SPY vs GLD: Head-to-Head Comparison
SPY vs GLD: SPDR S&P 500 ETF Trust has an expense ratio of 9.45% while SPDR Gold Shares charges 0.40%. SPY holds 503 securities vs GLD's 1. 5-year returns: 15.70% vs 9.80%.
Last updated: April 2026
Stocks vs Gold
Quick Verdict
SPY edges out GLD with a stronger Beginner Suitability Score (9 vs 7.5). It offers better overall characteristics for new investors.
Side-by-Side Comparison
| Metric | SPY | GLD |
|---|---|---|
| Expense Ratio | 9.45% | 0.40% |
| AUM | $600.0B | $70.0B |
| Dividend Yield | 1.20% | 0.00% |
| Holdings | 503 | 1 |
| 1-Year Return | 26.50% | 15.50% |
| 5-Year Return (Ann.) | 15.70% | 9.80% |
| 10-Year Return (Ann.) | 13.20% | 6.50% |
| Beta | 1.00 | 0.10 |
| P/E Ratio | 25.8 | N/A |
SPY 5-year annualized return is 15.70% compared to GLD's 9.80%. Over 10 years, SPY returned 13.20% vs GLD's 6.50%.
View data table
| Period | SPY Return | GLD Return |
|---|---|---|
| YTD | 3.10% | 4.20% |
| 1 Year | 26.50% | 15.50% |
| 3 Year | 11.10% | 8.50% |
| 5 Year | 15.70% | 9.80% |
| 10 Year | 13.20% | 6.50% |
Key Differences Between SPY and GLD
SPY (SPDR S&P 500 ETF Trust) is a u.s. large-cap blend fund managed by State Street Global Advisors. SPY was the very first ETF listed in the United States and remains the most heavily traded ETF in the world. Like VOO, it tracks the S&P 500 index, but SPY is especially popular among active traders due to its enormous daily trading volume. Beginners should know that SPY and VOO hold the same stocks, but SPY has a slightly higher expense ratio.
GLD (SPDR Gold Shares) is a commodities - gold fund managed by State Street Global Advisors. GLD holds physical gold bars in a secure vault and each share represents a fractional ownership of that gold. It is the largest and most liquid gold ETF in the world, making it the easiest way to add gold to your portfolio. Beginners interested in gold as a hedge against inflation or economic uncertainty appreciate that GLD removes the hassle of buying, storing, and insuring physical gold yourself.
The most notable differences are in fees (9.45% vs 0.40%), number of holdings (503 vs 1), and 5-year returns (15.70% vs 9.80%).
SPY vs GLD multi-factor comparison: SPY has a 9.45% expense ratio, 15.70% 5-year return, 503 holdings, 1.00 beta, and 1.20% yield. GLD has 0.40% expense ratio, 9.80% 5-year return, 1 holdings, 0.10 beta, and 0.00% yield.
View data table
| Metric | SPY | GLD |
|---|---|---|
| Expense Ratio | 9.45% | 0.40% |
| 5-Year Return | 15.70% | 9.80% |
| Holdings | 503 | 1 |
| Beta | 1.00 | 0.10 |
| Dividend Yield | 1.20% | 0.00% |
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Holdings Overlap Analysis
0%
Holdings Overlap
SPY and GLD share only 0% of their top holdings. These funds are quite different, making them complementary choices if you want broader market coverage.
SPY and GLD share 0% of their top holdings (low overlap). SPY has 503 total holdings and GLD has 1.
View data table
| Metric | SPY | GLD |
|---|---|---|
| Overlap | 0% | 0% |
| Unique Holdings | 100% | 100% |
| Total Holdings | 503 | 1 |
Cost Comparison Over Time
If you invest $10,000 and hold for 20 years (assuming 8% annual returns):
SPY
Fee cost: $39,143
GLD
Fee cost: $3,334
Over 20 years, the fee difference amounts to $35,809 on a $10,000 investment. GLD saves you more in fees over time.
On a $10,000 investment over 20 years at 8% return, SPY (9.45% fee) grows to $7,467 while GLD (0.40% fee) grows to $43,276. The fee difference costs $35,809.
View data table
| Year | SPY Value | GLD Value |
|---|---|---|
| 0 | $10,000 | $10,000 |
| 5 | $9,296 | $14,423 |
| 10 | $8,641 | $20,803 |
| 15 | $8,032 | $30,004 |
| 20 | $7,467 | $43,276 |
Which One Should a Beginner Choose?
Choose SPY if: You want active traders who need high liquidity and tight spreads, options traders looking for the deepest options market available, institutional investors executing large block trades. It's managed by State Street Global Advisors with an expense ratio of 9.45%.
Choose GLD if: You want investors seeking a hedge against inflation, currency risk, or geopolitical uncertainty, those who want physical gold exposure without the logistics of buying and storing it, portfolio diversifiers looking for an asset with low correlation to traditional stocks and bonds. It's managed by State Street Global Advisors with an expense ratio of 0.40%.
Can You Own Both SPY and GLD?
Absolutely! With only 0% overlap, SPY and GLD complement each other well. A simple portfolio might allocate 60% to one and 40% to the other, or you could pair them with a bond ETF like BND for a complete three-fund portfolio.
Frequently Asked Questions
Should I buy SPY or GLD?▾
SPY edges out GLD with a stronger Beginner Suitability Score (9 vs 7.5). It offers better overall characteristics for new investors. However, both are solid options. SPY is best for investors who want active traders who need high liquidity and tight spreads, while GLD is better suited for investors seeking a hedge against inflation, currency risk, or geopolitical uncertainty.
What is the difference between SPY and GLD?▾
SPY (SPDR S&P 500 ETF Trust) tracks u.s. large-cap blend investments with 503 holdings and a 9.45% expense ratio. GLD (SPDR Gold Shares) focuses on commodities - gold with 1 holdings at 0.40%. Their top holdings overlap by 0%.
Can I own both SPY and GLD?▾
Yes! With only 0% holdings overlap, SPY and GLD complement each other well. Owning both gives you broader diversification.