GVIP vs SPY
Goldman Sachs Hedge Industry VIP ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. GVIP delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | GVIP | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.45% | 0.09% | |
| AUM | $584M | $821.1B | |
| Dividend Yield | 0.31% | 1.01% | |
| Holdings | 53 | 505 | |
| YTD Return | +10.60% | +12.68% | |
| 1Y Return | +24.12% | +21.82% | |
| 3Y Return (annualized) | +26.86% | +21.98% | |
| 5Y Return (annualized) | +11.45% | +12.89% | |
| Volatility (annualized) | 19.1% | 15.3% | |
| Max Drawdown | -37.1% | -56.5% | |
| Fund Family | Goldman Sachs Asset Management | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Nov 1, 2016 | Jan 22, 1993 |
GVIP vs SPY Performance
Goldman Sachs Hedge Industry VIP ETF (GVIP) 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 GVIP returned +24.12% while SPY returned +21.82%. Year to date, GVIP is up 10.60% versus a gain of 12.68% for SPY.
Over three years, GVIP compounded at +26.86% per year against +21.98% for SPY; over five years the annualized figures are +11.45% and +12.89% respectively. Across the full 10-year window we track, GVIP has the edge at +16.76% annualized vs +8.81%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
GVIP has been the more volatile fund, with annualized monthly volatility of 19.1% 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 -37.1% for GVIP 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 0.91. 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 0.31% against 1.01% for SPY.
Holdings Overlap
GVIP and SPY share 37 holdings out of 519 unique holdings combined, representing a 29.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $36 per year of difference.
Which performed better, GVIP or SPY?
Over the past year GVIP returned +24.12% vs +21.82% for SPY, so GVIP leads on 1-year performance. Over the longest common window we track (10 years), GVIP annualized +16.76% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, GVIP or SPY?
GVIP has been the more volatile fund at 19.1% annualized versus 15.3% for SPY. Worst drawdown: GVIP -37.1% vs SPY -56.5%.
Should I hold both GVIP and SPY?
GVIP and SPY have a monthly-return correlation of 0.91, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between GVIP and SPY?
GVIP and SPY share 37 common holdings with a 29.0% weight overlap. Combined, they hold 519 unique securities.
Which pays a higher dividend, GVIP or SPY?
GVIP yields 0.31% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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