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GVALX vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GVALX vs. SPY

Last updated Jun 23, 2026

GVALX (Gotham Large Value Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - GVALX is a Large Cap Value Equities fund managed by Gotham, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, GVALX returned 10.50%/yr vs 13.51%/yr for SPY. Their correlation of 0.84 suggests significant overlap in exposure. GVALX charges 1.05%/yr vs 0.09%/yr for SPY.

Performance

GVALX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gotham Large Value Fund (GVALX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with GVALX having a 9.60% return and SPY slightly higher at 9.74%.

GVALX

1D
0.00%
1M
0.26%
YTD
9.60%
6M
8.67%
1Y
20.74%
3Y*
14.87%
5Y*
10.50%
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)

GVALX vs. SPY - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
GVALX
Gotham Large Value Fund		9.60%13.83%11.88%11.74%-6.84%28.96%3.42%12.79%
SPY
State Street SPDR S&P 500 ETF		9.74%17.72%24.89%26.18%-18.18%28.73%18.33%18.22%

Correlation

The correlation between GVALX and SPY is 0.67, 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

0.67

Correlation (3Y)
Calculated over the trailing 3-year period

0.73

Correlation (5Y)
Calculated over the trailing 5-year period

0.83

Correlation (All Time)
Calculated using the full available price history since Feb 22, 2019

0.84

The correlation between GVALX and SPY shifts across timeframes, from 0.67 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Gotham Large Value Fund

State Street SPDR S&P 500 ETF

Often compared with GVALX:
GVALX vs. GONIXGVALX vs. GTRFXGVALX vs. GVALGVALX vs. GENIXGVALX vs. GARIXGVALX vs. ACTIXGVALX vs. GSPFX
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

GVALX vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GVALX
GVALX Risk / Return Rank: 5151
Overall Rank
GVALX Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
GVALX Sortino Ratio Rank: 5151
Sortino Ratio Rank
GVALX Omega Ratio Rank: 4444
Omega Ratio Rank
GVALX Calmar Ratio Rank: 6060
Calmar Ratio Rank
GVALX Martin Ratio Rank: 5151
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 6868
Overall Rank
SPY Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 6666
Sortino Ratio Rank
SPY Omega Ratio Rank: 6868
Omega Ratio Rank
SPY Calmar Ratio Rank: 6363
Calmar Ratio Rank
SPY Martin Ratio Rank: 7474
Martin Ratio Rank
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.

GVALX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gotham Large Value Fund (GVALX) 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.

GVALXSPYDifference
Sharpe ratioReturn per unit of total volatility
1.88
2.16

-0.27

Sortino ratioReturn per unit of downside risk
2.77
2.91

-0.14

Omega ratioGain probability vs. loss probability

1.33

1.39

-0.06

Calmar ratioReturn relative to maximum drawdown

2.84

3.01

-0.17

Martin ratioReturn relative to average drawdown

9.82

13.54

-3.72

GVALX vs. SPY - Sharpe Ratio Comparison

The current GVALX Sharpe Ratio is 1.88, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of GVALX 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.

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Drawdowns

GVALX vs. SPY - Drawdown Comparison

The maximum GVALX drawdown since its inception was -38.56%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for GVALX and SPY.

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Drawdown Indicators

GVALXSPYDifference

Max Drawdown

Largest peak-to-trough decline

-38.56%

-55.19%

+16.63%

Max Drawdown (1Y)

Largest decline over 1 year

-7.46%

-8.88%

+1.42%

Max Drawdown (3Y)

Largest decline over 3 years

-15.66%

-18.76%

+3.10%

Max Drawdown (5Y)

Largest decline over 5 years

-18.68%

-24.50%

+5.82%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.72%

—

Current Drawdown

Current decline from peak

-1.91%

-1.75%

-0.16%

Average Drawdown

Average peak-to-trough decline

-4.45%

-9.04%

+4.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.15%

1.97%

+0.18%

Volatility

GVALX vs. SPY - Volatility Comparison

The current volatility for Gotham Large Value Fund (GVALX) is 3.51%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that GVALX experiences smaller price fluctuations and is considered to be less risky 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

GVALXSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.51%

4.64%

-1.13%

Volatility (6M)

Calculated over the trailing 6-month period

8.39%

9.75%

-1.36%

Volatility (1Y)

Calculated over the trailing 1-year period

11.24%

12.43%

-1.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.41%

17.14%

-1.73%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.47%

17.99%

+1.48%

GVALX vs. SPY - Expense Ratio Comparison

GVALX has a 1.05% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

GVALX vs. SPY - Dividend Comparison

GVALX's dividend yield for the trailing twelve months is around 10.78%, more than SPY's 1.01% yield.

PositionTTM20252024202320222021202020192018201720162015
GVALX
Gotham Large Value Fund		10.78%11.81%10.72%9.77%7.59%18.49%1.61%2.40%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

GVALX and SPY have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPY has higher volatility (4.64%) compared to GVALX (3.51%). In terms of maximum drawdown, GVALX dropped -38.56% vs SPY's -55.19%.

SPY currently has the higher Sharpe Ratio (2.16 vs 1.88), 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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