GSUS vs. SPY

Last updated Jun 23, 2026

GSUS (Goldman Sachs MarketBeta U.S. Equity ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - GSUS is a Large Cap Growth Equities fund tracking the Solactive GBS United States Large & Mid Cap Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, GSUS returned 13.20%/yr vs 13.51%/yr for SPY. With a 0.99 correlation, they move nearly in lockstep. GSUS charges 0.07%/yr vs 0.09%/yr for SPY.

Performance

GSUS vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs MarketBeta U.S. Equity ETF (GSUS) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with GSUS having a 9.54% return and SPY slightly higher at 9.74%.

GSUS

• 1D: -0.32%
• 1M: 0.22%
• YTD: 9.54%
• 6M: 9.09%
• 1Y: 26.52%
• 3Y*: 21.69%
• 5Y*: 13.20%
• 10Y*: —

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

GSUS vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GSUS Goldman Sachs MarketBeta U.S. Equity ETF	9.54%	18.11%	25.25%	27.74%	-19.82%	27.13%	34.82%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	32.87%

Correlation

The correlation between GSUS and SPY is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (All Time) Calculated using the full available price history since May 15, 2020	0.99

The correlation between GSUS and SPY has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

GSUS vs. SPY - Sectors Allocation Comparison

Sectors	GSUS	SPY
Technology	39.3%	39.0%
Communication Services	11.1%	10.6%
Financial Services	10.8%	11.1%
Consumer Cyclical	10.1%	9.9%
Healthcare	8.4%	8.3%
Industrials	7.5%	7.8%
Consumer Defensive	4.5%	4.5%
Energy	3.1%	3.1%
Utilities	2.0%	2.1%
Basic Materials	1.6%	1.7%
Real Estate	1.6%	1.8%

Return for Risk

GSUS vs. SPY — Risk / Return Rank

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

GSUS

GSUS Risk / Return Rank: 65
GSUS Sharpe Ratio Rank: 67
GSUS Sortino Ratio Rank: 63
GSUS Omega Ratio Rank: 66
GSUS Calmar Ratio Rank: 60
GSUS Martin Ratio Rank: 70

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

GSUS vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs MarketBeta U.S. Equity ETF (GSUS) 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.

	GSUS	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.11	2.16	-0.05
Sortino ratio: Return per unit of downside risk	2.85	2.91	-0.06
Omega ratio: Gain probability vs. loss probability	1.38	1.39	-0.01
Calmar ratio: Return relative to maximum drawdown	2.88	3.01	-0.13
Martin ratio: Return relative to average drawdown	12.68	13.54	-0.86

GSUS vs. SPY - Sharpe Ratio Comparison

The current GSUS Sharpe Ratio is 2.11, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of GSUS 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.

Drawdowns

GSUS vs. SPY - Drawdown Comparison

The maximum GSUS drawdown since its inception was -25.62%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for GSUS and SPY.

Drawdown Indicators

	GSUS	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-25.62%	-55.19%	+29.57%
Max Drawdown (1Y) Largest decline over 1 year	-9.24%	-8.88%	-0.36%
Max Drawdown (3Y) Largest decline over 3 years	-19.07%	-18.76%	-0.31%
Max Drawdown (5Y) Largest decline over 5 years	-25.62%	-24.50%	-1.12%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-1.76%	-1.75%	-0.01%
Average Drawdown Average peak-to-trough decline	-5.25%	-9.04%	+3.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	1.97%	+0.13%

Volatility

GSUS vs. SPY - Volatility Comparison

Goldman Sachs MarketBeta U.S. Equity ETF (GSUS) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.81% and 4.64%, 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

	GSUS	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	4.64%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	9.94%	9.75%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	12.64%	12.43%	+0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.15%	17.14%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.09%	17.99%	-0.90%

GSUS vs. SPY - Expense Ratio Comparison

GSUS has a 0.07% expense ratio, which is lower than SPY's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GSUS vs. SPY - Dividend Comparison

GSUS's dividend yield for the trailing twelve months is around 0.99%, less than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSUS Goldman Sachs MarketBeta U.S. Equity ETF	0.99%	1.04%	1.19%	1.32%	1.51%	1.13%	0.78%	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

Can I hold both GSUS and SPY in my portfolio?

With a correlation of 1.00, GSUS and SPY 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, GSUS or SPY?

GSUS has higher volatility (4.81%) compared to SPY (4.64%). In terms of maximum drawdown, GSUS dropped -25.62% vs SPY's -55.19%.

Which ETF is better, GSUS or SPY?

On 5-year performance, SPY leads with 13.51% vs 13.20% for GSUS. On fees, GSUS is cheaper at 0.07% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSUS or SPY?

Over the 5-year period, SPY has performed better with a 13.51% return vs 13.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSUS or SPY?

GSUS is cheaper with a 0.07% expense ratio, compared with 0.09% for SPY.

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

SPY has the higher dividend yield at 1.01%, compared with 0.99% for GSUS.

What is the main difference between GSUS and SPY?

GSUS is categorized as Large Cap Growth Equities, while SPY is S&P 500. GSUS tracks Solactive GBS United States Large & Mid Cap Index, while SPY tracks S&P 500 Index. They also come from different issuers: Goldman Sachs and State Street. Their fees differ too: 0.07% for GSUS and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 2.11), 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.