 6.70% against 0.98% for SPY.
Holdings Overlap
38.6% of GGN's money is in holdings SPY also owns. 3.3% of SPY's money is in holdings GGN also owns.
The two portfolios partly overlap.
The two holdings books were reported 126 days apart, GGN as of Mar 31, 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.
21 positions in common, counted across the 70 positions we hold weights for in GGN and 504 in SPY, against full books of 221 and 505.
What only one of them owns
Our book lists 474 positions for SPY that do not appear in our book for GGN (96.2% of the fund), and 14 for GGN that do not appear in SPY (18.2%).
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 GGN | Weight in SPY | Difference |
|---|---|---|---|
| XOMExxon Mobil Corp. | 6.61% | 0.96% | 5.65% |
| NEMNewmont Corp. | 5.64% | 0.16% | 5.48% |
| CVXChevron Corp. | 4.18% | 0.54% | 3.64% |
| COPConocophillips Co | 1.76% | 0.22% | 1.54% |
| VLOValero Energy Corp. | 1.83% | 0.14% | 1.69% |
| PSXPhillips 66 | 1.78% | 0.12% | 1.66% |
| EOGEog Resources Inc | 1.75% | 0.11% | 1.64% |
| WMBWilliams Cos. Inc. | 1.58% | 0.13% | 1.45% |
| SLBSchlumberger Nv. | 1.57% | 0.11% | 1.46% |
| MPCMarathon Petroleum Corp. | 1.53% | 0.14% | 1.39% |
38.6% of GGN is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, GGN or SPY?
GGN has an expense ratio of 1.40% while SPY charges 0.09%. SPY is the cheaper option, by $131 a year on a $10,000 investment.
Which performed better, GGN or SPY?
Over the past year GGN returned +17.18% vs +17.48% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (22 years), GGN annualized -3.77% vs +9.50% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, GGN or SPY?
GGN has been the more volatile fund at 26.8% annualized versus 14.9% for SPY. Worst drawdown: GGN -94.2% vs SPY -56.5%.
Should I hold both GGN and SPY?
GGN and SPY have a monthly-return correlation of 0.48, 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 GGN and SPY?
38.6% of GGN's money is in holdings SPY also owns. 3.3% of SPY's is in holdings GGN also owns. They hold 21 positions in common, counted across the 70 positions we hold weights for in GGN and 504 in SPY.
Which pays a higher dividend, GGN or SPY?
GGN yields 6.70% while SPY yields 0.98%, so GGN currently pays the higher dividend yield.
Is SPY better than GGN?
SPY has a lower expense ratio. GGN led over 3Y and 5Y, SPY over 1Y and the full window. GGN is less concentrated, with 36.9% 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.