GTOC vs SPY
Invesco Core Fixed Income ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. GTOC offers more diversification with 796 holdings.
Side-by-Side Comparison
| Metric | GTOC | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.26% | 0.09% | |
| AUM | $355M | $821.1B | |
| Dividend Yield | 4.03% | 1.01% | |
| Holdings | 796 | 505 | |
| YTD Return | -2.39% | +12.22% | |
| 1Y Return | -0.43% | +20.83% | |
| 3Y Return (annualized) | - | +21.70% | |
| 5Y Return (annualized) | - | +12.98% | |
| Volatility (annualized) | 3.7% | 15.3% | |
| Max Drawdown | -4.1% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Jul 23, 2025 | Jan 22, 1993 |
GTOC vs SPY Performance
Invesco Core Fixed Income ETF (GTOC) 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 GTOC returned -0.43% while SPY returned +20.83%. Year to date, GTOC is down 2.39% versus a gain of 12.22% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 3.7% for GTOC. 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 -4.1% for GTOC 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 0.33. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
GTOC charges 0.26% per year while SPY charges 0.09%. On a $10,000 position that is $26 vs $9 annually, a gap of $17 per year that compounds over a long holding period. On income, GTOC currently yields 4.03% against 1.01% for SPY.
Holdings Overlap
GTOC and SPY share 9 holdings out of 715 unique holdings combined, representing a 0.4% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, GTOC or SPY?
GTOC has an expense ratio of 0.26% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $17 per year of difference.
Which performed better, GTOC or SPY?
Over the past year GTOC returned -0.43% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), GTOC annualized +0.50% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, GTOC or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 3.7% for GTOC. Worst drawdown: GTOC -4.1% vs SPY -56.5%.
Should I hold both GTOC and SPY?
GTOC and SPY have a monthly-return correlation of 0.33, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between GTOC and SPY?
GTOC and SPY share 9 common holdings with a 0.4% weight overlap. Combined, they hold 715 unique securities.
Which pays a higher dividend, GTOC or SPY?
GTOC yields 4.03% while SPY yields 1.01%, so GTOC currently pays the higher dividend yield.
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