GAFSX vs. SPY

Last updated Jun 3, 2026

GAFSX (Gabelli Global Financial Services Fund Class AAA) and SPY (State Street SPDR S&P 500 ETF) are both funds - GAFSX is a Financials Equities fund actively managed by Gabelli, while SPY is a S&P 500 fund tracking the S&P 500 Index. GAFSX is actively managed, while SPY is passively managed. Over the past 5 years, GAFSX returned 15.28%/yr vs 13.83%/yr for SPY. A 0.65 correlation means they provide meaningful diversification when combined. GAFSX charges 1.25%/yr vs 0.09%/yr for SPY.

Performance

GAFSX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gabelli Global Financial Services Fund Class AAA (GAFSX) 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, GAFSX achieves a 4.26% return, which is significantly lower than SPY's 10.91% return.

GAFSX

• 1D: -0.77%
• 1M: 0.46%
• YTD: 4.26%
• 6M: 9.01%
• 1Y: 28.66%
• 3Y*: 28.01%
• 5Y*: 15.28%
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

GAFSX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GAFSX Gabelli Global Financial Services Fund Class AAA	4.26%	36.22%	27.78%	25.43%	-11.28%	28.74%	-1.51%	8.88%	0.34%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-13.78%

Correlation

The correlation between GAFSX and SPY is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since Oct 3, 2018	0.65

The correlation between GAFSX and SPY has been stable across timeframes, ranging from 0.61 to 0.67 - a consistent structural relationship.

Return for Risk

GAFSX vs. SPY — Risk / Return Rank

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

GAFSX

GAFSX Risk / Return Rank: 57
GAFSX Sharpe Ratio Rank: 59
GAFSX Sortino Ratio Rank: 63
GAFSX Omega Ratio Rank: 53
GAFSX Calmar Ratio Rank: 62
GAFSX Martin Ratio Rank: 47

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

GAFSX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gabelli Global Financial Services Fund Class AAA (GAFSX) 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.

	GAFSX	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.26	2.38	-0.11
Sortino ratio Return per unit of downside risk	3.33	3.24	+0.09
Omega ratio Gain probability vs. loss probability	1.40	1.43	-0.03
Calmar ratio Return relative to maximum drawdown	3.04	3.16	-0.13
Martin ratio Return relative to average drawdown	9.91	14.72	-4.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GAFSX vs. SPY - Sharpe Ratio Comparison

The current GAFSX Sharpe Ratio is 2.26, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of GAFSX 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.

Sharpe Ratios by Period

	GAFSX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.26	2.38	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.88	0.82	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.59	+0.07

Drawdowns

GAFSX vs. SPY - Drawdown Comparison

The maximum GAFSX drawdown since its inception was -46.40%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for GAFSX and SPY.

Drawdown Indicators

	GAFSX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-46.40%	-55.19%	+8.79%
Max Drawdown (1Y) Largest decline over 1 year	-9.47%	-8.88%	-0.59%
Max Drawdown (3Y) Largest decline over 3 years	-14.49%	-18.76%	+4.27%
Max Drawdown (5Y) Largest decline over 5 years	-28.21%	-24.50%	-3.71%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-1.78%	-0.70%	-1.08%
Average Drawdown Average peak-to-trough decline	-7.68%	-9.05%	+1.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	1.91%	+0.99%

Volatility

GAFSX vs. SPY - Volatility Comparison

Gabelli Global Financial Services Fund Class AAA (GAFSX) has a higher volatility of 3.48% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that GAFSX'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

	GAFSX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.48%	2.84%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	9.40%	8.90%	+0.50%
Volatility (1Y) Calculated over the trailing 1-year period	12.74%	11.83%	+0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.40%	17.05%	+0.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.84%	17.94%	+3.90%

GAFSX vs. SPY - Expense Ratio Comparison

GAFSX has a 1.25% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

GAFSX vs. SPY - Dividend Comparison

GAFSX's dividend yield for the trailing twelve months is around 1.64%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GAFSX Gabelli Global Financial Services Fund Class AAA	1.64%	1.71%	2.22%	2.45%	2.66%	1.94%	1.35%	2.26%	0.34%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.98%	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 GAFSX and SPY in my portfolio?

GAFSX and SPY have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GAFSX or SPY?

GAFSX has higher volatility (3.48%) compared to SPY (2.84%). In terms of maximum drawdown, GAFSX dropped -46.40% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 2.26), 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.