GABF vs. SPY

Last updated Jul 14, 2026

GABF (Gabelli Financial Services Opportunities ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - GABF is a Financials Equities fund actively managed by Gabelli, while SPY is a S&P 500 fund tracking the S&P 500 Index. GABF is actively managed, while SPY is passively managed. Over the past 3 years, GABF returned 20.10%/yr vs 20.07%/yr for SPY. A 0.75 correlation means they provide meaningful diversification when combined. GABF charges 0.10%/yr vs 0.09%/yr for SPY.

Performance

GABF vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gabelli Financial Services Opportunities ETF (GABF) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GABF achieves a -2.34% return, which is significantly lower than SPY's 10.45% return.

GABF

• 1D: -0.22%
• 1M: 1.32%
• 6M: -5.40%
• YTD: -2.34%
• 1Y: -4.10%
• 3Y*: 20.10%
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.77%
• 1M: 1.26%
• 6M: 8.34%
• YTD: 10.45%
• 1Y: 21.46%
• 3Y*: 20.07%
• 5Y*: 12.94%
• 10Y*: 15.08%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GABF vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GABF Gabelli Financial Services Opportunities ETF	-2.34%	3.60%	44.38%	38.92%	-0.04%
SPY State Street SPDR S&P 500 ETF	10.45%	17.72%	24.89%	26.18%	-2.70%

Correlation

The correlation between GABF and SPY is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (All Time) Calculated using the full available price history since May 10, 2022	0.75

The correlation between GABF and SPY shifts across timeframes, from 0.62 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.

GABF vs. SPY - Sectors Allocation Comparison

Sectors	GABF	SPY
Financial Services	85.6%	11.1%
Technology	5.2%	39.0%
Industrials	4.9%	7.8%
Real Estate	4.3%	1.8%
Basic Materials	-	1.7%
Communication Services	-	10.6%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.5%
Energy	-	3.1%
Healthcare	-	8.3%
Utilities	-	2.1%

Return for Risk

GABF vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GABF

GABF Risk / Return Rank: 7
GABF Sharpe Ratio Rank: 7
GABF Sortino Ratio Rank: 7
GABF Omega Ratio Rank: 7
GABF Calmar Ratio Rank: 7
GABF Martin Ratio Rank: 7

SPY

SPY Risk / Return Rank: 66
SPY Sharpe Ratio Rank: 66
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 61
SPY Martin Ratio Rank: 72

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GABF vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gabelli Financial Services Opportunities ETF (GABF) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	GABF	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.23	1.71	-1.95
Sortino ratio: Return per unit of downside risk	-0.20	2.37	-2.57
Omega ratio: Gain probability vs. loss probability	0.98	1.31	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.24	2.43	-2.67
Martin ratio: Return relative to average drawdown	-0.53	10.57	-11.10

GABF vs. SPY - Sharpe Ratio Comparison

The current GABF Sharpe Ratio is -0.23, which is lower than the SPY Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of GABF and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GABF vs. SPY - Drawdown Comparison

The maximum GABF drawdown since its inception was -20.86%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for GABF and SPY.

Drawdown Indicators

	GABF	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-20.86%	-55.19%	+34.33%
Max Drawdown (1Y) Largest decline over 1 year	-17.16%	-8.88%	-8.28%
Max Drawdown (3Y) Largest decline over 3 years	-20.86%	-18.76%	-2.10%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-7.14%	-1.12%	-6.02%
Average Drawdown Average peak-to-trough decline	-4.94%	-9.02%	+4.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.78%	2.03%	+5.75%

Volatility

GABF vs. SPY - Volatility Comparison

Gabelli Financial Services Opportunities ETF (GABF) has a higher volatility of 4.51% compared to State Street SPDR S&P 500 ETF (SPY) at 4.26%. This indicates that GABF's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GABF	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.51%	4.26%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	13.37%	10.01%	+3.36%
Volatility (1Y) Calculated over the trailing 1-year period	17.59%	12.60%	+4.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.45%	17.17%	+3.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.45%	17.93%	+2.52%

GABF vs. SPY - Expense Ratio Comparison

GABF has a 0.10% expense ratio, which is higher than SPY's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GABF vs. SPY - Dividend Comparison

GABF's dividend yield for the trailing twelve months is around 2.01%, more than SPY's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GABF Gabelli Financial Services Opportunities ETF	2.01%	1.96%	4.19%	4.95%	1.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both GABF and SPY in my portfolio?

GABF and SPY have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GABF or SPY?

GABF has higher volatility (4.51%) compared to SPY (4.26%). In terms of maximum drawdown, GABF dropped -20.86% vs SPY's -55.19%.

Which ETF is better, GABF or SPY?

On 3-year performance, GABF leads with 20.10% vs 20.07% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GABF or SPY?

Over the 3-year period, GABF has performed better with a 20.10% return vs 20.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GABF or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.10% for GABF.

Which ETF pays a higher dividend yield, GABF or SPY?

GABF has the higher dividend yield at 2.01%, compared with 1.00% for SPY.

What is the main difference between GABF and SPY?

GABF is categorized as Financials Equities, while SPY is S&P 500. They also come from different issuers: Gabelli and State Street. Their fees differ too: 0.10% for GABF and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.71 vs -0.23), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.