GSEU vs SPY
Goldman Sachs ActiveBeta Europe Equity ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, GSEU or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. GSEU is less concentrated, with 16.3% of the fund in its ten largest positions against 38.0%.
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 | GSEU | SPY |
|---|---|---|
| Expense Ratio | 0.25% | 0.09%Best |
| AUM | $177M | $804.7B |
| Dividend Yield | 2.69% | 0.98% |
| Holdings | 353 | 505 |
| YTD Return | +9.18% | +12.47%Best |
| 1Y Return | +16.84% | +17.51%Best |
| 3Y Return (annualized) | +17.71% | +21.18%Best |
| 5Y Return (annualized) | +8.56% | +12.88%Best |
| Volatility (annualized) | 16.1% | 15.1%Best |
| Max Drawdown | -39.4% | -34.1%Best |
| $10,000 over 5 years | $15,078 | $18,327Best |
| Top 10 Weight | 16.3%Best | 38.0% |
| Fund Family | Goldman Sachs Asset Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Mar 2, 2016 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Mar 4, 2016 to Sep 11, 2026 (10.5 years).
GSEU 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 10.5 years both funds cover.
GSEU vs SPY Performance
Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) is an ETF from Goldman Sachs Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year GSEU returned +16.84% while SPY returned +17.51%. Year to date, GSEU is up 9.18% versus a gain of 12.47% for SPY.
Over three years, GSEU compounded at +17.71% per year against +21.18% for SPY; over five years the annualized figures are +8.56% and +12.88% respectively. Across the full 11-year window we track, SPY has the edge at +14.37% annualized vs +8.03%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
GSEU has been the more volatile fund, with annualized monthly volatility of 16.1% compared with 15.1% 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 -39.4% for GSEU and -34.1% 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 0.80. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
GSEU charges 0.25% per year while SPY charges 0.09%. On a $10,000 position that is $25 vs $9 annually, a gap of $16 per year that compounds over a long holding period. On income, GSEU currently yields 2.69% against 0.98% for SPY.
Holdings Overlap
0.1% of GSEU's money is in holdings SPY also owns. 0.1% of SPY's money is in holdings GSEU also owns.
We cannot see either book well enough to say how much of this pair is duplicated.
1 positions in common, counted across the 347 positions we hold weights for in GSEU and 504 in SPY, against full books of 353 and 505.
What only one of them owns
Our book lists 494 positions for SPY that do not appear in our book for GSEU (99.5% of the fund), and 3 for GSEU that do not appear in SPY (1.5%).
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 GSEU | Weight in SPY | Difference |
|---|---|---|---|
| UMG:ASUniversal Music Group NV | 0.05% | 0.06% | 0.01% |
You are not choosing between two funds in isolation.
Whichever of GSEU 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, GSEU or SPY?
GSEU has an expense ratio of 0.25% while SPY charges 0.09%. SPY is the cheaper option, by $16 a year on a $10,000 investment.
Which performed better, GSEU or SPY?
Over the past year GSEU returned +16.84% vs +17.51% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (11 years), GSEU annualized +8.03% vs +14.37% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, GSEU or SPY?
GSEU has been the more volatile fund at 16.1% annualized versus 15.1% for SPY. Worst drawdown: GSEU -39.4% vs SPY -34.1%.
Should I hold both GSEU and SPY?
GSEU and SPY have a monthly-return correlation of 0.80, 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, GSEU or SPY?
GSEU yields 2.69% while SPY yields 0.98%, so GSEU currently pays the higher dividend yield.
Is SPY better than GSEU?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. GSEU is less concentrated, with 16.3% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.