GPZ vs SPY
VanEck Alternative Asset Manager ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | GPZ | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.40% | 0.09% | |
| AUM | $243M | $789.1B | |
| Dividend Yield | 1.05% | 1.01% | |
| Holdings | 25 | 505 | |
| YTD Return | -7.53% | +13.68% | |
| 1Y Return | -10.98% | +21.53% | |
| 3Y Return (annualized) | - | +21.44% | |
| 5Y Return (annualized) | - | +13.18% | |
| Volatility (annualized) | 25.6% | 15.3% | |
| Max Drawdown | -31.7% | -56.5% | |
| Fund Family | VanEck | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jun 4, 2025 | Jan 22, 1993 |
GPZ vs SPY Performance
VanEck Alternative Asset Manager ETF (GPZ) is a ETF from VanEck and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year GPZ returned -10.98% while SPY returned +21.53%. Year to date, GPZ is down 7.53% versus a gain of 13.68% for SPY.
Risk: Volatility and Drawdowns
GPZ has been the more volatile fund, with annualized monthly volatility of 25.6% compared with 15.3% 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 -31.7% for GPZ 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 0.43. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
GPZ charges 0.40% per year while SPY charges 0.09%. On a $10,000 position that is $40 vs $9 annually, a gap of $31 per year that compounds over a long holding period. On income, GPZ currently yields 1.05% against 1.01% for SPY.
Holdings Overlap
GPZ and SPY share 4 holdings out of 518 unique holdings combined, representing a 0.4% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, GPZ or SPY?
GPZ has an expense ratio of 0.40% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $31 per year of difference.
Which performed better, GPZ or SPY?
Over the past year GPZ returned -10.98% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), GPZ annualized +2.51% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, GPZ or SPY?
GPZ has been the more volatile fund at 25.6% annualized versus 15.3% for SPY. Worst drawdown: GPZ -31.7% vs SPY -56.5%.
Should I hold both GPZ and SPY?
GPZ and SPY have a monthly-return correlation of 0.43, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between GPZ and SPY?
GPZ and SPY share 4 common holdings with a 0.4% weight overlap. Combined, they hold 518 unique securities.
Which pays a higher dividend, GPZ or SPY?
GPZ yields 1.05% while SPY yields 1.01%, so GPZ currently pays the higher dividend yield.
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