JUST vs SPY
Goldman Sachs JUST US Large Cap Equity ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, JUST or SPY?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. JUST led over 1Y, SPY over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 1.00. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 40.6%.
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 | JUST | SPY |
|---|---|---|
| Expense Ratio | 0.20% | 0.09%Best |
| AUM | $570M | $804.7B |
| Dividend Yield | 0.93% | 0.98% |
| Holdings | 463 | 505 |
| YTD Return | +13.50%Best | +12.09% |
| 1Y Return | +17.87%Best | +16.29% |
| 3Y Return (annualized) | +21.16% | +21.20%Best |
| 5Y Return (annualized) | +12.87% | +13.37%Best |
| Volatility (annualized) | 16.7% | 16.6%Best |
| Max Drawdown | -33.8%Best | -34.1% |
| $10,000 over 5 years | $18,319 | $18,728Best |
| Top 10 Weight | 40.6% | 37.8%Best |
| Fund Family | Goldman Sachs Asset Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jun 7, 2018 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jun 13, 2018 to Sep 18, 2026 (8.3 years).
JUST 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 8.3 years both funds cover.
JUST vs SPY Performance
Goldman Sachs JUST US Large Cap Equity ETF (JUST) 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 JUST returned +17.87% while SPY returned +16.29%. Year to date, JUST is up 13.50% versus a gain of 12.09% for SPY.
Over three years, JUST compounded at +21.16% per year against +21.20% for SPY; over five years the annualized figures are +12.87% and +13.37% respectively. Across the full 8-year window we track, SPY has the edge at +13.99% annualized vs +13.74%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
JUST has been the more volatile fund, with annualized monthly volatility of 16.7% compared with 16.6% 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 -33.8% for JUST 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 1.00. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
JUST 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, JUST currently yields 0.93% against 0.98% for SPY.
Holdings Overlap
96.8% of JUST's money is in holdings SPY also owns. 82.4% of SPY's money is in holdings JUST also owns.
Most of JUST is already inside SPY. Owning both mostly buys the same companies twice.
335 positions in common, counted across the 461 positions we hold weights for in JUST and 504 in SPY, against full books of 463 and 505.
What only one of them owns
Our book lists 164 positions for SPY that do not appear in our book for JUST (17.1% of the fund), and 118 for JUST that do not appear in SPY (3.2%).
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 JUST | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.36% | 8.01% | 0.35% |
| AAPLApple, Inc | 7.39% | 7.26% | 0.13% |
| MSFTMicrosoft Corp | 6.09% | 5.66% | 0.43% |
| AMZNAmazon.Com Inc | 4.96% | 3.79% | 1.17% |
| GOOGLAlphabet Inc,class A | 3.20% | 2.99% | 0.21% |
| AVGOBroadcom Inc | 2.77% | 2.66% | 0.11% |
| GOOGAlphabet Inc | 2.58% | 2.39% | 0.19% |
| JPMJpmorgan Chase | 2.07% | 1.45% | 0.62% |
| MUMicron Technology, Inc. | 1.73% | 1.60% | 0.13% |
| LLYEli Lilly & Co. | 1.50% | 1.40% | 0.10% |
96.8% of JUST 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, JUST or SPY?
JUST has an expense ratio of 0.20% while SPY charges 0.09%. SPY is the cheaper option, by $11 a year on a $10,000 investment.
Which performed better, JUST or SPY?
Over the past year JUST returned +17.87% vs +16.29% for SPY, so JUST leads on 1-year performance. Over the longest common window we track (8 years), JUST annualized +13.74% vs +13.99% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, JUST or SPY?
JUST has been the more volatile fund at 16.7% annualized versus 16.6% for SPY. Worst drawdown: JUST -33.8% vs SPY -34.1%.
Should I hold both JUST and SPY?
JUST and SPY have a monthly-return correlation of 1.00, 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 JUST and SPY?
96.8% of JUST's money is in holdings SPY also owns. 82.4% of SPY's is in holdings JUST also owns. They hold 335 positions in common, counted across the 461 positions we hold weights for in JUST and 504 in SPY.
Which pays a higher dividend, JUST or SPY?
JUST yields 0.93% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than JUST?
SPY has a lower expense ratio. JUST led over 1Y, SPY over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 1.00. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 40.6%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.