GVIP vs SPY
Comparison between GOLDMAN SACHS HEDGE INDUSTRY VIP ETF (GVIP, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).
5-Year PerformanceSPY has outperformed GVIP, delivering a return of +13.3% compared to +12.0%
GVIP vs SPY - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
GVIP
$505M
Winner
SPY
$735B
Expense Ratio
GVIP
0.45%
Winner
SPY
0.09%
Max Drawdown
Winner
GVIP
37.10%
SPY
56.47%
Sharpe Ratio
GVIP
1.35
Winner
SPY
1.62
5Y Beta
GVIP
1.19
Winner
SPY
1.00
P/E Ratio
GVIP
53.18
Winner
SPY
28.99
Forward P/E
Winner
GVIP
22.21
SPY
22.37
5Y Dividends CAGR
Winner
GVIP
48.90%
SPY
5.43%
5Y EPS CAGR
GVIP
21.97%
Winner
SPY
26.05%
Debt to Equity
GVIP
N/A
SPY
32.40%
P/S Ratio
GVIP
3.80
Winner
SPY
3.74
P/B Ratio
GVIP
6.28
Winner
SPY
5.61
GVIP vs SPY - Holdings Comparison
GVIP and SPY have 34 common holdings. Overlap is 29.72%
GVIP's top 25 holdings weight is 62.79%. SPY's top 25 holdings weight is 52.37%.
| Rank | GVIP | SPY |
|---|---|---|
| #1 | SANDISK CORP ORDINARY SHARES (SNDK) - 5.01% | NVIDIA CORP (NVDA) - 8.10% |
| #2 | ADVANCED MICRO DEVICES INC (AMD) - 4.61% | APPLE INC (AAPL) - 7.02% |
| #3 | MICRON TECHNOLOGY INC (MU) - 4.17% | MICROSOFT CORP (MSFT) - 4.79% |
| #4 | CORE SCIENTIFIC INC ORDINARY SHARES NEW (CORZ) - 2.85% | AMAZON.COM INC (AMZN) - 4.02% |
| #5 | LUMENTUM HOLDINGS INC (LITE) - 2.82% | ALPHABET INC CLASS A (GOOGL) - 3.51% |
| #6 | APPLOVIN CORP ORDINARY SHARES CLASS A (APP) - 2.54% | BROADCOM INC (AVGO) - 3.10% |
| #7 | VERTIV HOLDINGS CO CLASS A (VRT) - 2.47% | ALPHABET INC CLASS C (GOOG) - 2.79% |
| #8 | AMAZON.COM INC (AMZN) - 2.45% | META PLATFORMS INC CLASS A (META) - 2.08% |
| #9 | GE VERNOVA INC (GEV) - 2.43% | TESLA INC (TSLA) - 1.89% |
| #10 | ALPHABET INC CLASS A (GOOGL) - 2.40% | MICRON TECHNOLOGY INC (MU) - 1.56% |
| #11 | BROADCOM INC (AVGO) - 2.36% | BERKSHIRE HATHAWAY INC CLASS B (BRK-B) - 1.37% |
| #12 | APPLIED MATERIALS INC (AMAT) - 2.36% | ELI LILLY AND CO (LLY) - 1.31% |
| #13 | APPLE INC (AAPL) - 2.17% | JPMORGAN CHASE & CO (JPM) - 1.28% |
| #14 | NVIDIA CORP (NVDA) - 2.16% | ADVANCED MICRO DEVICES INC (AMD) - 1.27% |
| #15 | ASML HOLDING NV ADR (ASML) - 2.14% | EXXON MOBIL CORP (XOM) - 0.97% |
| #16 | NETFLIX INC (NFLX) - 2.12% | INTEL CORP (INTC) - 0.90% |
| #17 | TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD ADR (TSM) - 2.11% | JOHNSON & JOHNSON (JNJ) - 0.86% |
| #18 | CITIGROUP INC (C) - 2.07% | VISA INC CLASS A (V) - 0.85% |
| #19 | ECHOSTAR CORP CLASS A (SATS) - 2.03% | WALMART INC (WMT) - 0.81% |
| #20 | TESLA INC (TSLA) - 1.96% | CISCO SYSTEMS INC (CSCO) - 0.72% |
| #21 | MICROSOFT CORP (MSFT) - 1.95% | COSTCO WHOLESALE CORP (COST) - 0.69% |
| #22 | UNION PACIFIC CORP (UNP) - 1.92% | CATERPILLAR INC (CAT) - 0.66% |
| #23 | ELI LILLY AND CO (LLY) - 1.91% | MASTERCARD INC CLASS A (MA) - 0.62% |
| #24 | VISA INC CLASS A (V) - 1.90% | LAM RESEARCH CORP (LRCX) - 0.62% |
| #25 | NORFOLK SOUTHERN CORP (NSC) - 1.88% | ABBVIE INC (ABBV) - 0.58% |
| Total Holdings | 49 | 505 |
GVIP vs SPY - Historical Returns
Returns include dividend reinvestment.
1M
GVIP
+0.93%
Winner
SPY
+1.90%
3M
Winner
GVIP
+13.28%
SPY
+8.55%
6M
Winner
GVIP
+12.21%
SPY
+8.18%
1Y
Winner
GVIP
+31.19%
SPY
+25.79%
5Y(CAGR)
GVIP
+12.00%
Winner
SPY
+13.32%
10Y(CAGR)
Winner
GVIP
+17.17%
SPY
+15.19%
Max(CAGR)
Winner
GVIP
+17.17%
SPY
+8.47%
GVIP vs SPY - Annual Returns (1999 - 2026)
Returns include dividend reinvestment.
| Year | GVIP | SPY |
|---|---|---|
| 2026 | +10.71% | +8.26% |
| 2025 | +24.18% | +18.00% |
| 2024 | +31.42% | +25.59% |
| 2023 | +40.11% | +26.72% |
| 2022 | -32.35% | -18.64% |
| 2021 | +13.57% | +30.52% |
| 2020 | +42.47% | +17.28% |
| 2019 | +29.65% | +31.09% |
| 2018 | -8.03% | -5.24% |
| 2017 | +24.67% | +20.78% |
| 2016 | +7.97% | +13.59% |
| 2015 | N/A | +1.31% |
| 2014 | N/A | +14.56% |
| 2013 | N/A | +29.00% |
| 2012 | N/A | +14.17% |
| 2011 | N/A | +0.85% |
| 2010 | N/A | +13.14% |
| 2009 | N/A | +22.67% |
| 2008 | N/A | -36.25% |
| 2007 | N/A | +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% |
GVIP vs SPY Drawdown Comparison
The maximum drawdown for GVIP was -37.09%, occurring on Oct 14, 2022. Recovery took 573 trading sessions.
The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.
The current GVIP drawdown is -4.51%. The current SPY drawdown is -2.90%.
| Rank | GVIP | SPY |
|---|---|---|
| #1 | -37.09% Nov 16, 2021 - Feb 29, 2024 | -55.20% Oct 9, 2007 - Aug 16, 2012 |
| #2 | -36.63% Feb 19, 2020 - Jul 20, 2020 | -47.50% Mar 24, 2000 - Oct 26, 2006 |
| #3 | -23.29% Feb 14, 2025 - Jun 26, 2025 | -33.70% Feb 19, 2020 - Aug 10, 2020 |
| #4 | -21.47% Sep 20, 2018 - Apr 10, 2019 | -24.50% Jan 3, 2022 - Dec 13, 2023 |
| #5 | -13.67% Feb 2, 2026 - Apr 14, 2026 | -19.34% Sep 20, 2018 - Apr 12, 2019 |
| #6 | -10.25% Jul 16, 2024 - Aug 19, 2024 | -18.76% Feb 19, 2025 - Jun 26, 2025 |
| #7 | -9.91% Apr 30, 2019 - Jul 26, 2019 | -13.02% Jul 20, 2015 - Apr 18, 2016 |
| #8 | -9.66% Jan 26, 2018 - Mar 12, 2018 | -10.10% Jan 26, 2018 - Aug 6, 2018 |
| #9 | -9.55% Jul 26, 2019 - Nov 18, 2019 | -9.44% Sep 2, 2020 - Nov 11, 2020 |
| #10 | -9.08% Mar 12, 2018 - Jun 18, 2018 | -9.30% Jan 19, 2000 - Mar 17, 2000 |
| #11 | -8.76% Sep 2, 2020 - Oct 13, 2020 | -9.05% Jul 19, 2007 - Oct 5, 2007 |
| #12 | -7.59% Oct 13, 2020 - Nov 5, 2020 | -8.88% Jan 27, 2026 - Apr 14, 2026 |
| #13 | -7.24% Oct 29, 2025 - Dec 10, 2025 | -8.41% Jul 16, 2024 - Sep 19, 2024 |
| #14 | -7.10% Feb 16, 2021 - Apr 9, 2021 | -7.35% Sep 14, 2012 - Jan 2, 2013 |
| #15 | -7.04% Apr 29, 2021 - Jun 23, 2021 | -7.27% Sep 18, 2014 - Oct 31, 2014 |
Correlation
Correlation between GVIP and SPY is 0.98 which considered as a very strong positive correlation - the stocks move almost identically together.
0.98
-101
Dividend Comparison (1999 - 2026)
GVIP vs SPY dividend yield comparison.
| Year | GVIP | SPY |
|---|---|---|
| 2026 | 0.00% | 0.24% |
| 2025 | 0.34% | 1.07% |
| 2024 | 0.29% | 1.21% |
| 2023 | 0.77% | 1.40% |
| 2022 | 0.02% | 1.65% |
| 2021 | 0.00% | 1.20% |
| 2020 | 0.12% | 1.52% |
| 2019 | 0.77% | 1.75% |
| 2018 | 0.44% | 2.04% |
| 2017 | 0.45% | 1.80% |
| 2016 | 0.08% | 2.03% |
| 2015 | 0.00% | 2.06% |
| 2014 | 0.00% | 1.87% |
| 2013 | 0.00% | 1.81% |
| 2012 | 0.00% | 2.18% |
| 2011 | 0.00% | 2.05% |
| 2010 | 0.00% | 1.80% |
| 2009 | 0.00% | 1.95% |
| 2008 | 0.00% | 3.02% |
| 2007 | 0.00% | 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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