GVI vs SPY
iShares Intermediate Government/Credit 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. GVI offers more diversification with 6,117 holdings.
Side-by-Side Comparison
| Metric | GVI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.20% | 0.09% | |
| AUM | $3.8B | $821.1B | |
| Dividend Yield | 3.64% | 1.01% | |
| Holdings | 6,117 | 505 | |
| YTD Return | -1.78% | +12.22% | |
| 1Y Return | -0.17% | +20.83% | |
| 3Y Return (annualized) | +3.86% | +21.70% | |
| 5Y Return (annualized) | +0.44% | +12.98% | |
| Volatility (annualized) | 25.2% | 15.3% | |
| Max Drawdown | -39.1% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Jan 5, 2007 | Jan 22, 1993 |
GVI vs SPY Performance
iShares Intermediate Government/Credit Bond ETF (GVI) is a ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year GVI returned -0.17% while SPY returned +20.83%. Year to date, GVI is down 1.78% versus a gain of 12.22% for SPY.
Over three years, GVI compounded at +3.86% per year against +21.70% for SPY; over five years the annualized figures are +0.44% and +12.98% respectively. Across the full 20-year window we track, SPY has the edge at +8.79% annualized vs +2.75%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
GVI has been the more volatile fund, with annualized monthly volatility of 25.2% compared with 15.3% for SPY. 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 -39.1% for GVI 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 0.03. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
GVI charges 0.20% per year while SPY charges 0.09%. On a $10,000 position that is $20 vs $9 annually, a gap of $11 per year that compounds over a long holding period. On income, GVI currently yields 3.64% against 1.01% for SPY.
Holdings Overlap
GVI and SPY share 3 holdings out of 2662 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, GVI or SPY?
GVI has an expense ratio of 0.20% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $11 per year of difference.
Which performed better, GVI or SPY?
Over the past year GVI returned -0.17% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (20 years), GVI annualized +2.75% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, GVI or SPY?
GVI has been the more volatile fund at 25.2% annualized versus 15.3% for SPY. Worst drawdown: GVI -39.1% vs SPY -56.5%.
Should I hold both GVI and SPY?
GVI and SPY have a monthly-return correlation of 0.03, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between GVI and SPY?
GVI and SPY share 3 common holdings with a 0.0% weight overlap. Combined, they hold 2662 unique securities.
Which pays a higher dividend, GVI or SPY?
GVI yields 3.64% while SPY yields 1.01%, so GVI currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.