GQGU vs SPY
GQG US Equity ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, GQGU or SPY?
Large Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 54.0%.
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 | GQGU | SPY |
|---|---|---|
| Expense Ratio | 0.49% | 0.09%Best |
| AUM | $678M | $804.7B |
| Dividend Yield | 0.96% | 0.98% |
| Holdings | 44 | 505 |
| YTD Return | +6.52% | +12.47%Best |
| 1Y Return | +4.83% | +17.51%Best |
| 3Y Return (annualized) | - | +21.18% |
| 5Y Return (annualized) | - | +12.88% |
| Volatility (annualized) | 12.0%Best | 12.3% |
| Max Drawdown | -8.4%Best | -8.9% |
| $10,000 over 1.2 years | $10,540 | $12,457Best |
| Top 10 Weight | 54.0% | 38.0%Best |
| Fund Family | GQG Partners LLC | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Jul 31, 2019 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 1.2 years row, are measured over the window both funds cover: Jul 14, 2025 to Sep 11, 2026 (1.2 years).
GQGU vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 1.2 years both funds cover.
GQGU vs SPY Performance
GQG US Equity ETF (GQGU) is an ETF from GQG Partners LLC and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year GQGU returned +4.83% while SPY returned +17.51%. Year to date, GQGU is up 6.52% versus a gain of 12.47% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 12.3% compared with 12.0% for GQGU. 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 -8.4% for GQGU and -8.9% 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 -0.15. They move largely independently of each other.
Fees and Cost Over Time
GQGU charges 0.49% per year while SPY charges 0.09%. On a $10,000 position that is $49 vs $9 annually, a gap of $40 per year that compounds over a long holding period. On income, GQGU currently yields 0.96% against 0.98% for SPY.
Holdings Overlap
90.4% of GQGU's money is in holdings SPY also owns. 40.4% of SPY's money is in holdings GQGU also owns.
Most of GQGU is already inside SPY. Owning both mostly buys the same companies twice.
31 positions in common, counted across the 36 positions we hold weights for in GQGU and 504 in SPY, against full books of 44 and 505.
What only one of them owns
Our book lists 463 positions for SPY that do not appear in our book for GQGU (59.1% of the fund), and 3 for GQGU that do not appear in SPY (3.5%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in GQGU | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 7.47% | 7.71% | 0.24% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 7.59% | 5.50% | 2.09% |
| AAPLApple, Inc | 5.17% | 6.83% | 1.66% |
| AMZNAmazon.Com Inc | 6.96% | 4.08% | 2.88% |
| GOOGAlphabet Inc | 7.06% | 2.67% | 4.39% |
| XOMExxon Mobil Corp. | 5.75% | 0.96% | 4.79% |
| MUMicron Technology, Inc. | 3.96% | 1.51% | 2.45% |
| AVGOBroadcom Inc | 2.00% | 2.97% | 0.97% |
| UNPUnion Pacific Corp | 3.67% | 0.26% | 3.41% |
| PMPhilip Morris International Inc. | 3.36% | 0.44% | 2.92% |
90.4% of GQGU is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, GQGU or SPY?
GQGU has an expense ratio of 0.49% while SPY charges 0.09%. SPY is the cheaper option, by $40 a year on a $10,000 investment.
Which performed better, GQGU or SPY?
Over the past year GQGU returned +4.83% vs +17.51% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), GQGU annualized +4.48% vs +20.09% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, GQGU or SPY?
SPY has been the more volatile fund at 12.3% annualized versus 12.0% for GQGU. Worst drawdown: GQGU -8.4% vs SPY -8.9%.
Should I hold both GQGU and SPY?
GQGU and SPY have a monthly-return correlation of -0.15, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between GQGU and SPY?
90.4% of GQGU's money is in holdings SPY also owns. 40.4% of SPY's is in holdings GQGU also owns. They hold 31 positions in common, counted across the 36 positions we hold weights for in GQGU and 504 in SPY.
Which pays a higher dividend, GQGU or SPY?
GQGU yields 0.96% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than GQGU?
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 54.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.