GMF vs SPY
State Street SPDR S&P Emerging Asia Pacific ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, GMF or SPY?
SPY has been ahead.
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 | GMF | SPY |
|---|---|---|
| Expense Ratio | 0.49% | 0.09%Best |
| AUM | $436M | $804.7B |
| Dividend Yield | 1.18% | 0.98% |
| Holdings | 1,290 | 505 |
| YTD Return | +11.14% | +13.51%Best |
| 1Y Return | +15.83% | +18.19%Best |
| 3Y Return (annualized) | +19.62% | +23.29%Best |
| 5Y Return (annualized) | +6.84% | +13.21%Best |
| Volatility (annualized) | 20.7% | 15.5%Best |
| Max Drawdown | -67.6% | -56.5%Best |
| $10,000 over 5 years | $13,921 | $18,596Best |
| Fund Family | SPDR State Street Global Advisors | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Mar 19, 2007 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Mar 23, 2007 to Sep 25, 2026 (19.5 years).
GMF 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 19.5 years both funds cover.
GMF vs SPY Performance
State Street SPDR S&P Emerging Asia Pacific ETF (GMF) is an ETF from SPDR State Street Global Advisors and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year GMF returned +15.83% while SPY returned +18.19%. Year to date, GMF is up 11.14% versus a gain of 13.51% for SPY.
Over three years, GMF compounded at +19.62% per year against +23.29% for SPY; over five years the annualized figures are +6.84% and +13.21% respectively. Across the full 20-year window we track, SPY has the edge at +9.42% annualized vs +5.49%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
GMF has been the more volatile fund, with annualized monthly volatility of 20.7% compared with 15.5% 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 -67.6% for GMF 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 0.70. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
GMF charges 0.49% per year while SPY charges 0.09%. On a $10,000 position that is $49 vs $9 annually, a gap of $40 per year that compounds over a long holding period. On income, GMF currently yields 1.18% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 1,126 holdings in GMF and 504 in SPY, totalling 78.2% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 1,126 positions we hold weights for in GMF and 504 in SPY, against full books of 1,290 and 505.
You are not choosing between two funds in isolation.
Whichever of GMF 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, GMF or SPY?
GMF has an expense ratio of 0.49% while SPY charges 0.09%. SPY is the cheaper option, by $40 a year on a $10,000 investment.
Which performed better, GMF or SPY?
Over the past year GMF returned +15.83% vs +18.19% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (20 years), GMF annualized +5.49% vs +9.42% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, GMF or SPY?
GMF has been the more volatile fund at 20.7% annualized versus 15.5% for SPY. Worst drawdown: GMF -67.6% vs SPY -56.5%.
Should I hold both GMF and SPY?
GMF and SPY have a monthly-return correlation of 0.70, 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, GMF or SPY?
GMF yields 1.18% while SPY yields 0.98%, so GMF currently pays the higher dividend yield.
Is SPY better than GMF?
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.