PHYS vs SPY
Sprott Physical Gold Trust vs State Street SPDR S&P 500 ETF Trust
Which is better, PHYS or SPY?
Gold against Large Cap Blend.
SPY has a lower expense ratio. PHYS led over 3Y and 5Y, SPY over 1Y and the full window.
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 | PHYS | SPY |
|---|---|---|
| Expense Ratio | 0.40% | 0.09%Best |
| AUM | $16.2B | $804.7B |
| Dividend Yield | 0.00% | 0.98% |
| Holdings | 3 | 505 |
| YTD Return | -0.97% | +12.22%Best |
| 1Y Return | +16.47% | +16.97%Best |
| 3Y Return (annualized) | +29.66%Best | +21.16% |
| 5Y Return (annualized) | +18.88%Best | +13.00% |
| Volatility (annualized) | 17.6% | 14.4%Best |
| Max Drawdown | -48.2% | -34.1%Best |
| $10,000 over 5 years | $23,743Best | $18,424 |
| Fund Family | Sprott Asset Management LP | State Street Investment Management |
| Category | Commodity | Equity |
| Style | Gold | Large Cap Blend |
| Inception | Feb 25, 2010 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Feb 26, 2010 to Sep 17, 2026 (16.6 years).
PHYS 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 16.6 years both funds cover.
PHYS vs SPY Performance
Sprott Physical Gold Trust (PHYS) is an ETF from Sprott Asset Management LP and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year PHYS returned +16.47% while SPY returned +16.97%. Year to date, PHYS is down 0.97% versus a gain of 12.22% for SPY.
Over three years, PHYS compounded at +29.66% per year against +21.16% for SPY; over five years the annualized figures are +18.88% and +13.00% respectively. Across the full 17-year window we track, SPY has the edge at +12.87% annualized vs +7.71%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PHYS has been the more volatile fund, with annualized monthly volatility of 17.6% compared with 14.4% 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 -48.2% for PHYS 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 0.05. They move largely independently of each other.
Fees and Cost Over Time
PHYS charges 0.40% per year while SPY charges 0.09%. On a $10,000 position that is $40 vs $9 annually, a gap of $31 per year that compounds over a long holding period. On income, PHYS currently yields 0.00% against 0.98% for SPY.
You are not choosing between two funds in isolation.
Whichever of PHYS and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, PHYS or SPY?
PHYS has an expense ratio of 0.40% while SPY charges 0.09%. SPY is the cheaper option, by $31 a year on a $10,000 investment.
Which performed better, PHYS or SPY?
Over the past year PHYS returned +16.47% vs +16.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (17 years), PHYS annualized +7.71% vs +12.87% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PHYS or SPY?
PHYS has been the more volatile fund at 17.6% annualized versus 14.4% for SPY. Worst drawdown: PHYS -48.2% vs SPY -34.1%.
Should I hold both PHYS and SPY?
PHYS and SPY have a monthly-return correlation of 0.05, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, PHYS or SPY?
PHYS yields 0.00% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than PHYS?
SPY has a lower expense ratio. PHYS led over 3Y and 5Y, SPY over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.