GVIP vs. SPIT

Last updated Aug 2, 2026

GVIP (Goldman Sachs Hedge Industry VIP ETF) and SPIT (F/m Emerald Special Situations ETF) are both Large Cap Growth Equities funds. GVIP is passively managed, while SPIT is actively managed. Their correlation of 0.81 means they have usually moved in the same direction. GVIP charges 0.45%/yr vs 0.89%/yr for SPIT.

Performance

GVIP vs. SPIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Hedge Industry VIP ETF (GVIP) and F/m Emerald Special Situations ETF (SPIT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GVIP achieves a 8.45% return, which is significantly lower than SPIT's 24.45% return.

GVIP

• 1D: -0.64%
• 1M: -6.63%
• 6M: 5.72%
• YTD: 8.45%
• 1Y: 21.61%
• 3Y*: 24.01%
• 5Y*: 10.95%
• 10Y*: —
• ALL TIME*: 16.41%

SPIT

• 1D: 0.51%
• 1M: -5.03%
• 6M: 16.23%
• YTD: 24.45%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GVIP Goldman Sachs Hedge Industry VIP ETF	$2.23M	$1.88M	$2.26M
SPIT F/m Emerald Special Situations ETF	$242.68K	$282.09K	$201.11K

GVIP vs. SPIT - Yearly Performance Comparison

	2026 (YTD)	2025
GVIP Goldman Sachs Hedge Industry VIP ETF	8.45%	0.67%
SPIT F/m Emerald Special Situations ETF	24.45%	5.31%

Correlation

The correlation between GVIP and SPIT is 0.81, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 6, 2025	0.81

Return for Risk

GVIP vs. SPIT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GVIP

GVIP Risk / Return Rank: 36
GVIP Sharpe Ratio Rank: 34
GVIP Sortino Ratio Rank: 34
GVIP Omega Ratio Rank: 34
GVIP Calmar Ratio Rank: 35
GVIP Martin Ratio Rank: 42

SPIT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GVIP vs. SPIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Hedge Industry VIP ETF (GVIP) and F/m Emerald Special Situations ETF (SPIT). 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.

	GVIP	SPIT	Difference
Sharpe ratio: Return per unit of total volatility	0.84	—	—
Sortino ratio: Return per unit of downside risk	1.27	—	—
Omega ratio: Gain probability vs. loss probability	1.16	—	—
Calmar ratio: Return relative to maximum drawdown	1.20	—	—
Martin ratio: Return relative to average drawdown	4.60	—	—

Drawdowns

GVIP vs. SPIT - Drawdown Comparison

The maximum GVIP drawdown since its inception was -37.09%, which is greater than SPIT's maximum drawdown of -12.49%. Use the drawdown chart below to compare losses from any high point for GVIP and SPIT.

Drawdown Indicators

	GVIP	SPIT	Difference
Max Drawdown Largest peak-to-trough decline	-37.09%	-12.49%	-24.60%
Max Drawdown (1Y) Largest decline over 1 year	-16.36%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-23.29%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-37.09%	—	—
Current Drawdown Current decline from peak	-12.39%	-7.55%	-4.84%
Average Drawdown Average peak-to-trough decline	-7.57%	-2.85%	-4.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.26%	—	—

Volatility

Volatility by Period

	GVIP	SPIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.71%	—	—
Volatility (6M) Calculated over the trailing 6-month period	20.33%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	23.29%	26.59%	-3.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.24%	26.59%	-4.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.02%	26.59%	-4.57%

GVIP vs. SPIT - Expense Ratio Comparison

GVIP has a 0.45% expense ratio, which is lower than SPIT's 0.89% expense ratio.

Dividends

GVIP vs. SPIT - Dividend Comparison

GVIP's dividend yield for the trailing twelve months is around 0.31%, less than SPIT's 5.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GVIP Goldman Sachs Hedge Industry VIP ETF	0.31%	0.34%	0.29%	0.77%	0.02%	0.00%	0.12%	0.77%	0.44%	0.45%	0.08%
SPIT F/m Emerald Special Situations ETF	5.77%	7.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GVIP and SPIT in my portfolio?

GVIP and SPIT have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GVIP or SPIT?

On fees, GVIP is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GVIP or SPIT?

GVIP is cheaper with a 0.45% expense ratio, compared with 0.89% for SPIT.

Which ETF pays a higher dividend yield, GVIP or SPIT?

SPIT has the higher dividend yield at 5.77%, compared with 0.31% for GVIP.

What is the main difference between GVIP and SPIT?

They also come from different issuers: Goldman Sachs and F/m. Their fees differ too: 0.45% for GVIP and 0.89% for SPIT.