GVIP vs SPY
Goldman Sachs Hedge Industry VIP ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, GVIP or SPY?
Large Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. GVIP led over 3Y and the full window, SPY over 1Y and 5Y. The two have moved almost in lockstep, correlation 0.91. GVIP is less concentrated, with 21.8% of the fund in its ten largest positions against 37.8%.
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 | GVIP | SPY |
|---|---|---|
| Expense Ratio | 0.45% | 0.09%Best |
| AUM | $567M | $804.7B |
| Dividend Yield | 0.30% | 0.98% |
| Holdings | 53 | 505 |
| YTD Return | +8.49% | +12.09%Best |
| 1Y Return | +11.40% | +16.29%Best |
| 3Y Return (annualized) | +25.07%Best | +21.20% |
| 5Y Return (annualized) | +11.39% | +13.37%Best |
| Volatility (annualized) | 19.0% | 15.5%Best |
| Max Drawdown | -37.1% | -34.1%Best |
| $10,000 over 5 years | $17,149 | $18,728Best |
| Top 10 Weight | 21.8%Best | 37.8% |
| Fund Family | Goldman Sachs Asset Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Nov 1, 2016 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Nov 3, 2016 to Sep 18, 2026 (9.9 years).
GVIP 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 9.9 years both funds cover.
GVIP vs SPY Performance
Goldman Sachs Hedge Industry VIP ETF (GVIP) is an ETF from Goldman Sachs Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year GVIP returned +11.40% while SPY returned +16.29%. Year to date, GVIP is up 8.49% versus a gain of 12.09% for SPY.
Over three years, GVIP compounded at +25.07% per year against +21.20% for SPY; over five years the annualized figures are +11.39% and +13.37% respectively. Across the full 10-year window we track, GVIP has the edge at +16.39% annualized vs +14.87%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
GVIP has been the more volatile fund, with annualized monthly volatility of 19.0% compared with 15.5% 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 -37.1% for GVIP and -34.1% 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 0.91. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
GVIP charges 0.45% per year while SPY charges 0.09%. On a $10,000 position that is $45 vs $9 annually, a gap of $36 per year that compounds over a long holding period. On income, GVIP currently yields 0.30% against 0.98% for SPY.
Holdings Overlap
68.8% of GVIP's money is in holdings SPY also owns. 45.8% of SPY's money is in holdings GVIP also owns.
The two portfolios partly overlap.
34 positions in common, counted across the 51 positions we hold weights for in GVIP and 504 in SPY, against full books of 53 and 505.
What only one of them owns
Our book lists 463 positions for SPY that do not appear in our book for GVIP (53.5% of the fund), and 12 for GVIP that do not appear in SPY (21.3%).
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 GVIP | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 2.05% | 8.01% | 5.96% |
| AAPLApple, Inc | 2.17% | 7.26% | 5.09% |
| MSFTMicrosoft Corp | 2.14% | 5.66% | 3.52% |
| AMZNAmazon.Com Inc | 2.07% | 3.79% | 1.72% |
| GOOGLAlphabet Inc,class A | 2.05% | 2.99% | 0.94% |
| AVGOBroadcom Inc | 1.97% | 2.66% | 0.69% |
| METAMeta Platforms Inc | 2.03% | 1.93% | 0.10% |
| MUMicron Technology, Inc. | 2.07% | 1.60% | 0.47% |
| JPMJpmorgan Chase | 2.05% | 1.45% | 0.60% |
| BRK.BBerkshire Hathaway Inc Brk/B Us Equity | 2.09% | 1.40% | 0.69% |
68.8% of GVIP 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, GVIP or SPY?
GVIP has an expense ratio of 0.45% while SPY charges 0.09%. SPY is the cheaper option, by $36 a year on a $10,000 investment.
Which performed better, GVIP or SPY?
Over the past year GVIP returned +11.40% vs +16.29% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (10 years), GVIP annualized +16.39% vs +14.87% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, GVIP or SPY?
GVIP has been the more volatile fund at 19.0% annualized versus 15.5% for SPY. Worst drawdown: GVIP -37.1% vs SPY -34.1%.
Should I hold both GVIP and SPY?
GVIP and SPY have a monthly-return correlation of 0.91, 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 GVIP and SPY?
68.8% of GVIP's money is in holdings SPY also owns. 45.8% of SPY's is in holdings GVIP also owns. They hold 34 positions in common, counted across the 51 positions we hold weights for in GVIP and 504 in SPY.
Which pays a higher dividend, GVIP or SPY?
GVIP yields 0.30% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than GVIP?
SPY has a lower expense ratio. GVIP led over 3Y and the full window, SPY over 1Y and 5Y. The two have moved almost in lockstep, correlation 0.91. GVIP is less concentrated, with 21.8% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.