GGOV vs SPY
iShares Global Government Bond USD Hedged Active ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. GGOV offers more diversification with 990 holdings.
Side-by-Side Comparison
| Metric | GGOV | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.39% | 0.09% | |
| AUM | $3.0B | $821.1B | |
| Dividend Yield | 3.24% | 1.01% | |
| Holdings | 990 | 505 | |
| YTD Return | +2.51% | +12.35% | |
| 1Y Return | +2.96% | +20.15% | |
| 3Y Return (annualized) | - | +21.69% | |
| 5Y Return (annualized) | - | +12.77% | |
| Volatility (annualized) | 1.8% | 15.3% | |
| Max Drawdown | -1.5% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Jun 25, 2025 | Jan 22, 1993 |
GGOV vs SPY Performance
iShares Global Government Bond USD Hedged Active ETF (GGOV) is a ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year GGOV returned +2.96% while SPY returned +20.15%. Year to date, GGOV is up 2.51% versus a gain of 12.35% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 1.8% for GGOV. 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 -1.5% for GGOV 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 0.15. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
GGOV charges 0.39% per year while SPY charges 0.09%. On a $10,000 position that is $39 vs $9 annually, a gap of $30 per year that compounds over a long holding period. On income, GGOV currently yields 3.24% against 1.01% for SPY.
Holdings Overlap
GGOV and SPY share 0 holdings out of 581 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, GGOV or SPY?
GGOV has an expense ratio of 0.39% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $30 per year of difference.
Which performed better, GGOV or SPY?
Over the past year GGOV returned +2.96% vs +20.15% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), GGOV annualized +2.52% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, GGOV or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 1.8% for GGOV. Worst drawdown: GGOV -1.5% vs SPY -56.5%.
Should I hold both GGOV and SPY?
GGOV and SPY have a monthly-return correlation of 0.15, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between GGOV and SPY?
GGOV and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 581 unique securities.
Which pays a higher dividend, GGOV or SPY?
GGOV yields 3.24% while SPY yields 1.01%, so GGOV currently pays the higher dividend yield.
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