GOLY vs. SPY
GOLY (Strategy Shares Gold Enhanced Yield ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - GOLY is a Nontraditional Bonds fund actively managed by Strategy Shares, while SPY is a S&P 500 fund tracking the S&P 500 Index. GOLY is actively managed, while SPY is passively managed. Over the past 5 years, GOLY returned 4.37%/yr vs 12.76%/yr for SPY. Their 0.17 correlation means their historical movements had little consistent relationship. GOLY charges 0.79%/yr vs 0.09%/yr for SPY.
Performance
GOLY vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, GOLY achieves a -26.54% return, which is significantly lower than SPY's 10.13% return.
GOLY
- 1D
- -0.68%
- 1M
- -2.80%
- 6M
- -24.07%
- YTD
- -26.54%
- 1Y
- -9.02%
- 3Y*
- 14.14%
- 5Y*
- 4.37%
- 10Y*
- —
- ALL TIME*
- 4.18%
SPY
- 1D
- 0.72%
- 1M
- 0.30%
- 6M
- 8.53%
- YTD
- 10.13%
- 1Y
- 21.49%
- 3Y*
- 19.32%
- 5Y*
- 12.76%
- 10Y*
- 15.07%
- ALL TIME*
- 10.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $645.25K | $545.45K | $1.00M | |
| $37.27B | $35.99B | $39.23B |
GOLY vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GOLY Strategy Shares Gold Enhanced Yield ETF | -26.54% | 57.98% | 19.82% | 12.74% | -19.96% | -1.40% |
SPY State Street SPDR S&P 500 ETF | 10.13% | 17.72% | 24.89% | 26.18% | -18.18% | 15.45% |
Correlation
The correlation between GOLY and SPY is 0.42, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.42 |
Correlation (3Y) Balances recent behavior with more history. | 0.26 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.18 |
Correlation (All Time) Calculated using the full available price history since May 18, 2021 | 0.17 |
Over the past year, GOLY and SPY have become more correlated (0.42) than their long-term average of 0.17, meaning their price movements have been converging.
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Return for Risk
GOLY vs. SPY — Risk / Return Rank
GOLY
SPY
GOLY vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Strategy Shares Gold Enhanced Yield ETF (GOLY) 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.
| GOLY | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.69 | ||
| Sortino ratioReturn per unit of downside risk | -2.11 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.27 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.15 | 2.20 | -2.36 |
| Martin ratioReturn relative to average drawdown | -0.30 | 9.40 | -9.70 |
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Drawdowns
GOLY vs. SPY - Drawdown Comparison
The maximum GOLY drawdown since its inception was -37.99%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for GOLY and SPY.
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Drawdown Indicators
| GOLY | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.99% | -55.19% | +17.20% |
Max Drawdown (1Y)Largest decline over 1 year | -37.99% | -8.88% | -29.11% |
Max Drawdown (3Y)Largest decline over 3 years | -37.99% | -18.76% | -19.23% |
Max Drawdown (5Y)Largest decline over 5 years | -37.99% | -24.50% | -13.49% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -36.62% | -1.40% | -35.22% |
Average DrawdownAverage peak-to-trough decline | -12.56% | -9.01% | -3.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.14% | 2.08% | +17.06% |
Volatility
GOLY vs. SPY - Volatility Comparison
Strategy Shares Gold Enhanced Yield ETF (GOLY) has a higher volatility of 6.91% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that GOLY'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.
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Volatility by Period
| GOLY | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.91% | 3.58% | +3.33% |
Volatility (6M)Calculated over the trailing 6-month period | 30.03% | 10.14% | +19.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.02% | 12.89% | +21.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.76% | 17.18% | +5.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.43% | 17.95% | +4.48% |
GOLY vs. SPY - Expense Ratio Comparison
GOLY has a 0.79% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
GOLY vs. SPY - Dividend Comparison
GOLY's dividend yield for the trailing twelve months is around 9.40%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOLY Strategy Shares Gold Enhanced Yield ETF | 9.40% | 7.22% | 3.85% | 2.94% | 2.57% | 1.11% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.01% | 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
GOLY and SPY have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GOLY has higher volatility (6.91%) compared to SPY (3.58%). In terms of maximum drawdown, GOLY dropped -37.99% vs SPY's -55.19%.
On 5-year performance, SPY leads with 12.76% vs 4.37% for GOLY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPY has performed better with a 12.76% return vs 4.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.79% for GOLY.
GOLY has the higher dividend yield at 9.40%, compared with 1.01% for SPY.
GOLY is categorized as Nontraditional Bonds, while SPY is S&P 500. They also come from different issuers: Strategy Shares and State Street. Their fees differ too: 0.79% for GOLY and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.52 vs -0.17), 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.
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