GSEW vs SPY
GSEW vs SPY
Goldman Sachs Equal Weight US Large Cap Equity ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
GSEW has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | GSEW | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.09% | |
| AUM | $1.9B | $789.1B | |
| Dividend Yield | 1.38% | 1.01% | |
| Holdings | 500 | 505 | |
| YTD Return | +12.71% | +13.10% | |
| 1Y Return | +17.87% | +22.80% | |
| 3Y Return (annualized) | +16.29% | +20.98% | |
| 5Y Return (annualized) | +8.51% | +13.20% | |
| Volatility (annualized) | 17.1% | 15.3% | |
| Max Drawdown | -38.6% | -56.5% | |
| Fund Family | Goldman Sachs Asset Management | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Sep 12, 2017 | Jan 22, 1993 |
GSEW vs SPY Performance
Goldman Sachs Equal Weight US Large Cap Equity ETF (GSEW) 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 GSEW returned +17.87% while SPY returned +22.80%. Year to date, GSEW is up 12.71% versus a gain of 13.10% for SPY.
Over three years, GSEW compounded at +16.29% per year against +20.98% for SPY; over five years the annualized figures are +8.51% and +13.20% respectively. Across the full 9-year window we track, GSEW has the edge at +11.91% annualized vs +8.83%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
GSEW has been the more volatile fund, with annualized monthly volatility of 17.1% 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 -38.6% for GSEW 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 0.96. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
GSEW charges 0.09% per year while SPY charges 0.09%. On a $10,000 position that is $9 vs $9 annually, a gap of $0 per year that compounds over a long holding period. On income, GSEW currently yields 1.38% against 1.01% for SPY.
Holdings Overlap
GSEW and SPY share 378 holdings out of 585 unique holdings combined, representing a 38.7% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in GSEW | Weight in SPY | Difference |
|---|---|---|---|
| NVDA | 0.20% | 7.31% | 7.11% |
| AAPL | 0.23% | 7.09% | 6.86% |
| MSFT | 0.20% | 4.43% | 4.23% |
| AMZN | Pro | Pro | Pro |
| GOOGL | Pro | Pro | Pro |
| AVGO | Pro | Pro | Pro |
| META | Pro | Pro | Pro |
| TSLA | Pro | Pro | Pro |
| MU | Pro | Pro | Pro |
| LLY | Pro | Pro | Pro |
See all 10 holdings GSEW shares with SPY Exact weights in each fund and the difference, for every overlapping position. Get FundXLS Pro: $29/moFirst 500 subscribers, then $49/mo. Cancel anytime. | |||
Frequently Asked Questions
Which is cheaper, GSEW or SPY?
GSEW has an expense ratio of 0.09% while SPY charges 0.09%. GSEW is the cheaper option. On a $10,000 investment, that is $0 per year of difference.
Which performed better, GSEW or SPY?
Over the past year GSEW returned +17.87% vs +22.80% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (9 years), GSEW annualized +11.91% vs +8.83% for SPY. Past performance does not guarantee future results.
Which is riskier, GSEW or SPY?
GSEW has been the more volatile fund at 17.1% annualized versus 15.3% for SPY. Worst drawdown: GSEW -38.6% vs SPY -56.5%.
Should I hold both GSEW and SPY?
GSEW and SPY have a monthly-return correlation of 0.96, 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 GSEW and SPY?
GSEW and SPY share 378 common holdings with a 38.7% weight overlap. Combined, they hold 585 unique securities.
Which pays a higher dividend, GSEW or SPY?
GSEW yields 1.38% while SPY yields 1.01%, so GSEW currently pays the higher dividend yield.
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