SPY vs. GSIB

Last updated Jun 13, 2026

SPY (State Street SPDR S&P 500 ETF) and GSIB (Themes Global Systemically Important Banks ETF) are both exchange-traded funds - SPY is a S&P 500 fund tracking the S&P 500 Index, while GSIB is a Financials Equities fund actively managed by Themes. SPY is passively managed, while GSIB is actively managed. Over the past year, SPY returned 25.67% vs 47.83% for GSIB. A 0.62 correlation means they provide meaningful diversification when combined. SPY charges 0.09%/yr vs 0.35%/yr for GSIB.

Performance

SPY vs. GSIB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 ETF (SPY) and Themes Global Systemically Important Banks ETF (GSIB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPY achieves a 9.07% return, which is significantly lower than GSIB's 13.98% return.

SPY

• 1D: 0.54%
• 1M: -0.86%
• YTD: 9.07%
• 6M: 9.42%
• 1Y: 25.67%
• 3Y*: 20.86%
• 5Y*: 13.36%
• 10Y*: 15.42%

GSIB

• 1D: 1.92%
• 1M: 6.99%
• YTD: 13.98%
• 6M: 16.88%
• 1Y: 47.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPY vs. GSIB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPY State Street SPDR S&P 500 ETF	9.07%	17.72%	24.89%	1.11%
GSIB Themes Global Systemically Important Banks ETF	13.98%	61.67%	32.86%	1.75%

Correlation

The correlation between SPY and GSIB is 0.75, 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	0.75
Correlation (All Time) Calculated using the full available price history since Dec 15, 2023	0.62

The correlation between SPY and GSIB shifts across timeframes, from 0.62 (all time) to 0.75 (1 year), reflecting how their relationship changes across market environments.

SPY vs. GSIB - Sectors Allocation Comparison

Sectors	SPY	GSIB
Technology	35.9%	-
Financial Services	11.8%	100.0%
Communication Services	11.3%	-
Consumer Cyclical	10.3%	-
Healthcare	8.4%	-
Industrials	7.8%	-
Consumer Defensive	4.8%	-
Energy	3.6%	-
Utilities	2.4%	-
Real Estate	1.9%	-
Basic Materials	1.8%	-

Return for Risk

SPY vs. GSIB — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 71
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 76

GSIB

GSIB Risk / Return Rank: 81
GSIB Sharpe Ratio Rank: 89
GSIB Sortino Ratio Rank: 89
GSIB Omega Ratio Rank: 83
GSIB Calmar Ratio Rank: 74
GSIB Martin Ratio Rank: 71

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.

SPY vs. GSIB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) and Themes Global Systemically Important Banks ETF (GSIB). 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.

	SPY	GSIB	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.59	-0.60
Sortino ratio: Return per unit of downside risk	2.68	3.58	-0.89
Omega ratio: Gain probability vs. loss probability	1.36	1.43	-0.07
Calmar ratio: Return relative to maximum drawdown	2.74	3.28	-0.53
Martin ratio: Return relative to average drawdown	12.39	11.54	+0.85

SPY vs. GSIB - Sharpe Ratio Comparison

The current SPY Sharpe Ratio is 1.98, which is comparable to the GSIB Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of SPY and GSIB, 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

SPY vs. GSIB - Drawdown Comparison

The maximum SPY drawdown since its inception was -55.19%, which is greater than GSIB's maximum drawdown of -17.71%. Use the drawdown chart below to compare losses from any high point for SPY and GSIB.

Drawdown Indicators

	SPY	GSIB	Difference
Max Drawdown Largest peak-to-trough decline	-55.19%	-17.71%	-37.48%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-13.90%	+5.02%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	—	—
Current Drawdown Current decline from peak	-2.35%	0.00%	-2.35%
Average Drawdown Average peak-to-trough decline	-9.04%	-2.05%	-6.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	3.94%	-1.97%

Volatility

SPY vs. GSIB - Volatility Comparison

The current volatility for State Street SPDR S&P 500 ETF (SPY) is 4.34%, while Themes Global Systemically Important Banks ETF (GSIB) has a volatility of 5.59%. This indicates that SPY experiences smaller price fluctuations and is considered to be less risky than GSIB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPY	GSIB	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	5.59%	-1.25%
Volatility (6M) Calculated over the trailing 6-month period	9.58%	14.41%	-4.83%
Volatility (1Y) Calculated over the trailing 1-year period	12.29%	17.63%	-5.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.12%	18.51%	-1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.96%	18.51%	-0.55%

SPY vs. GSIB - Expense Ratio Comparison

SPY has a 0.09% expense ratio, which is lower than GSIB's 0.35% expense ratio.

Dividends

SPY vs. GSIB - Dividend Comparison

SPY's dividend yield for the trailing twelve months is around 1.00%, less than GSIB's 1.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSIB Themes Global Systemically Important Banks ETF	1.67%	1.91%	1.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.00%	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 SPY and GSIB in my portfolio?

SPY and GSIB have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPY or GSIB?

GSIB has higher volatility (5.59%) compared to SPY (4.34%). In terms of maximum drawdown, SPY dropped -55.19% vs GSIB's -17.71%.

Which ETF is better, SPY or GSIB?

On 1-year performance, GSIB leads with 47.83% vs 25.67% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPY or GSIB?

Over the 1-year period, GSIB has performed better with a 47.83% return vs 25.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPY or GSIB?

SPY is cheaper with a 0.09% expense ratio, compared with 0.35% for GSIB.

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

GSIB has the higher dividend yield at 1.67%, compared with 1.00% for SPY.

What is the main difference between SPY and GSIB?

SPY is categorized as S&P 500, while GSIB is Financials Equities. They also come from different issuers: State Street and Themes. Their fees differ too: 0.09% for SPY and 0.35% for GSIB.

Which has better risk-adjusted returns?

GSIB currently has the higher Sharpe Ratio (2.59 vs 1.98), 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.