GSPY vs SPY
The Gotham Enhanced 500 ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, GSPY or SPY?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. GSPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 1.00. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 38.3%.
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 | GSPY | SPY |
|---|---|---|
| Expense Ratio | 0.50% | 0.09%Best |
| AUM | $750M | $804.7B |
| Dividend Yield | 2.35% | 0.98% |
| Holdings | 503 | 505 |
| YTD Return | +15.17%Best | +12.47% |
| 1Y Return | +20.65%Best | +17.51% |
| 3Y Return (annualized) | +21.82%Best | +21.18% |
| 5Y Return (annualized) | +13.49%Best | +12.88% |
| Volatility (annualized) | 14.7%Best | 15.0% |
| Max Drawdown | -23.3%Best | -24.5% |
| $10,000 over 5 years | $18,827Best | $18,327 |
| Top 10 Weight | 38.3% | 38.0%Best |
| Fund Family | Gotham Funds | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Dec 30, 2016 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Dec 29, 2020 to Sep 11, 2026 (5.7 years).
GSPY 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 5.7 years both funds cover.
GSPY vs SPY Performance
The Gotham Enhanced 500 ETF (GSPY) is an ETF from Gotham Funds and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year GSPY returned +20.65% while SPY returned +17.51%. Year to date, GSPY is up 15.17% versus a gain of 12.47% for SPY.
Over three years, GSPY compounded at +21.82% per year against +21.18% for SPY; over five years the annualized figures are +13.49% and +12.88% respectively. Across the full 6-year window we track, GSPY has the edge at +15.38% annualized vs +14.98%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.0% compared with 14.7% for GSPY. 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 -23.3% for GSPY and -24.5% 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 1.00. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
GSPY charges 0.50% per year while SPY charges 0.09%. On a $10,000 position that is $50 vs $9 annually, a gap of $41 per year that compounds over a long holding period. On income, GSPY currently yields 2.35% against 0.98% for SPY.
Holdings Overlap
99.9% of GSPY's money is in holdings SPY also owns. 96.7% of SPY's money is in holdings GSPY also owns.
Most of GSPY is already inside SPY. Owning both mostly buys the same companies twice.
494 positions in common, counted across the 501 positions we hold weights for in GSPY and 504 in SPY, against full books of 503 and 505.
What only one of them owns
Our book lists 6 positions for SPY that do not appear in our book for GSPY (3.0% of the fund), and 3 for GSPY that do not appear in SPY (0.1%).
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 GSPY | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 6.67% | 7.71% | 1.04% |
| AAPLApple, Inc | 6.65% | 6.83% | 0.18% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 6.12% | 5.50% | 0.62% |
| AMZNAmazon.Com Inc | 4.51% | 4.08% | 0.43% |
| GOOGLAlphabet A Usd 0.001 | 4.79% | 3.33% | 1.46% |
| AVGOBroadcom Inc | 1.65% | 2.97% | 1.32% |
| METAMeta Platforms, Inc. | 2.38% | 1.94% | 0.44% |
| MUMicron Technology, Inc. | 2.60% | 1.51% | 1.09% |
| BRK.BBerkshire Hathaway B | 1.54% | 1.42% | 0.12% |
| JPMJpmorgan Chase & Co. | 1.39% | 1.44% | 0.05% |
99.9% of GSPY 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, GSPY or SPY?
GSPY has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option, by $41 a year on a $10,000 investment.
Which performed better, GSPY or SPY?
Over the past year GSPY returned +20.65% vs +17.51% for SPY, so GSPY leads on 1-year performance. Over the longest common window we track (6 years), GSPY annualized +15.38% vs +14.98% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, GSPY or SPY?
SPY has been the more volatile fund at 15.0% annualized versus 14.7% for GSPY. Worst drawdown: GSPY -23.3% vs SPY -24.5%.
Should I hold both GSPY and SPY?
GSPY and SPY have a monthly-return correlation of 1.00, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between GSPY and SPY?
99.9% of GSPY's money is in holdings SPY also owns. 96.7% of SPY's is in holdings GSPY also owns. They hold 494 positions in common, counted across the 501 positions we hold weights for in GSPY and 504 in SPY.
Which pays a higher dividend, GSPY or SPY?
GSPY yields 2.35% while SPY yields 0.98%, so GSPY currently pays the higher dividend yield.
Is SPY better than GSPY?
SPY has a lower expense ratio. GSPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 1.00. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 38.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.