GLDW vs. SPY

Last updated Jun 4, 2026

GLDW (Roundhill Gold WeeklyPay ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - GLDW is a Derivative Income fund actively managed by State Street, while SPY is a S&P 500 fund tracking the S&P 500 Index. GLDW is actively managed, while SPY is passively managed. At a 0.35 correlation, their price movements are largely independent. GLDW charges 0.99%/yr vs 0.09%/yr for SPY.

Performance

GLDW vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Gold WeeklyPay ETF (GLDW) 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, GLDW achieves a 1.00% return, which is significantly lower than SPY's 10.91% return.

GLDW

• 1D: -1.20%
• 1M: -2.48%
• YTD: 1.00%
• 6M: 3.47%
• 1Y: —
• 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)

GLDW vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025
GLDW Roundhill Gold WeeklyPay ETF	1.00%	7.63%
SPY State Street SPDR S&P 500 ETF	10.91%	0.60%

Correlation

The correlation between GLDW and SPY is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 31, 2025	0.35

Return for Risk

GLDW vs. SPY — Risk / Return Rank

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

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.

GLDW vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Gold WeeklyPay ETF (GLDW) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	GLDW	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.38	—
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	0.42	0.59	-0.17

Drawdowns

GLDW vs. SPY - Drawdown Comparison

The maximum GLDW drawdown since its inception was -23.59%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for GLDW and SPY.

Drawdown Indicators

	GLDW	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-23.59%	-55.19%	+31.60%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.88%	—
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	-22.51%	-0.70%	-21.81%
Average Drawdown Average peak-to-trough decline	-8.93%	-9.05%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.91%	—

Volatility

Volatility by Period

	GLDW	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.84%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.90%	—
Volatility (1Y) Calculated over the trailing 1-year period	36.90%	11.83%	+25.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.90%	17.05%	+19.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.90%	17.94%	+18.96%

GLDW vs. SPY - Expense Ratio Comparison

GLDW has a 0.99% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

GLDW vs. SPY - Dividend Comparison

GLDW's dividend yield for the trailing twelve months is around 19.48%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLDW Roundhill Gold WeeklyPay ETF	19.48%	3.75%	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 GLDW and SPY in my portfolio?

GLDW and SPY have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GLDW or SPY?

On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GLDW or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.99% for GLDW.

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

GLDW has the higher dividend yield at 19.48%, compared with 0.98% for SPY.

What is the main difference between GLDW and SPY?

GLDW is categorized as Derivative Income, while SPY is S&P 500. Their fees differ too: 0.99% for GLDW and 0.09% for SPY.