GEW vs SPY
Cambria Global EW ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, GEW or SPY?
All Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window. GEW is less concentrated, with 17.6% of the fund in its ten largest positions against 38.2%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | GEW | SPY |
|---|---|---|
| Expense Ratio | 0.30% | 0.09%Best |
| AUM | $142M | $823.2B |
| Dividend Yield | 1.59% | 0.99% |
| Holdings | 455 | 1,515 |
| YTD Return | +8.50% | +13.53%Best |
| 1Y Return | +11.96% | +17.47%Best |
| 3Y Return (annualized) | - | +22.36% |
| 5Y Return (annualized) | - | +13.21% |
| Volatility (annualized) | 10.2%Best | 12.6% |
| Max Drawdown | -8.2%Best | -8.9% |
| $10,000 over 1.1 years | $11,362 | $11,913Best |
| Top 10 Weight | 17.6%Best | 38.2% |
| Fund Family | Cambria Investment Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | All Cap Blend | Large Cap Blend |
| Inception | Sep 25, 2025 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 1.1 years row, are measured over the window both funds cover: Sep 25, 2025 to Oct 14, 2026 (1.1 years).
GEW vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 1.1 years both funds cover.
GEW vs SPY Performance
Cambria Global EW ETF (GEW) is an ETF from Cambria Investment Management and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year GEW returned +11.96% while SPY returned +17.47%. Year to date, GEW is up 8.50% versus a gain of 13.53% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 12.6% compared with 10.2% for GEW. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -8.2% for GEW and -8.9% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.85. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
GEW charges 0.30% per year while SPY charges 0.09%. On a $10,000 position that is $30 vs $9 annually, a gap of $21 per year that compounds over a long holding period. On income, GEW currently yields 1.59% against 0.99% for SPY.
Holdings Overlap
42.8% of GEW's money is in holdings SPY also owns. 86.0% of SPY's money is in holdings GEW also owns.
Most of SPY is already inside GEW. Owning both mostly buys the same companies twice.
235 positions in common, counted across the 436 positions we hold weights for in GEW and 504 in SPY, against full books of 455 and 1,515.
What only one of them owns
Our book lists 263 positions for SPY that do not appear in our book for GEW (13.2% of the fund), and 36 for GEW that do not appear in SPY (20.7%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in GEW | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 0.86% | 7.78% | 6.92% |
| AAPLApple, Inc | 0.97% | 7.45% | 6.48% |
| MSFTMicrosoft Corp | 0.87% | 5.71% | 4.84% |
| AMZNAmazon.Com Inc | 0.80% | 3.78% | 2.98% |
| GOOGLAlphabet Inc | 0.76% | 3.12% | 2.36% |
| AVGOBroadcom Inc | 0.83% | 2.48% | 1.65% |
| GOOGAlphabet Inc. C | 0.52% | 2.49% | 1.97% |
| XOMExxonmobil Corp. | 1.78% | 1.04% | 0.74% |
| JPMJpmorgan Chase | 1.10% | 1.43% | 0.33% |
| METAMeta Platforms Inc | 0.29% | 2.22% | 1.93% |
86.0% of SPY is already inside GEW.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, GEW or SPY?
GEW has an expense ratio of 0.30% while SPY charges 0.09%. SPY is the cheaper option, by $21 a year on a $10,000 investment.
Which performed better, GEW or SPY?
Over the past year GEW returned +11.96% vs +17.47% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), GEW annualized +12.31% vs +17.25% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, GEW or SPY?
SPY has been the more volatile fund at 12.6% annualized versus 10.2% for GEW. Worst drawdown: GEW -8.2% vs SPY -8.9%.
Should I hold both GEW and SPY?
GEW and SPY have a monthly-return correlation of 0.85, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between GEW and SPY?
86.0% of SPY's money is in holdings GEW also owns. 86.0% of SPY's is in holdings GEW also owns. They hold 235 positions in common, counted across the 436 positions we hold weights for in GEW and 504 in SPY.
Which pays a higher dividend, GEW or SPY?
GEW yields 1.59% while SPY yields 0.99%, so GEW currently pays the higher dividend yield.
Is SPY better than GEW?
SPY has a lower expense ratio. SPY led over 1Y and the full window. GEW is less concentrated, with 17.6% of the fund in its ten largest positions against 38.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.