GSY vs SPY
Invesco Ultra Short Duration 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 505 holdings.
Side-by-Side Comparison
| Metric | GSY | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.22% | 0.09% | |
| AUM | $3.9B | $821.1B | |
| Dividend Yield | 4.26% | 1.01% | |
| Holdings | 415 | 505 | |
| YTD Return | +2.48% | +12.68% | |
| 1Y Return | +4.26% | +21.82% | |
| 3Y Return (annualized) | +5.38% | +21.98% | |
| 5Y Return (annualized) | +3.84% | +12.89% | |
| Volatility (annualized) | 1.0% | 15.3% | |
| Max Drawdown | -12.1% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Feb 12, 2008 | Jan 22, 1993 |
GSY vs SPY Performance
Invesco Ultra Short Duration ETF (GSY) is a ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year GSY returned +4.26% while SPY returned +21.82%. Year to date, GSY is up 2.48% versus a gain of 12.68% for SPY.
Over three years, GSY compounded at +5.38% per year against +21.98% for SPY; over five years the annualized figures are +3.84% and +12.89% respectively. Across the full 19-year window we track, SPY has the edge at +8.81% annualized vs +1.08%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 1.0% for GSY. 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 -12.1% for GSY 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 0.32. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
GSY charges 0.22% per year while SPY charges 0.09%. On a $10,000 position that is $22 vs $9 annually, a gap of $13 per year that compounds over a long holding period. On income, GSY currently yields 4.26% against 1.01% for SPY.
Holdings Overlap
GSY and SPY share 0 holdings out of 756 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, GSY or SPY?
GSY has an expense ratio of 0.22% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $13 per year of difference.
Which performed better, GSY or SPY?
Over the past year GSY returned +4.26% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (19 years), GSY annualized +1.08% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, GSY or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 1.0% for GSY. Worst drawdown: GSY -12.1% vs SPY -56.5%.
Should I hold both GSY and SPY?
GSY and SPY have a monthly-return correlation of 0.32, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between GSY and SPY?
GSY and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 756 unique securities.
Which pays a higher dividend, GSY or SPY?
GSY yields 4.26% while SPY yields 1.01%, so GSY currently pays the higher dividend yield.
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