GSIB vs SPY
Themes Global Systemically Important Banks ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. GSIB delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | GSIB | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.35% | 0.09% | |
| AUM | $37M | $789.1B | |
| Dividend Yield | 1.68% | 1.01% | |
| Holdings | 63 | 505 | |
| YTD Return | +22.17% | +14.47% | |
| 1Y Return | +42.41% | +21.96% | |
| 3Y Return (annualized) | - | +21.70% | |
| 5Y Return (annualized) | - | +13.30% | |
| Volatility (annualized) | 12.3% | 15.3% | |
| Max Drawdown | -17.7% | -56.5% | |
| Fund Family | Themes ETFs | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Dec 15, 2023 | Jan 22, 1993 |
GSIB vs SPY Performance
Themes Global Systemically Important Banks ETF (GSIB) is a ETF from Themes ETFs and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year GSIB returned +42.41% while SPY returned +21.96%. Year to date, GSIB is up 22.17% versus a gain of 14.47% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 12.3% for GSIB. 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 -17.7% for GSIB 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 0.51. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
GSIB charges 0.35% per year while SPY charges 0.09%. On a $10,000 position that is $35 vs $9 annually, a gap of $26 per year that compounds over a long holding period. On income, GSIB currently yields 1.68% against 1.01% for SPY.
Holdings Overlap
GSIB and SPY share 8 holdings out of 524 unique holdings combined, representing a 3.9% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, GSIB or SPY?
GSIB has an expense ratio of 0.35% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $26 per year of difference.
Which performed better, GSIB or SPY?
Over the past year GSIB returned +42.41% vs +21.96% for SPY, so GSIB leads on 1-year performance. Over the longest common window we track (3 years), GSIB annualized +46.78% vs +8.87% for SPY. Past performance does not guarantee future results.
Which is riskier, GSIB or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 12.3% for GSIB. Worst drawdown: GSIB -17.7% vs SPY -56.5%.
Should I hold both GSIB and SPY?
GSIB and SPY have a monthly-return correlation of 0.51, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between GSIB and SPY?
GSIB and SPY share 8 common holdings with a 3.9% weight overlap. Combined, they hold 524 unique securities.
Which pays a higher dividend, GSIB or SPY?
GSIB yields 1.68% while SPY yields 1.01%, so GSIB currently pays the higher dividend yield.
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