GMUN vs SPY
Goldman Sachs Access Municipal Bond ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, GMUN or SPY?
Municipal Bond against Large Cap Blend.
GMUN has a lower expense ratio. SPY led over 1Y 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 | GMUN | SPY |
|---|---|---|
| Expense Ratio | 0.08%Best | 0.09% |
| AUM | $10M | $804.7B |
| Dividend Yield | 3.12% | 0.98% |
| Holdings | 277 | 505 |
| Volatility (annualized) | 3.9%Best | 12.8% |
| Max Drawdown | -4.3%Best | -18.8% |
| $10,000 over 3.2 years | $10,938 | $19,935Best |
| Fund Family | Goldman Sachs Asset Management | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | Municipal Bond | Large Cap Blend |
| Inception | Mar 7, 2023 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
The two price series end 107 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. GMUN has data through Jun 3, 2026 and SPY through Sep 18, 2026.
Volatility and max drawdown, and the $10,000 over 3.2 years row, are measured over the window both funds cover: Mar 9, 2023 to Jun 3, 2026 (3.2 years).
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 12.8% compared with 3.9% for GMUN. 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 -4.3% for GMUN and -18.8% 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 0.66. They move together some of the time, and apart the rest.
Fees and Cost Over Time
GMUN charges 0.08% per year while SPY charges 0.09%. On a $10,000 position that is $8 vs $9 annually, a gap of $1 per year that compounds over a long holding period. On income, GMUN currently yields 3.12% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 208 holdings in GMUN and 504 in SPY, totalling 75.4% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 185 days apart, GMUN as of Feb 28, 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.
0 positions in common, counted across the 208 positions we hold weights for in GMUN and 504 in SPY, against full books of 277 and 505.
You are not choosing between two funds in isolation.
Whichever of GMUN 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, GMUN or SPY?
GMUN has an expense ratio of 0.08% while SPY charges 0.09%. GMUN is the cheaper option, by $1 a year on a $10,000 investment.
Which is riskier, GMUN or SPY?
SPY has been the more volatile fund at 12.8% annualized versus 3.9% for GMUN. Worst drawdown: GMUN -4.3% vs SPY -18.8%.
Should I hold both GMUN and SPY?
GMUN and SPY have a monthly-return correlation of 0.66, 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, GMUN or SPY?
GMUN yields 3.12% while SPY yields 0.98%, so GMUN currently pays the higher dividend yield.
Is SPY better than GMUN?
GMUN has a lower expense ratio. SPY led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.