GVIP vs. SPY

Last updated Aug 2, 2026

GVIP (Goldman Sachs Hedge Industry VIP ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - GVIP is a Large Cap Growth Equities fund tracking the Goldman Sachs Hedge Fund VIP Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, GVIP returned 10.95%/yr vs 12.76%/yr for SPY. Their correlation of 0.89 means they have usually moved in the same direction. GVIP charges 0.45%/yr vs 0.09%/yr for SPY.

Performance

GVIP vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Hedge Industry VIP ETF (GVIP) and State Street SPDR S&P 500 ETF (SPY). 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 SPY's 10.13% 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%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

*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
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

GVIP vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GVIP Goldman Sachs Hedge Industry VIP ETF	8.45%	25.27%	29.82%	39.15%	-31.95%	11.86%	44.12%	30.21%	-6.85%	25.79%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between GVIP and SPY is 0.86, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.86
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (All Time) Calculated using the full available price history since Nov 3, 2016	0.89

The correlation between GVIP and SPY has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.

GVIP vs. SPY - Sectors Allocation Comparison

Sectors	GVIP	SPY
Technology	37.9%	36.9%
Financial Services	15.5%	12.5%
Communication Services	11.7%	9.7%
Industrials	11.1%	7.6%
Consumer Cyclical	9.4%	8.9%
Healthcare	8.6%	9.4%
Utilities	5.9%	2.6%
Consumer Defensive	1.2%	4.8%
Basic Materials	-	1.9%
Energy	-	3.4%
Real Estate	-	2.0%

Return for Risk

GVIP vs. SPY — 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

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Hedge Industry VIP ETF (GVIP) 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.

	GVIP	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.84	1.52	-0.68
Sortino ratio: Return per unit of downside risk	1.27	2.11	-0.84
Omega ratio: Gain probability vs. loss probability	1.16	1.27	-0.11
Calmar ratio: Return relative to maximum drawdown	1.20	2.20	-1.00
Martin ratio: Return relative to average drawdown	4.60	9.40	-4.80

GVIP vs. SPY - Sharpe Ratio Comparison

The current GVIP Sharpe Ratio is 0.84, which is lower than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of GVIP 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

GVIP vs. SPY - Drawdown Comparison

The maximum GVIP drawdown since its inception was -37.09%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for GVIP and SPY.

Drawdown Indicators

	GVIP	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-37.09%	-55.19%	+18.10%
Max Drawdown (1Y) Largest decline over 1 year	-16.36%	-8.88%	-7.48%
Max Drawdown (3Y) Largest decline over 3 years	-23.29%	-18.76%	-4.53%
Max Drawdown (5Y) Largest decline over 5 years	-37.09%	-24.50%	-12.59%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-12.39%	-1.40%	-10.99%
Average Drawdown Average peak-to-trough decline	-7.57%	-9.01%	+1.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.26%	2.08%	+2.18%

Volatility

GVIP vs. SPY - Volatility Comparison

Goldman Sachs Hedge Industry VIP ETF (GVIP) has a higher volatility of 9.71% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that GVIP's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GVIP	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.71%	3.58%	+6.13%
Volatility (6M) Calculated over the trailing 6-month period	20.33%	10.14%	+10.19%
Volatility (1Y) Calculated over the trailing 1-year period	23.29%	12.89%	+10.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.24%	17.18%	+5.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.02%	17.95%	+4.07%

GVIP vs. SPY - Expense Ratio Comparison

GVIP has a 0.45% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

GVIP vs. SPY - Dividend Comparison

GVIP's dividend yield for the trailing twelve months is around 0.31%, less than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	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 GVIP and SPY in my portfolio?

GVIP and SPY have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GVIP or SPY?

GVIP has higher volatility (9.71%) compared to SPY (3.58%). In terms of maximum drawdown, GVIP dropped -37.09% vs SPY's -55.19%.

Which ETF is better, GVIP or SPY?

On 5-year performance, SPY leads with 12.76% vs 10.95% for GVIP. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GVIP or SPY?

Over the 5-year period, SPY has performed better with a 12.76% return vs 10.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GVIP or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.45% for GVIP.

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

SPY has the higher dividend yield at 1.01%, compared with 0.31% for GVIP.

What is the main difference between GVIP and SPY?

GVIP is categorized as Large Cap Growth Equities, while SPY is S&P 500. GVIP tracks Goldman Sachs Hedge Fund VIP Index, while SPY tracks S&P 500 Index. They also come from different issuers: Goldman Sachs and State Street. Their fees differ too: 0.45% for GVIP and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 vs 0.84), 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.