GMUB vs SPY
Goldman Sachs Municipal Income ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. GMUB offers more diversification with 553 holdings.
Side-by-Side Comparison
| Metric | GMUB | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.18% | 0.09% | |
| AUM | $319M | $821.1B | |
| Dividend Yield | 3.39% | 1.01% | |
| Holdings | 553 | 505 | |
| YTD Return | +1.09% | +12.22% | |
| 1Y Return | +5.06% | +20.83% | |
| 3Y Return (annualized) | - | +21.70% | |
| 5Y Return (annualized) | - | +12.98% | |
| Volatility (annualized) | 3.1% | 15.3% | |
| Max Drawdown | -3.4% | -56.5% | |
| Fund Family | Goldman Sachs Asset Management | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Jul 23, 2024 | Jan 22, 1993 |
GMUB vs SPY Performance
Goldman Sachs Municipal Income ETF (GMUB) is a ETF from Goldman Sachs Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year GMUB returned +5.06% while SPY returned +20.83%. Year to date, GMUB is up 1.09% versus a gain of 12.22% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 3.1% for GMUB. 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 -3.4% for GMUB 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 0.64. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
GMUB charges 0.18% per year while SPY charges 0.09%. On a $10,000 position that is $18 vs $9 annually, a gap of $9 per year that compounds over a long holding period. On income, GMUB currently yields 3.39% against 1.01% for SPY.
Holdings Overlap
GMUB and SPY share 0 holdings out of 659 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, GMUB or SPY?
GMUB has an expense ratio of 0.18% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $9 per year of difference.
Which performed better, GMUB or SPY?
Over the past year GMUB returned +5.06% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), GMUB annualized +3.79% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, GMUB or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 3.1% for GMUB. Worst drawdown: GMUB -3.4% vs SPY -56.5%.
Should I hold both GMUB and SPY?
GMUB and SPY have a monthly-return correlation of 0.64, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between GMUB and SPY?
GMUB and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 659 unique securities.
Which pays a higher dividend, GMUB or SPY?
GMUB yields 3.39% while SPY yields 1.01%, so GMUB currently pays the higher dividend yield.
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