GOP vs SPY
Unusual Whales Subversive Republican Trading ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. GOP delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | GOP | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.73% | 0.09% | |
| AUM | $87M | $789.1B | |
| Dividend Yield | 0.56% | 1.01% | |
| Holdings | 138 | 505 | |
| YTD Return | +22.41% | +13.68% | |
| 1Y Return | +29.97% | +21.53% | |
| 3Y Return (annualized) | +21.23% | +21.44% | |
| 5Y Return (annualized) | - | +13.18% | |
| Volatility (annualized) | 13.4% | 15.3% | |
| Max Drawdown | -20.7% | -56.5% | |
| Fund Family | Subversive Capital | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Feb 7, 2023 | Jan 22, 1993 |
GOP vs SPY Performance
Unusual Whales Subversive Republican Trading ETF (GOP) is a ETF from Subversive Capital and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year GOP returned +29.97% while SPY returned +21.53%. Year to date, GOP is up 22.41% versus a gain of 13.68% for SPY.
Over three years, GOP compounded at +21.23% per year against +21.44% for SPY. Across the full 4-year window we track, GOP has the edge at +18.54% annualized vs +8.85%. 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 13.4% for GOP. 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 -20.7% for GOP 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 0.89. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
GOP charges 0.73% per year while SPY charges 0.09%. On a $10,000 position that is $73 vs $9 annually, a gap of $64 per year that compounds over a long holding period. On income, GOP currently yields 0.56% against 1.01% for SPY.
Holdings Overlap
GOP and SPY share 89 holdings out of 554 unique holdings combined, representing a 25.6% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, GOP or SPY?
GOP has an expense ratio of 0.73% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $64 per year of difference.
Which performed better, GOP or SPY?
Over the past year GOP returned +29.97% vs +21.53% for SPY, so GOP leads on 1-year performance. Over the longest common window we track (4 years), GOP annualized +18.54% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, GOP or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 13.4% for GOP. Worst drawdown: GOP -20.7% vs SPY -56.5%.
Should I hold both GOP and SPY?
GOP and SPY have a monthly-return correlation of 0.89, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between GOP and SPY?
GOP and SPY share 89 common holdings with a 25.6% weight overlap. Combined, they hold 554 unique securities.
Which pays a higher dividend, GOP or SPY?
GOP yields 0.56% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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