GSJY vs. SPY

Last updated Jun 4, 2026

GSJY (Goldman Sachs ActiveBeta Japan Equity ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - GSJY is a Japan Equities fund tracking the Goldman Sachs ActiveBeta Japan Equity Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, GSJY returned 9.28%/yr vs 15.49%/yr for SPY. A 0.62 correlation means they provide meaningful diversification when combined. GSJY charges 0.25%/yr vs 0.09%/yr for SPY.

Performance

GSJY vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta Japan Equity ETF (GSJY) 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, GSJY achieves a 13.29% return, which is significantly higher than SPY's 10.91% return. Over the past 10 years, GSJY has underperformed SPY with an annualized return of 9.28%, while SPY has yielded a comparatively higher 15.49% annualized return.

GSJY

• 1D: 0.75%
• 1M: 4.99%
• YTD: 13.29%
• 6M: 15.13%
• 1Y: 29.76%
• 3Y*: 18.00%
• 5Y*: 8.80%
• 10Y*: 9.28%

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)

GSJY vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSJY Goldman Sachs ActiveBeta Japan Equity ETF	13.29%	26.22%	8.89%	19.18%	-16.15%	0.41%	13.81%	18.29%	-11.56%	25.50%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between GSJY and SPY is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Mar 7, 2016	0.62

The correlation between GSJY and SPY has been stable across timeframes, ranging from 0.59 to 0.63 - a consistent structural relationship.

GSJY vs. SPY - Sectors Allocation Comparison

Sectors	GSJY	SPY
Industrials	26.3%	7.8%
Financial Services	18.1%	11.8%
Technology	17.5%	35.9%
Consumer Cyclical	13.4%	10.3%
Communication Services	6.0%	11.3%
Healthcare	5.8%	8.4%
Energy	3.4%	3.6%
Basic Materials	3.4%	1.8%
Consumer Defensive	3.3%	4.8%
Real Estate	1.5%	1.9%
Utilities	1.4%	2.4%

Return for Risk

GSJY vs. SPY — Risk / Return Rank

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

GSJY

GSJY Risk / Return Rank: 44
GSJY Sharpe Ratio Rank: 43
GSJY Sortino Ratio Rank: 44
GSJY Omega Ratio Rank: 45
GSJY Calmar Ratio Rank: 43
GSJY Martin Ratio Rank: 44

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.

GSJY vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta Japan Equity ETF (GSJY) 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.

	GSJY	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.54	2.38	-0.84
Sortino ratio: Return per unit of downside risk	2.24	3.24	-1.00
Omega ratio: Gain probability vs. loss probability	1.29	1.43	-0.14
Calmar ratio: Return relative to maximum drawdown	2.12	3.16	-1.04
Martin ratio: Return relative to average drawdown	7.09	14.72	-7.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSJY vs. SPY - Sharpe Ratio Comparison

The current GSJY Sharpe Ratio is 1.54, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of GSJY 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

	GSJY	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	2.38	-0.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.82	-0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.87	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.59	-0.04

Drawdowns

GSJY vs. SPY - Drawdown Comparison

The maximum GSJY drawdown since its inception was -32.53%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for GSJY and SPY.

Drawdown Indicators

	GSJY	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-32.53%	-55.19%	+22.66%
Max Drawdown (1Y) Largest decline over 1 year	-14.08%	-8.88%	-5.20%
Max Drawdown (3Y) Largest decline over 3 years	-14.96%	-18.76%	+3.80%
Max Drawdown (5Y) Largest decline over 5 years	-32.53%	-24.50%	-8.03%
Max Drawdown (10Y) Largest decline over 10 years	-32.53%	-33.72%	+1.19%
Current Drawdown Current decline from peak	-2.62%	-0.70%	-1.92%
Average Drawdown Average peak-to-trough decline	-7.58%	-9.05%	+1.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.21%	1.91%	+2.30%

Volatility

GSJY vs. SPY - Volatility Comparison

Goldman Sachs ActiveBeta Japan Equity ETF (GSJY) has a higher volatility of 4.21% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that GSJY'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

	GSJY	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.21%	2.84%	+1.37%
Volatility (6M) Calculated over the trailing 6-month period	15.17%	8.90%	+6.27%
Volatility (1Y) Calculated over the trailing 1-year period	19.48%	11.83%	+7.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.07%	17.05%	+1.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	17.94%	-0.90%

GSJY vs. SPY - Expense Ratio Comparison

GSJY has a 0.25% expense ratio, which is higher than SPY's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GSJY vs. SPY - Dividend Comparison

GSJY's dividend yield for the trailing twelve months is around 1.75%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSJY Goldman Sachs ActiveBeta Japan Equity ETF	1.75%	1.99%	1.64%	2.11%	2.13%	1.73%	1.22%	2.79%	3.28%	1.70%	2.09%	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 GSJY and SPY in my portfolio?

GSJY and SPY have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSJY or SPY?

GSJY has higher volatility (4.21%) compared to SPY (2.84%). In terms of maximum drawdown, GSJY dropped -32.53% vs SPY's -55.19%.

Which ETF is better, GSJY or SPY?

On 10-year performance, SPY leads with 15.49% vs 9.28% for GSJY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSJY or SPY?

Over the 10-year period, SPY has performed better with a 15.49% return vs 9.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSJY or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.25% for GSJY.

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

GSJY has the higher dividend yield at 1.75%, compared with 0.98% for SPY.

What is the main difference between GSJY and SPY?

GSJY is categorized as Japan Equities, while SPY is S&P 500. GSJY tracks Goldman Sachs ActiveBeta Japan Equity Index, while SPY tracks S&P 500 Index. They also come from different issuers: Goldman Sachs and State Street. Their fees differ too: 0.25% for GSJY and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 1.54), 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.