GAIN vs SPY

Comparison between Gladstone Investment Corporation (GAIN, Company) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceGAIN has outperformed SPY, delivering a return of +16.0% compared to +13.0%

GAIN vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	GAIN(COMPANY)	SPY(ETF)
Market Cap / Net Assets	$660M	$781B
Expense Ratio	N/A	0.09%
Max Drawdown	85.09%	56.47%
Sharpe Ratio	1.29	1.25
5Y Beta	0.63	1.00
Industry	Asset Management	N/A
P/E Ratio	3.56	28.78
Forward P/E	17.24	21.23
PEG Ratio	0.02	N/A
Dividend Yield	5.80%	N/A
5Y Dividends CAGR	16.09%	6.00%
5Y EPS CAGR	N/A	25.62%
Debt to Equity	84.47%	31.92%
Free Cash Flow Yield	-15.40%	N/A
P/S Ratio	6.77	3.76
P/B Ratio	0.99	5.64

Market Cap / Net Assets

GAIN

$660M

Winner

SPY

$781B

Expense Ratio

GAIN

N/A

SPY

0.09%

Max Drawdown

GAIN

85.09%

Winner

SPY

56.47%

Sharpe Ratio

Winner

GAIN

1.29

SPY

1.25

5Y Beta

Winner

GAIN

0.63

SPY

1.00

Industry

GAIN

Asset Management

SPY

N/A

P/E Ratio

Winner

GAIN

3.56

SPY

28.78

Forward P/E

Winner

GAIN

17.24

SPY

21.23

PEG Ratio

GAIN

0.02

SPY

N/A

Dividend Yield

GAIN

5.80%

SPY

N/A

5Y Dividends CAGR

Winner

GAIN

16.09%

SPY

6.00%

5Y EPS CAGR

GAIN

N/A

SPY

25.62%

Debt to Equity

GAIN

84.47%

Winner

SPY

31.92%

Free Cash Flow Yield

GAIN

-15.40%

SPY

N/A

P/S Ratio

GAIN

6.77

Winner

SPY

3.76

P/B Ratio

Winner

GAIN

0.99

SPY

5.64

GAIN vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	GAIN	SPY
1 month	+19.04%	+0.52%
3 months	+11.24%	+6.55%
6 months	+29.30%	+9.76%
1 year	+33.17%	+20.32%
5 years(CAGR)	+16.05%	+13.01%
10 years(CAGR)	+20.06%	+15.06%
Max(CAGR)	+10.65%	+8.50%

Winner

GAIN

+19.04%

SPY

+0.52%

Winner

GAIN

+11.24%

SPY

+6.55%

Winner

GAIN

+29.30%

SPY

+9.76%

Winner

GAIN

+33.17%

SPY

+20.32%

5Y(CAGR)

Winner

GAIN

+16.05%

SPY

+13.01%

10Y(CAGR)

Winner

GAIN

+20.06%

SPY

+15.06%

Max(CAGR)

Winner

GAIN

+10.65%

SPY

+8.50%

GAIN vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	GAIN	SPY
2026	+29.48%	+10.11%
2025	+17.32%	+18.00%
2024	+4.74%	+25.59%
2023	+30.53%	+26.72%
2022	-16.93%	-18.64%
2021	+81.78%	+30.52%
2020	-16.26%	+17.28%
2019	+51.95%	+31.09%
2018	-10.53%	-5.24%
2017	+42.28%	+20.78%
2016	+17.47%	+13.59%
2015	+18.90%	+1.31%
2014	-2.98%	+14.56%
2013	+23.65%	+29.00%
2012	+3.42%	+14.17%
2011	+0.17%	+0.85%
2010	+71.12%	+13.14%
2009	+1.76%	+22.67%
2008	-43.12%	-36.25%
2007	-32.61%	+5.32%
2006	+16.50%	+13.85%
2005	-8.51%	+5.32%
2004	N/A	+10.75%
2003	N/A	+24.18%
2002	N/A	-22.42%
2001	N/A	-10.13%
2000	N/A	-8.84%
1999	N/A	+8.61%

GAIN vs SPY Drawdown Comparison

The maximum drawdown for GAIN was -80.81%, occurring on Mar 9, 2009. Recovery took 1767 trading sessions.

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current GAIN drawdown is -1.78%. The current SPY drawdown is -1.24%.

Rank	GAIN	SPY
#1	-80.81% Jan 12, 2007 - Jan 21, 2014	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-56.30% Dec 17, 2019 - Apr 15, 2021	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-26.24% Apr 19, 2022 - Nov 2, 2023	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-25.47% Aug 20, 2018 - Feb 8, 2019	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-18.12% Dec 29, 2015 - Jul 18, 2016	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-17.88% Dec 18, 2017 - Apr 30, 2018	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-17.56% Aug 30, 2016 - Feb 1, 2017	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-16.07% Jul 20, 2015 - Dec 23, 2015	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-15.64% Jul 21, 2005 - Dec 19, 2006	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-14.76% Feb 14, 2025 - Apr 17, 2025	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-14.21% Apr 3, 2014 - Feb 6, 2015	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-14.11% Dec 31, 2021 - Apr 19, 2022	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-12.75% May 5, 2026 - Jul 15, 2026	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-12.68% Jan 8, 2024 - Sep 27, 2024	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-11.90% Apr 16, 2019 - Sep 11, 2019	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between GAIN and SPY is 0.99 which considered as a very strong positive correlation - the stocks move almost identically together.

0.99

-101

Dividend Comparison (1999 - 2026)

GAIN vs SPY dividend yield comparison.

Year	GAIN	SPY
2026	8.57%	0.49%
2025	10.74%	1.07%
2024	12.53%	1.21%
2023	17.24%	1.40%
2022	9.88%	1.65%
2021	6.06%	1.20%
2020	9.22%	1.52%
2019	7.06%	1.75%
2018	9.24%	2.04%
2017	7.94%	1.80%
2016	8.87%	2.03%
2015	9.68%	2.06%
2014	11.71%	1.87%
2013	8.44%	1.81%
2012	9.05%	2.18%
2011	7.63%	2.05%
2010	6.27%	1.80%
2009	13.16%	1.95%
2008	19.55%	3.02%
2007	9.33%	1.85%
2006	5.49%	1.73%
2005	1.32%	1.73%
2004	0.00%	1.82%
2003	0.00%	1.47%
2002	0.00%	1.70%
2001	0.00%	1.25%
2000	0.00%	1.15%
1999	0.00%	0.24%

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GAIN vs SPY

GAIN vs SPY - Performance Comparison

Key Characteristics

GAIN vs SPY - Historical Returns

GAIN vs SPY - Annual Returns (1999 - 2026)

GAIN vs SPY Drawdown Comparison

Correlation

Dividend Comparison (1999 - 2026)

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