GTIP vs SPY
Goldman Sachs Access Inflation Protected USD Bond 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 | GTIP | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.12% | 0.09% | |
| AUM | $296M | $821.1B | |
| Dividend Yield | 5.45% | 1.01% | |
| Holdings | 40 | 505 | |
| YTD Return | -3.11% | +14.24% | |
| 1Y Return | -2.34% | +21.71% | |
| 3Y Return (annualized) | +2.74% | +22.10% | |
| 5Y Return (annualized) | -0.44% | +13.21% | |
| Volatility (annualized) | 5.5% | 15.3% | |
| Max Drawdown | -14.3% | -56.5% | |
| Fund Family | Goldman Sachs Asset Management | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Oct 2, 2018 | Jan 22, 1993 |
GTIP vs SPY Performance
Goldman Sachs Access Inflation Protected USD Bond ETF (GTIP) is a ETF from Goldman Sachs Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year GTIP returned -2.34% while SPY returned +21.71%. Year to date, GTIP is down 3.11% versus a gain of 14.24% for SPY.
Over three years, GTIP compounded at +2.74% per year against +22.10% for SPY; over five years the annualized figures are -0.44% and +13.21% respectively. Across the full 8-year window we track, SPY has the edge at +8.86% annualized vs +2.62%. 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 5.5% for GTIP. 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 -14.3% for GTIP 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 0.55. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
GTIP charges 0.12% per year while SPY charges 0.09%. On a $10,000 position that is $12 vs $9 annually, a gap of $3 per year that compounds over a long holding period. On income, GTIP currently yields 5.45% against 1.01% for SPY.
Holdings Overlap
GTIP and SPY share 0 holdings out of 540 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, GTIP or SPY?
GTIP has an expense ratio of 0.12% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $3 per year of difference.
Which performed better, GTIP or SPY?
Over the past year GTIP returned -2.34% vs +21.71% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (8 years), GTIP annualized +2.62% vs +8.86% for SPY. Past performance does not guarantee future results.
Which is riskier, GTIP or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 5.5% for GTIP. Worst drawdown: GTIP -14.3% vs SPY -56.5%.
Should I hold both GTIP and SPY?
GTIP and SPY have a monthly-return correlation of 0.55, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between GTIP and SPY?
GTIP and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 540 unique securities.
Which pays a higher dividend, GTIP or SPY?
GTIP yields 5.45% while SPY yields 1.01%, so GTIP currently pays the higher dividend yield.
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