GGZ vs SPY
Gabelli Global Small and Mid Cap Value Trust vs State Street SPDR S&P 500 ETF Trust
Which is better, GGZ or SPY?
Mid Cap Value 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 | GGZ | SPY |
|---|---|---|
| Expense Ratio | 3.00% | 0.09%Best |
| AUM | $162M | $804.7B |
| Dividend Yield | 4.33% | 0.98% |
| Holdings | 312 | 505 |
| YTD Return | +9.04% | +11.97%Best |
| 1Y Return | +15.30% | +16.40%Best |
| 3Y Return (annualized) | +18.85% | +21.10%Best |
| 5Y Return (annualized) | +5.80% | +12.88%Best |
| Volatility (annualized) | 21.3% | 14.8%Best |
| Max Drawdown | -59.0% | -34.1%Best |
| $10,000 over 5 years | $13,256 | $18,327Best |
| Fund Family | Gabelli Funds | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Value | Large Cap Blend |
| Inception | Jun 23, 2014 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jun 12, 2014 to Sep 14, 2026 (12.3 years).
GGZ 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 12.3 years both funds cover.
GGZ vs SPY Performance
Gabelli Global Small and Mid Cap Value Trust (GGZ) 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 GGZ returned +15.30% while SPY returned +16.40%. Year to date, GGZ is up 9.04% versus a gain of 11.97% for SPY.
Over three years, GGZ compounded at +18.85% per year against +21.10% for SPY; over five years the annualized figures are +5.80% and +12.88% respectively. Across the full 12-year window we track, SPY has the edge at +12.49% annualized vs +4.99%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
GGZ has been the more volatile fund, with annualized monthly volatility of 21.3% compared with 14.8% 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 -59.0% for GGZ 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 0.84. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
GGZ charges 3.00% per year while SPY charges 0.09%. On a $10,000 position that is $300 vs $9 annually, a gap of $291 per year that compounds over a long holding period. On income, GGZ currently yields 4.33% against 0.98% for SPY.
Holdings Overlap
At least 0.9% of SPY's money is in holdings GGZ also owns.
Only one direction is shown: for GGZ, our book for it lists positions totalling 106.3% of the fund, which is what a leveraged book looks like and is not a denominator we can divide by.
We cannot see either book well enough to say how much of this pair is duplicated.
The two holdings books were reported 154 days apart, GGZ as of Mar 31, 2026 and SPY as of Sep 1, 2026, so some of the difference between them is the time between the two reports rather than the funds.
16 positions in common, counted across the 300 positions we hold weights for in GGZ and 504 in SPY, against full books of 312 and 505.
Top Shared Holdings
| Stock | Weight in GGZ | Weight in SPY | Difference |
|---|---|---|---|
| JCIJohnson Controls International Plc | 0.62% | 0.13% | 0.49% |
| WYNNWynn Resorts Ltd. | 0.59% | 0.01% | 0.58% |
| WBDWarner Bros. Discovery, Inc | 0.43% | 0.11% | 0.32% |
| XYLXylem,Inc. | 0.41% | 0.04% | 0.37% |
| LHXL3Harris Technologies Inc. | 0.27% | 0.07% | 0.20% |
| HSICHenry Schein Inc | 0.31% | 0.01% | 0.30% |
| BABoeing Co | 0.05% | 0.25% | 0.20% |
| SATS'echostar Communications Corp. Class 'a'' | 0.25% | 0.02% | 0.23% |
| SNASnap-On Inc. | 0.14% | 0.03% | 0.11% |
| STE:IESteris Plc Ordinary Shares | 0.12% | 0.03% | 0.09% |
You are not choosing between two funds in isolation.
Whichever of GGZ 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, GGZ or SPY?
GGZ has an expense ratio of 3.00% while SPY charges 0.09%. SPY is the cheaper option, by $291 a year on a $10,000 investment.
Which performed better, GGZ or SPY?
Over the past year GGZ returned +15.30% vs +16.40% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (12 years), GGZ annualized +4.99% vs +12.49% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, GGZ or SPY?
GGZ has been the more volatile fund at 21.3% annualized versus 14.8% for SPY. Worst drawdown: GGZ -59.0% vs SPY -34.1%.
Should I hold both GGZ and SPY?
GGZ and SPY have a monthly-return correlation of 0.84, 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, GGZ or SPY?
GGZ yields 4.33% while SPY yields 0.98%, so GGZ currently pays the higher dividend yield.
Is SPY better than GGZ?
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.