GHC vs SPY
Comparison between Graham Holdings Co. - Class B (GHC, Company) and SPDR S&P 500 ETF Trust (SPY, ETF).
5-Year PerformanceSPY has outperformed GHC, delivering a return of +13.8% compared to +11.7%
GHC vs SPY - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
GHC vs SPY - Historical Returns
Returns include dividend reinvestment.
GHC vs SPY - Annual Returns (1999 - 2026)
Returns include dividend reinvestment.
| Year | GHC | SPY |
|---|---|---|
| 2026 | +1.95% | +8.80% |
| 2025 | +27.93% | +18.00% |
| 2024 | +25.34% | +25.59% |
| 2023 | +14.97% | +26.72% |
| 2022 | -7.35% | -18.64% |
| 2021 | +20.94% | +30.52% |
| 2020 | -15.33% | +17.28% |
| 2019 | -1.32% | +31.09% |
| 2018 | +14.83% | -5.24% |
| 2017 | +7.60% | +20.78% |
| 2016 | +10.17% | +13.59% |
| 2015 | -8.11% | +1.31% |
| 2014 | +33.73% | +14.56% |
| 2013 | +79.28% | +29.00% |
| 2012 | +1.26% | +14.17% |
| 2011 | -12.40% | +0.85% |
| 2010 | +1.50% | +13.14% |
| 2009 | +8.55% | +22.67% |
| 2008 | -49.91% | -36.25% |
| 2007 | +6.72% | +5.32% |
| 2006 | -4.05% | +13.85% |
| 2005 | -19.91% | +5.32% |
| 2004 | +25.40% | +10.75% |
| 2003 | +6.46% | +24.18% |
| 2002 | +41.01% | -22.42% |
| 2001 | -11.27% | -10.13% |
| 2000 | +15.05% | -8.84% |
| 1999 | +4.39% | +8.61% |
GHC vs SPY Drawdown Comparison
The maximum drawdown for GHC was -67.56%, occurring on Mar 9, 2009. Recovery took 2488 trading sessions.
The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.
The current GHC drawdown is -7.14%. The current SPY drawdown is -0.92%.
| Rank | GHC | SPY |
|---|---|---|
| #1 | -67.56% Dec 29, 2004 - Nov 14, 2014 | -55.20% Oct 9, 2007 - Aug 16, 2012 |
| #2 | -62.56% Jul 30, 2019 - Jan 22, 2024 | -47.50% Mar 24, 2000 - Oct 26, 2006 |
| #3 | -40.09% Jul 7, 2015 - Apr 8, 2019 | -33.70% Feb 19, 2020 - Aug 10, 2020 |
| #4 | -21.93% Mar 2, 2001 - Apr 17, 2002 | -24.50% Jan 3, 2022 - Dec 13, 2023 |
| #5 | -19.78% Sep 26, 2025 - Jan 21, 2026 | -19.34% Sep 20, 2018 - Apr 12, 2019 |
| #6 | -18.75% Nov 10, 1999 - Dec 1, 2000 | -18.76% Feb 19, 2025 - Jun 26, 2025 |
| #7 | -18.01% Apr 30, 2002 - Aug 7, 2002 | -13.02% Jul 20, 2015 - Apr 18, 2016 |
| #8 | -14.55% Jul 26, 2024 - Sep 30, 2024 | -10.10% Jan 26, 2018 - Aug 6, 2018 |
| #9 | -13.00% Jan 21, 2026 - Mar 20, 2026 | -9.44% Sep 2, 2020 - Nov 11, 2020 |
| #10 | -12.85% Jan 6, 2003 - Nov 10, 2003 | -9.30% Jan 19, 2000 - Mar 17, 2000 |
| #11 | -12.48% Apr 2, 2025 - Aug 12, 2025 | -9.05% Jul 19, 2007 - Oct 5, 2007 |
| #12 | -12.39% Jun 8, 2004 - Nov 15, 2004 | -8.88% Jan 27, 2026 - Apr 14, 2026 |
| #13 | -11.69% Mar 16, 2015 - May 20, 2015 | -8.41% Jul 16, 2024 - Sep 19, 2024 |
| #14 | -11.04% Nov 8, 2024 - Feb 14, 2025 | -7.35% Sep 14, 2012 - Jan 2, 2013 |
| #15 | -10.83% Dec 9, 2014 - Jan 29, 2015 | -7.27% Sep 18, 2014 - Oct 31, 2014 |
Correlation
Correlation between GHC and SPY is 0.90 which considered as a very strong positive correlation - the stocks move almost identically together.
Dividend Comparison (1999 - 2026)
GHC vs SPY dividend yield comparison.
| Year | GHC | SPY |
|---|---|---|
| 2026 | 0.34% | 0.24% |
| 2025 | 0.66% | 1.07% |
| 2024 | 0.79% | 1.21% |
| 2023 | 0.95% | 1.40% |
| 2022 | 1.05% | 1.65% |
| 2021 | 0.96% | 1.20% |
| 2020 | 1.09% | 1.52% |
| 2019 | 0.87% | 1.75% |
| 2018 | 0.83% | 2.04% |
| 2017 | 0.91% | 1.80% |
| 2016 | 0.95% | 2.03% |
| 2015 | 89.61% | 2.06% |
| 2014 | 1.18% | 1.87% |
| 2013 | 0.00% | 1.81% |
| 2012 | 5.37% | 2.18% |
| 2011 | 2.49% | 2.05% |
| 2010 | 2.05% | 1.80% |
| 2009 | 1.96% | 1.95% |
| 2008 | 2.20% | 3.02% |
| 2007 | 1.04% | 1.85% |
| 2006 | 1.05% | 1.73% |
| 2005 | 0.97% | 1.73% |
| 2004 | 0.71% | 1.82% |
| 2003 | 0.73% | 1.47% |
| 2002 | 0.76% | 1.70% |
| 2001 | 1.06% | 1.25% |
| 2000 | 0.88% | 1.15% |
| 1999 | 0.00% | 0.24% |
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