GINDX vs. GSPY

Last updated Aug 4, 2026

GINDX (Gotham Index Plus Fund) and GSPY (Gotham Enhanced 500 ETF) are both Large Cap Blend Equities funds from Gotham. Over the past 5 years, GINDX returned 15.58%/yr vs 13.29%/yr for GSPY. Their correlation of 0.94 means they have usually moved in the same direction. GINDX charges 1.15%/yr vs 0.50%/yr for GSPY.

Performance

GINDX vs. GSPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gotham Index Plus Fund (GINDX) and Gotham Enhanced 500 ETF (GSPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GINDX achieves a 9.68% return, which is significantly lower than GSPY's 13.07% return.

GINDX

• 1D: 0.70%
• 1M: 4.33%
• 6M: 7.48%
• YTD: 9.68%
• 1Y: 24.05%
• 3Y*: 21.52%
• 5Y*: 15.58%
• 10Y*: 15.58%
• ALL TIME*: 15.61%

GSPY

• 1D: 1.33%
• 1M: 2.59%
• 6M: 10.36%
• YTD: 13.07%
• 1Y: 25.80%
• 3Y*: 20.95%
• 5Y*: 13.29%
• 10Y*: —
• ALL TIME*: 15.21%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GINDX Gotham Index Plus Fund	$0.00	$0.00	$0.00
GSPY Gotham Enhanced 500 ETF	$112.54K	$94.61K	$142.35K

GINDX vs. GSPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GINDX Gotham Index Plus Fund	9.68%	22.25%	25.96%	26.40%	-11.61%	32.73%	0.18%
GSPY Gotham Enhanced 500 ETF	13.07%	18.28%	23.58%	26.01%	-17.07%	27.53%	0.25%

Correlation

The correlation between GINDX and GSPY is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (All Time) Calculated using the full available price history since Dec 29, 2020	0.94

The correlation between GINDX and GSPY has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

Return for Risk

GINDX vs. GSPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GINDX

GINDX Risk / Return Rank: 68
GINDX Sharpe Ratio Rank: 72
GINDX Sortino Ratio Rank: 67
GINDX Omega Ratio Rank: 65
GINDX Calmar Ratio Rank: 72
GINDX Martin Ratio Rank: 65

GSPY

GSPY Risk / Return Rank: 81
GSPY Sharpe Ratio Rank: 82
GSPY Sortino Ratio Rank: 78
GSPY Omega Ratio Rank: 81
GSPY Calmar Ratio Rank: 80
GSPY Martin Ratio Rank: 86

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GINDX vs. GSPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gotham Index Plus Fund (GINDX) and Gotham Enhanced 500 ETF (GSPY). 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.

	GINDX	GSPY	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.98	-0.21
Sortino ratio: Return per unit of downside risk	2.41	2.64	-0.24
Omega ratio: Gain probability vs. loss probability	1.31	1.36	-0.05
Calmar ratio: Return relative to maximum drawdown	2.44	3.01	-0.56
Martin ratio: Return relative to average drawdown	8.80	12.76	-3.96

GINDX vs. GSPY - Sharpe Ratio Comparison

The current GINDX Sharpe Ratio is 1.77, which is comparable to the GSPY Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of GINDX and GSPY, 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

GINDX vs. GSPY - Drawdown Comparison

The maximum GINDX drawdown since its inception was -33.70%, which is greater than GSPY's maximum drawdown of -23.30%. Use the drawdown chart below to compare losses from any high point for GINDX and GSPY.

Drawdown Indicators

	GINDX	GSPY	Difference
Max Drawdown Largest peak-to-trough decline	-33.70%	-23.30%	-10.40%
Max Drawdown (1Y) Largest decline over 1 year	-9.06%	-8.62%	-0.44%
Max Drawdown (3Y) Largest decline over 3 years	-18.75%	-18.67%	-0.08%
Max Drawdown (5Y) Largest decline over 5 years	-19.77%	-23.30%	+3.53%
Max Drawdown (10Y) Largest decline over 10 years	-33.70%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.98%	-4.66%	+0.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	2.03%	+0.47%

Volatility

GINDX vs. GSPY - Volatility Comparison

The current volatility for Gotham Index Plus Fund (GINDX) is 3.19%, while Gotham Enhanced 500 ETF (GSPY) has a volatility of 3.72%. This indicates that GINDX experiences smaller price fluctuations and is considered to be less risky than GSPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GINDX	GSPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	3.72%	-0.53%
Volatility (6M) Calculated over the trailing 6-month period	9.36%	9.84%	-0.48%
Volatility (1Y) Calculated over the trailing 1-year period	12.51%	13.11%	-0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.77%	16.66%	+0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.14%	16.26%	+1.88%

GINDX vs. GSPY - Expense Ratio Comparison

GINDX has a 1.15% expense ratio, which is higher than GSPY's 0.50% expense ratio.

Dividends

GINDX vs. GSPY - Dividend Comparison

GINDX's dividend yield for the trailing twelve months is around 2.98%, more than GSPY's 2.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GINDX Gotham Index Plus Fund	2.98%	3.27%	2.97%	4.02%	1.81%	5.38%	1.07%	1.38%	2.10%	0.37%	0.48%
GSPY Gotham Enhanced 500 ETF	2.31%	2.61%	0.84%	1.06%	1.25%	0.23%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GINDX and GSPY in my portfolio?

With a correlation of 0.91, GINDX and GSPY 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, GINDX or GSPY?

GSPY has higher volatility (3.72%) compared to GINDX (3.19%). In terms of maximum drawdown, GINDX dropped -33.70% vs GSPY's -23.30%.

Which has better risk-adjusted returns?

GSPY currently has the higher Sharpe Ratio (1.98 vs 1.77), 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.