SPYI.DE vs. GINDX

Last updated Jun 27, 2026

SPYI.DE (SPDR MSCI ACWI IMI UCITS ETF) and GINDX (Gotham Index Plus Fund) are both funds - SPYI.DE is a Global Equities fund tracking the MSCI All Country World Investable Market (ACWI IMI), while GINDX is a Large Cap Blend Equities fund managed by Gotham. Over the past 10 years, SPYI.DE returned 12.37%/yr vs 15.64%/yr for GINDX. A 0.56 correlation means they provide meaningful diversification when combined. SPYI.DE charges 0.17%/yr vs 1.15%/yr for GINDX.

Performance

SPYI.DE vs. GINDX - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR MSCI ACWI IMI UCITS ETF (SPYI.DE) and Gotham Index Plus Fund (GINDX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SPYI.DE is traded in EUR, while GINDX is traded in USD. To make them comparable, the GINDX values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, SPYI.DE achieves a 13.23% return, which is significantly higher than GINDX's 6.16% return. Over the past 10 years, SPYI.DE has underperformed GINDX with an annualized return of 12.37%, while GINDX has yielded a comparatively higher 15.64% annualized return.

SPYI.DE

• 1D: -0.35%
• 1M: 1.07%
• YTD: 13.23%
• 6M: 13.80%
• 1Y: 27.97%
• 3Y*: 17.87%
• 5Y*: 11.46%
• 10Y*: 12.37%

GINDX

• 1D: -0.42%
• 1M: -2.47%
• YTD: 6.16%
• 6M: 4.94%
• 1Y: 20.70%
• 3Y*: 19.85%
• 5Y*: 15.77%
• 10Y*: 15.64%

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

SPYI.DE vs. GINDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYI.DE SPDR MSCI ACWI IMI UCITS ETF	13.23%	9.07%	22.98%	17.54%	-12.93%	27.77%	5.37%	29.81%	-6.73%	8.25%
GINDX Gotham Index Plus Fund	6.16%	7.75%	34.27%	22.61%	-6.13%	42.66%	-2.01%	22.09%	1.04%	10.56%

Correlation

The correlation between SPYI.DE and GINDX is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.56

The correlation between SPYI.DE and GINDX has been stable across timeframes, ranging from 0.54 to 0.60 - a consistent structural relationship.

Return for Risk

SPYI.DE vs. GINDX — Risk / Return Rank

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

SPYI.DE

SPYI.DE Risk / Return Rank: 86
SPYI.DE Sharpe Ratio Rank: 84
SPYI.DE Sortino Ratio Rank: 84
SPYI.DE Omega Ratio Rank: 84
SPYI.DE Calmar Ratio Rank: 86
SPYI.DE Martin Ratio Rank: 89

GINDX

GINDX Risk / Return Rank: 40
GINDX Sharpe Ratio Rank: 41
GINDX Sortino Ratio Rank: 38
GINDX Omega Ratio Rank: 38
GINDX Calmar Ratio Rank: 41
GINDX Martin Ratio Rank: 42

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.

SPYI.DE vs. GINDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI ACWI IMI UCITS ETF (SPYI.DE) and Gotham Index Plus Fund (GINDX). 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.

	SPYI.DE	GINDX	Difference
Sharpe ratio: Return per unit of total volatility	2.37	1.76	+0.61
Sortino ratio: Return per unit of downside risk	3.29	2.31	+0.98
Omega ratio: Gain probability vs. loss probability	1.44	1.32	+0.12
Calmar ratio: Return relative to maximum drawdown	4.32	2.81	+1.51
Martin ratio: Return relative to average drawdown	17.14	9.16	+7.98

SPYI.DE vs. GINDX - Sharpe Ratio Comparison

The current SPYI.DE Sharpe Ratio is 2.37, which is higher than the GINDX Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of SPYI.DE and GINDX, 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

SPYI.DE vs. GINDX - Drawdown Comparison

The maximum SPYI.DE drawdown since its inception was -41.58%, which is greater than GINDX's maximum drawdown of -32.34%. Use the drawdown chart below to compare losses from any high point for SPYI.DE and GINDX.

Drawdown Indicators

	SPYI.DE	GINDX	Difference
Max Drawdown Largest peak-to-trough decline	-41.58%	-32.34%	-9.24%
Max Drawdown (1Y) Largest decline over 1 year	-6.45%	-7.75%	+1.30%
Max Drawdown (3Y) Largest decline over 3 years	-21.64%	-24.20%	+2.56%
Max Drawdown (5Y) Largest decline over 5 years	-21.64%	-24.20%	+2.56%
Max Drawdown (10Y) Largest decline over 10 years	-34.49%	-32.34%	-2.15%
Current Drawdown Current decline from peak	-1.40%	-2.81%	+1.41%
Average Drawdown Average peak-to-trough decline	-8.41%	-4.43%	-3.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	2.36%	-0.73%

Volatility

SPYI.DE vs. GINDX - Volatility Comparison

SPDR MSCI ACWI IMI UCITS ETF (SPYI.DE) and Gotham Index Plus Fund (GINDX) have volatilities of 3.42% and 3.57%, 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

	SPYI.DE	GINDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.42%	3.57%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	8.53%	9.05%	-0.52%
Volatility (1Y) Calculated over the trailing 1-year period	11.75%	12.40%	-0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.97%	16.90%	-2.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.93%	18.85%	-2.92%

SPYI.DE vs. GINDX - Expense Ratio Comparison

SPYI.DE has a 0.17% expense ratio, which is lower than GINDX's 1.15% expense ratio.

Dividends

SPYI.DE vs. GINDX - Dividend Comparison

SPYI.DE has not paid dividends to shareholders, while GINDX's dividend yield for the trailing twelve months is around 3.18%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GINDX Gotham Index Plus Fund	3.18%	3.27%	2.97%	4.02%	1.81%	5.38%	1.07%	1.38%	2.10%	0.37%	0.48%
SPYI.DE SPDR MSCI ACWI IMI UCITS ETF	0.00%	0.00%	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 SPYI.DE and GINDX in my portfolio?

SPYI.DE and GINDX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.