GDEC vs. SPY

Last updated Jun 4, 2026

GDEC (FT Cboe Vest U.S. Equity Moderate Buffer ETF - December) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - GDEC is a Options Trading fund actively managed by FT Vest, while SPY is a S&P 500 fund tracking the S&P 500 Index. GDEC is actively managed, while SPY is passively managed. Over the past year, GDEC returned 15.63% vs 27.98% for SPY. Their correlation of 0.91 suggests significant overlap in exposure. GDEC charges 0.85%/yr vs 0.09%/yr for SPY.

Performance

GDEC vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Moderate Buffer ETF - December (GDEC) 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, GDEC achieves a 5.14% return, which is significantly lower than SPY's 10.91% return.

GDEC

• 1D: -0.16%
• 1M: 1.94%
• YTD: 5.14%
• 6M: 6.04%
• 1Y: 15.63%
• 3Y*: —
• 5Y*: —
• 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)

GDEC vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GDEC FT Cboe Vest U.S. Equity Moderate Buffer ETF - December	5.14%	12.14%	11.45%	0.46%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	0.71%

Correlation

The correlation between GDEC and SPY is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (All Time) Calculated using the full available price history since Dec 19, 2023	0.91

The correlation between GDEC and SPY has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

GDEC vs. SPY - Sectors Allocation Comparison

Sectors	GDEC	SPY
Technology	36.2%	35.9%
Financial Services	11.9%	11.8%
Communication Services	10.9%	11.3%
Consumer Cyclical	10.1%	10.3%
Healthcare	8.4%	8.4%
Industrials	8.1%	7.8%
Consumer Defensive	4.9%	4.8%
Energy	3.5%	3.6%
Utilities	2.3%	2.4%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

GDEC vs. SPY — Risk / Return Rank

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

GDEC

GDEC Risk / Return Rank: 82
GDEC Sharpe Ratio Rank: 83
GDEC Sortino Ratio Rank: 88
GDEC Omega Ratio Rank: 88
GDEC Calmar Ratio Rank: 67
GDEC Martin Ratio Rank: 84

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.

GDEC vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Moderate Buffer ETF - December (GDEC) 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.

	GDEC	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.67	2.38	+0.30
Sortino ratio: Return per unit of downside risk	3.98	3.24	+0.74
Omega ratio: Gain probability vs. loss probability	1.55	1.43	+0.11
Calmar ratio: Return relative to maximum drawdown	3.28	3.16	+0.12
Martin ratio: Return relative to average drawdown	17.29	14.72	+2.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GDEC vs. SPY - Sharpe Ratio Comparison

The current GDEC Sharpe Ratio is 2.67, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of GDEC 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

	GDEC	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.67	2.38	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.52	0.59	+0.93

Drawdowns

GDEC vs. SPY - Drawdown Comparison

The maximum GDEC drawdown since its inception was -10.61%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for GDEC and SPY.

Drawdown Indicators

	GDEC	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-10.61%	-55.19%	+44.58%
Max Drawdown (1Y) Largest decline over 1 year	-4.79%	-8.88%	+4.09%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
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	-0.16%	-0.70%	+0.54%
Average Drawdown Average peak-to-trough decline	-0.76%	-9.05%	+8.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	1.91%	-1.00%

Volatility

GDEC vs. SPY - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Moderate Buffer ETF - December (GDEC) is 0.87%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.84%. This indicates that GDEC experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDEC	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.87%	2.84%	-1.97%
Volatility (6M) Calculated over the trailing 6-month period	4.63%	8.90%	-4.27%
Volatility (1Y) Calculated over the trailing 1-year period	5.88%	11.83%	-5.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.96%	17.05%	-9.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.96%	17.94%	-9.98%

GDEC vs. SPY - Expense Ratio Comparison

GDEC has a 0.85% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

GDEC vs. SPY - Dividend Comparison

GDEC has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.98%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDEC FT Cboe Vest U.S. Equity Moderate Buffer ETF - December	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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 GDEC and SPY in my portfolio?

With a correlation of 0.94, GDEC and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GDEC or SPY?

SPY has higher volatility (2.84%) compared to GDEC (0.87%). In terms of maximum drawdown, GDEC dropped -10.61% vs SPY's -55.19%.

Which ETF is better, GDEC or SPY?

On 1-year performance, SPY leads with 27.98% vs 15.63% for GDEC. On fees, SPY is cheaper at 0.09% per year. On volatility, GDEC has been the lower-risk option at 0.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDEC or SPY?

Over the 1-year period, SPY has performed better with a 27.98% return vs 15.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDEC or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.85% for GDEC.

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

SPY has the higher dividend yield at 0.98%, compared with 0.00% for GDEC.

What is the main difference between GDEC and SPY?

GDEC is categorized as Options Trading, while SPY is S&P 500. They also come from different issuers: FT Vest and State Street. Their fees differ too: 0.85% for GDEC and 0.09% for SPY.

Which has better risk-adjusted returns?

GDEC currently has the higher Sharpe Ratio (2.67 vs 2.38), 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.