GSPY vs. GINDX

Last updated Jun 26, 2026

GSPY (Gotham Enhanced 500 ETF) and GINDX (Gotham Index Plus Fund) are both Large Cap Blend Equities funds from Gotham. Over the past 5 years, GSPY returned 12.94%/yr vs 14.73%/yr for GINDX. Their correlation of 0.94 suggests significant overlap in exposure. GSPY charges 0.50%/yr vs 1.15%/yr for GINDX.

Performance

GSPY vs. GINDX - Performance Comparison

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

Returns By Period

In the year-to-date period, GSPY achieves a 8.27% return, which is significantly higher than GINDX's 3.08% return.

GSPY

• 1D: -0.02%
• 1M: -1.94%
• YTD: 8.27%
• 6M: 7.08%
• 1Y: 23.11%
• 3Y*: 20.74%
• 5Y*: 12.94%
• 10Y*: —

GINDX

• 1D: -0.30%
• 1M: -4.17%
• YTD: 3.08%
• 6M: 1.78%
• 1Y: 18.89%
• 3Y*: 21.50%
• 5Y*: 14.73%
• 10Y*: 15.73%

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

GSPY vs. GINDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GSPY Gotham Enhanced 500 ETF	8.27%	18.28%	23.58%	26.01%	-17.07%	27.53%	0.25%
GINDX Gotham Index Plus Fund	3.08%	22.25%	25.96%	26.40%	-11.61%	32.73%	0.18%

Correlation

The correlation between GSPY and GINDX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Dec 29, 2020	0.94

The correlation between GSPY and GINDX has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Return for Risk

GSPY vs. GINDX — Risk / Return Rank

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

GSPY

GSPY Risk / Return Rank: 64
GSPY Sharpe Ratio Rank: 63
GSPY Sortino Ratio Rank: 58
GSPY Omega Ratio Rank: 62
GSPY Calmar Ratio Rank: 63
GSPY Martin Ratio Rank: 72

GINDX

GINDX Risk / Return Rank: 41
GINDX Sharpe Ratio Rank: 42
GINDX Sortino Ratio Rank: 38
GINDX Omega Ratio Rank: 39
GINDX Calmar Ratio Rank: 42
GINDX Martin Ratio Rank: 44

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. GINDX - Risk-Adjusted Trends Comparison

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

	GSPY	GINDX	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.58	+0.23
Sortino ratio: Return per unit of downside risk	2.42	2.16	+0.26
Omega ratio: Gain probability vs. loss probability	1.33	1.28	+0.05
Calmar ratio: Return relative to maximum drawdown	2.69	2.14	+0.55
Martin ratio: Return relative to average drawdown	11.64	8.08	+3.56

GSPY vs. GINDX - Sharpe Ratio Comparison

The current GSPY Sharpe Ratio is 1.81, which is comparable to the GINDX Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of GSPY and GINDX, 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

GSPY vs. GINDX - Drawdown Comparison

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

Drawdown Indicators

	GSPY	GINDX	Difference
Max Drawdown Largest peak-to-trough decline	-23.30%	-33.70%	+10.40%
Max Drawdown (1Y) Largest decline over 1 year	-8.62%	-9.06%	+0.44%
Max Drawdown (3Y) Largest decline over 3 years	-18.67%	-18.75%	+0.08%
Max Drawdown (5Y) Largest decline over 5 years	-23.30%	-19.77%	-3.53%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.70%	—
Current Drawdown Current decline from peak	-3.27%	-4.82%	+1.55%
Average Drawdown Average peak-to-trough decline	-4.72%	-4.00%	-0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	2.39%	-0.40%

Volatility

GSPY vs. GINDX - Volatility Comparison

Gotham Enhanced 500 ETF (GSPY) and Gotham Index Plus Fund (GINDX) have volatilities of 4.41% and 4.55%, 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	GINDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.41%	4.55%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	9.61%	9.55%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	12.80%	12.29%	+0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.64%	16.79%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.33%	18.17%	-1.84%

GSPY vs. GINDX - Expense Ratio Comparison

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

Dividends

GSPY vs. GINDX - Dividend Comparison

GSPY's dividend yield for the trailing twelve months is around 2.41%, less than GINDX's 3.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GINDX Gotham Index Plus Fund	3.17%	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	2.41%	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 GSPY and GINDX in my portfolio?

With a correlation of 0.92, GSPY and GINDX 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 GINDX?

GINDX has higher volatility (4.55%) compared to GSPY (4.41%). In terms of maximum drawdown, GSPY dropped -23.30% vs GINDX's -33.70%.

Which has better risk-adjusted returns?

GSPY currently has the higher Sharpe Ratio (1.81 vs 1.58), 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.