GSPY vs. CSM

Last updated Jun 4, 2026

GSPY (Gotham Enhanced 500 ETF) and CSM (Proshares Large Cap Core Plus) are both exchange-traded funds - GSPY is a Large Cap Blend Equities fund actively managed by Gotham, while CSM is a Long-Short fund tracking the Credit Suisse 130/30 Large-Cap Index. GSPY is actively managed, while CSM is passively managed. Over the past 5 years, GSPY returned 13.71%/yr vs 13.38%/yr for CSM. With a 0.97 correlation, they move nearly in lockstep. GSPY charges 0.50%/yr vs 0.45%/yr for CSM.

Performance

GSPY vs. CSM - Performance Comparison

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

Returns By Period

In the year-to-date period, GSPY achieves a 11.17% return, which is significantly higher than CSM's 8.62% return.

GSPY

• 1D: -0.61%
• 1M: 5.33%
• YTD: 11.17%
• 6M: 11.90%
• 1Y: 29.37%
• 3Y*: 22.28%
• 5Y*: 13.71%
• 10Y*: —

CSM

• 1D: -0.84%
• 1M: 4.86%
• YTD: 8.62%
• 6M: 9.99%
• 1Y: 28.48%
• 3Y*: 22.04%
• 5Y*: 13.38%
• 10Y*: 14.36%

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

GSPY vs. CSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GSPY Gotham Enhanced 500 ETF	11.17%	18.28%	23.58%	26.01%	-17.07%	27.53%	0.58%
CSM Proshares Large Cap Core Plus	8.62%	21.84%	22.09%	23.50%	-18.27%	33.13%	0.85%

Correlation

The correlation between GSPY and CSM is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Dec 30, 2020	0.97

The correlation between GSPY and CSM has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

GSPY vs. CSM - Sectors Allocation Comparison

Sectors	GSPY	CSM
Technology	36.0%	28.7%
Financial Services	11.7%	16.3%
Communication Services	10.5%	7.7%
Consumer Cyclical	10.3%	8.7%
Healthcare	9.6%	8.5%
Industrials	8.6%	9.0%
Consumer Defensive	6.0%	4.9%
Energy	3.2%	3.1%
Real Estate	2.2%	3.1%
Basic Materials	1.3%	1.9%
Utilities	0.8%	3.8%

Return for Risk

GSPY vs. CSM — Risk / Return Rank

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

GSPY

GSPY Risk / Return Rank: 72
GSPY Sharpe Ratio Rank: 72
GSPY Sortino Ratio Rank: 68
GSPY Omega Ratio Rank: 72
GSPY Calmar Ratio Rank: 69
GSPY Martin Ratio Rank: 79

CSM

CSM Risk / Return Rank: 69
CSM Sharpe Ratio Rank: 72
CSM Sortino Ratio Rank: 72
CSM Omega Ratio Rank: 69
CSM Calmar Ratio Rank: 61
CSM Martin Ratio Rank: 71

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.

GSPY vs. CSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gotham Enhanced 500 ETF (GSPY) and Proshares Large Cap Core Plus (CSM). 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.

	GSPY	CSM	Difference
Sharpe ratio: Return per unit of total volatility	2.38	2.40	-0.01
Sortino ratio: Return per unit of downside risk	3.14	3.30	-0.16
Omega ratio: Gain probability vs. loss probability	1.44	1.42	+0.01
Calmar ratio: Return relative to maximum drawdown	3.42	3.04	+0.38
Martin ratio: Return relative to average drawdown	15.45	13.25	+2.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSPY vs. CSM - Sharpe Ratio Comparison

The current GSPY Sharpe Ratio is 2.38, which is comparable to the CSM Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of GSPY and CSM, 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

	GSPY	CSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	2.40	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	0.79	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	0.86	+0.09

Drawdowns

GSPY vs. CSM - Drawdown Comparison

The maximum GSPY drawdown since its inception was -23.30%, smaller than the maximum CSM drawdown of -36.11%. Use the drawdown chart below to compare losses from any high point for GSPY and CSM.

Drawdown Indicators

	GSPY	CSM	Difference
Max Drawdown Largest peak-to-trough decline	-23.30%	-36.11%	+12.81%
Max Drawdown (1Y) Largest decline over 1 year	-8.62%	-9.40%	+0.78%
Max Drawdown (3Y) Largest decline over 3 years	-18.67%	-18.30%	-0.37%
Max Drawdown (5Y) Largest decline over 5 years	-23.30%	-23.82%	+0.52%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.11%	—
Current Drawdown Current decline from peak	-0.67%	-1.18%	+0.51%
Average Drawdown Average peak-to-trough decline	-4.76%	-4.04%	-0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	2.15%	-0.24%

Volatility

GSPY vs. CSM - Volatility Comparison

Gotham Enhanced 500 ETF (GSPY) and Proshares Large Cap Core Plus (CSM) have volatilities of 2.81% and 2.85%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSPY	CSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.81%	2.85%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	8.87%	8.81%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	12.39%	11.95%	+0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.55%	17.11%	-0.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.32%	18.38%	-2.06%

GSPY vs. CSM - Expense Ratio Comparison

GSPY has a 0.50% expense ratio, which is higher than CSM's 0.45% expense ratio.

Dividends

GSPY vs. CSM - Dividend Comparison

GSPY's dividend yield for the trailing twelve months is around 2.35%, more than CSM's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSM Proshares Large Cap Core Plus	1.01%	1.04%	1.06%	1.17%	1.37%	0.78%	1.21%	1.41%	1.54%	1.28%	1.49%	1.67%
GSPY Gotham Enhanced 500 ETF	2.35%	2.61%	0.84%	1.06%	1.25%	0.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GSPY and CSM in my portfolio?

With a correlation of 0.96, GSPY and CSM 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, GSPY or CSM?

CSM has higher volatility (2.85%) compared to GSPY (2.81%). In terms of maximum drawdown, GSPY dropped -23.30% vs CSM's -36.11%.

Which ETF is better, GSPY or CSM?

On 5-year performance, GSPY leads with 13.71% vs 13.38% for CSM. On fees, CSM is cheaper at 0.45% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSPY or CSM?

Over the 5-year period, GSPY has performed better with a 13.71% return vs 13.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSPY or CSM?

CSM is cheaper with a 0.45% expense ratio, compared with 0.50% for GSPY.

Which ETF pays a higher dividend yield, GSPY or CSM?

GSPY has the higher dividend yield at 2.35%, compared with 1.01% for CSM.

What is the main difference between GSPY and CSM?

GSPY is categorized as Large Cap Blend Equities, while CSM is Long-Short. They also come from different issuers: Gotham and ProShares. Their fees differ too: 0.50% for GSPY and 0.45% for CSM.

Which has better risk-adjusted returns?

CSM currently has the higher Sharpe Ratio (2.40 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.