GMF vs SPY
Comparison between STATE STREET(R) SPDR(R) S&P(R) EMERGING ASIA PACIFIC ETF (GMF, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).
5-Year PerformanceSPY has outperformed GMF, delivering a return of +13.0% compared to +5.6%
GMF vs SPY - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
GMF
$438M
Winner
SPY
$781B
Expense Ratio
GMF
0.49%
Winner
SPY
0.09%
Max Drawdown
GMF
67.62%
Winner
SPY
56.47%
Sharpe Ratio
GMF
0.85
Winner
SPY
1.25
5Y Beta
Winner
GMF
0.78
SPY
1.00
P/E Ratio
GMF
N/A
SPY
28.78
Forward P/E
GMF
N/A
SPY
21.23
5Y Dividends CAGR
GMF
3.79%
Winner
SPY
6.00%
5Y EPS CAGR
GMF
N/A
SPY
25.62%
Debt to Equity
GMF
N/A
SPY
31.92%
P/S Ratio
GMF
N/A
SPY
3.76
P/B Ratio
GMF
N/A
SPY
5.64
GMF vs SPY - Holdings Comparison
GMF and SPY have 1 common holdings. Overlap is 0.00%
GMF's top 25 holdings weight is 39.40%. SPY's top 25 holdings weight is 51.74%.
| Rank | GMF | SPY |
|---|---|---|
| #1 | n/a (TSM) - 17.28% | NVIDIA CORP (NVDA) - 7.89% |
| #2 | TENCENT HOLDINGS LTD (n/a) - 3.67% | APPLE INC (AAPL) - 7.37% |
| #3 | n/a (n/a) - 2.73% | MICROSOFT CORP (MSFT) - 4.50% |
| #4 | MEDIATEK INC (n/a) - 1.94% | AMAZON.COM INC (AMZN) - 3.82% |
| #5 | DELTA ELECTRONICS INC (n/a) - 1.21% | ALPHABET INC CLASS A (GOOGL) - 3.33% |
| #6 | HON HAI PRECISION INDUSTRY CO LTD (n/a) - 1.15% | BROADCOM INC (AVGO) - 2.86% |
| #7 | ASE TECHNOLOGY HOLDING CO LTD (n/a) - 1.07% | ALPHABET INC CLASS C (GOOG) - 2.68% |
| #8 | CHINA CONSTRUCTION BANK CORP CLASS H (n/a) - 1.06% | META PLATFORMS INC CLASS A (META) - 2.29% |
| #9 | HDFC BANK LTD (n/a) - 0.99% | TESLA INC (TSLA) - 1.70% |
| #10 | RELIANCE INDUSTRIES LTD GDR 144A (RLNIY) - 0.93% | MICRON TECHNOLOGY INC (MU) - 1.56% |
| #11 | ICICI BANK LTD ADR (IBN) - 0.89% | JPMORGAN CHASE & CO (JPM) - 1.42% |
| #12 | UNITED MICROELECTRONICS CORP ADR (UMC) - 0.77% | ELI LILLY AND CO (LLY) - 1.40% |
| #13 | n/a (n/a) - 0.74% | BERKSHIRE HATHAWAY INC CLASS B (BRK-B) - 1.37% |
| #14 | BHARTI AIRTEL LTD (n/a) - 0.64% | ADVANCED MICRO DEVICES INC (AMD) - 1.32% |
| #15 | ELITE MATERIAL CO LTD (n/a) - 0.62% | EXXONMOBIL HOLDINGS CORP (XOM) - 0.92% |
| #16 | PDD HOLDINGS INC ADR (PDD) - 0.61% | JOHNSON & JOHNSON (JNJ) - 0.91% |
| #17 | YUANTA FINANCIAL HOLDINGS CO LTD (n/a) - 0.58% | VISA INC CLASS A (V) - 0.90% |
| #18 | CTBC FINANCIAL HOLDING CO LTD (n/a) - 0.58% | WALMART INC (WMT) - 0.76% |
| #19 | MEITUAN CLASS B (n/a) - 0.56% | INTEL CORP (INTC) - 0.75% |
| #20 | STATE STREET INSTL US GOVT MMKT PREMIER (GVMXX) - 0.23% | APPLIED MATERIALS INC (AMAT) - 0.70% |
| #21 | REALTEK SEMICONDUCTOR CORP (n/a) - 0.23% | CISCO SYSTEMS INC (CSCO) - 0.68% |
| #22 | TRIP.COM GROUP LTD (n/a) - 0.23% | MASTERCARD INC CLASS A (MA) - 0.66% |
| #23 | PUBLIC BANK BHD (n/a) - 0.23% | ABBVIE INC (ABBV) - 0.66% |
| #24 | n/a (n/a) - 0.23% | CATERPILLAR INC (CAT) - 0.65% |
| #25 | CHROMA ATE INC (n/a) - 0.23% | LAM RESEARCH CORP (LRCX) - 0.64% |
| Total Holdings | 1131 | 505 |
GMF vs SPY - Historical Returns
Returns include dividend reinvestment.
1M
GMF
-5.12%
Winner
SPY
+0.52%
3M
GMF
+4.28%
Winner
SPY
+6.55%
6M
GMF
+6.73%
Winner
SPY
+9.76%
1Y
GMF
+18.80%
Winner
SPY
+20.32%
5Y(CAGR)
GMF
+5.61%
Winner
SPY
+13.01%
10Y(CAGR)
GMF
+9.23%
Winner
SPY
+15.06%
Max(CAGR)
GMF
+7.13%
Winner
SPY
+8.50%
GMF vs SPY - Annual Returns (1999 - 2026)
Returns include dividend reinvestment.
| Year | GMF | SPY |
|---|---|---|
| 2026 | +7.24% | +10.11% |
| 2025 | +22.11% | +18.00% |
| 2024 | +18.25% | +25.59% |
| 2023 | +6.69% | +26.72% |
| 2022 | -19.66% | -18.64% |
| 2021 | -2.58% | +30.52% |
| 2020 | +22.19% | +17.28% |
| 2019 | +20.09% | +31.09% |
| 2018 | -16.14% | -5.24% |
| 2017 | +40.53% | +20.78% |
| 2016 | +8.09% | +13.59% |
| 2015 | -8.55% | +1.31% |
| 2014 | +12.46% | +14.56% |
| 2013 | -0.45% | +29.00% |
| 2012 | +16.77% | +14.17% |
| 2011 | -20.38% | +0.85% |
| 2010 | +16.74% | +13.14% |
| 2009 | +63.86% | +22.67% |
| 2008 | -47.80% | -36.25% |
| 2007 | +42.90% | +5.32% |
| 2006 | N/A | +13.85% |
| 2005 | N/A | +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% |
GMF vs SPY Drawdown Comparison
The maximum drawdown for GMF was -67.19%, occurring on Nov 20, 2008. Recovery took 1692 trading sessions.
The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.
The current GMF drawdown is -5.12%. The current SPY drawdown is -1.24%.
| Rank | GMF | SPY |
|---|---|---|
| #1 | -67.19% Oct 31, 2007 - Jul 24, 2014 | -55.20% Oct 9, 2007 - Aug 16, 2012 |
| #2 | -40.17% Feb 17, 2021 - Jul 23, 2025 | -47.50% Mar 24, 2000 - Oct 26, 2006 |
| #3 | -31.24% Jan 26, 2018 - Aug 5, 2020 | -33.70% Feb 19, 2020 - Aug 10, 2020 |
| #4 | -30.66% Apr 27, 2015 - May 25, 2017 | -24.50% Jan 3, 2022 - Dec 13, 2023 |
| #5 | -16.46% Jul 23, 2007 - Sep 4, 2007 | -19.34% Sep 20, 2018 - Apr 12, 2019 |
| #6 | -12.62% Feb 25, 2026 - May 5, 2026 | -18.76% Feb 19, 2025 - Jun 26, 2025 |
| #7 | -10.51% Sep 5, 2014 - Apr 2, 2015 | -13.02% Jul 20, 2015 - Apr 18, 2016 |
| #8 | -7.01% Jun 22, 2026 - Jul 17, 2026 | -10.10% Jan 26, 2018 - Aug 6, 2018 |
| #9 | -5.66% Aug 28, 2020 - Oct 8, 2020 | -9.44% Sep 2, 2020 - Nov 11, 2020 |
| #10 | -5.62% Oct 17, 2007 - Oct 26, 2007 | -9.30% Jan 19, 2000 - Mar 17, 2000 |
| #11 | -5.60% Jun 2, 2026 - Jun 18, 2026 | -9.05% Jul 19, 2007 - Oct 5, 2007 |
| #12 | -5.51% Nov 22, 2017 - Jan 2, 2018 | -8.88% Jan 27, 2026 - Apr 14, 2026 |
| #13 | -5.47% Oct 29, 2025 - Jan 2, 2026 | -8.41% Jul 16, 2024 - Sep 19, 2024 |
| #14 | -5.07% Jan 25, 2021 - Feb 8, 2021 | -7.35% Sep 14, 2012 - Jan 2, 2013 |
| #15 | -4.71% May 6, 2026 - May 26, 2026 | -7.27% Sep 18, 2014 - Oct 31, 2014 |
Correlation
Correlation between GMF and SPY is 0.95 which considered as a very strong positive correlation - the stocks move almost identically together.
0.95
-101
Dividend Comparison (1999 - 2026)
GMF vs SPY dividend yield comparison.
| Year | GMF | SPY |
|---|---|---|
| 2026 | 0.43% | 0.49% |
| 2025 | 1.49% | 1.07% |
| 2024 | 1.92% | 1.21% |
| 2023 | 2.75% | 1.40% |
| 2022 | 2.54% | 1.65% |
| 2021 | 2.71% | 1.20% |
| 2020 | 1.32% | 1.52% |
| 2019 | 1.75% | 1.75% |
| 2018 | 2.26% | 2.04% |
| 2017 | 1.70% | 1.80% |
| 2016 | 2.49% | 2.03% |
| 2015 | 3.76% | 2.06% |
| 2014 | 1.55% | 1.87% |
| 2013 | 2.18% | 1.81% |
| 2012 | 1.77% | 2.18% |
| 2011 | 3.94% | 2.05% |
| 2010 | 4.44% | 1.80% |
| 2009 | 0.98% | 1.95% |
| 2008 | 1.33% | 3.02% |
| 2007 | 1.31% | 1.85% |
| 2006 | 0.00% | 1.73% |
| 2005 | 0.00% | 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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