GMUN vs SPY
Goldman Sachs Access Municipal Bond ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
GMUN has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | GMUN | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.08% | 0.09% | |
| AUM | $10M | $821.1B | |
| Dividend Yield | 3.12% | 1.01% | |
| Holdings | 277 | 505 | |
| YTD Return | -0.72% | +12.68% | |
| 1Y Return | +4.67% | +21.82% | |
| 3Y Return (annualized) | +2.91% | +21.98% | |
| 5Y Return (annualized) | - | +12.89% | |
| Volatility (annualized) | 3.9% | 15.3% | |
| Max Drawdown | -4.3% | -56.5% | |
| Fund Family | Goldman Sachs Asset Management | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Mar 7, 2023 | Jan 22, 1993 |
GMUN vs SPY Performance
Goldman Sachs Access Municipal Bond ETF (GMUN) 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 GMUN returned +4.67% while SPY returned +21.82%. Year to date, GMUN is down 0.72% versus a gain of 12.68% for SPY.
Over three years, GMUN compounded at +2.91% per year against +21.98% for SPY. Across the full 3-year window we track, SPY has the edge at +8.81% annualized vs +2.84%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% 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 -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 0.66. They move independently enough that combining them can meaningfully diversify a portfolio.
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 1.01% for SPY.
Holdings Overlap
GMUN and SPY share 0 holdings out of 712 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, GMUN or SPY?
GMUN has an expense ratio of 0.08% while SPY charges 0.09%. GMUN is the cheaper option. On a $10,000 investment, that is $1 per year of difference.
Which performed better, GMUN or SPY?
Over the past year GMUN returned +4.67% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), GMUN annualized +2.84% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, GMUN or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 3.9% for GMUN. Worst drawdown: GMUN -4.3% vs SPY -56.5%.
Should I hold both GMUN and SPY?
GMUN and SPY have a monthly-return correlation of 0.66, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between GMUN and SPY?
GMUN and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 712 unique securities.
Which pays a higher dividend, GMUN or SPY?
GMUN yields 3.12% while SPY yields 1.01%, so GMUN currently pays the higher dividend yield.
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