Dividend comparison
GLD vs SPY: Which Is Better?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for SPDR Gold Shares and State Street SPDR S&P 500 ETF, side by side. Updated October 21, 2026.
- Fees. SPY is cheaper at 0.09% a year versus 0.40% for GLD. On $10,000 that is $31 a year less in fees.
- Performance. Over the last 5 years, GLD returned 126.3% versus 81.3% for SPY, with dividends reinvested. $10,000 would have grown to $22,627 in GLD and $18,129 in SPY.
- Risk. Their worst declines over the last 5 years were similar: -26.4% for GLD and -24.5% for SPY from peak to trough.
- Size. SPY is the larger fund with $816.6 billion in assets, against $141.1 billion for GLD.
Bottom line: GLD fits better if you care most about stronger 5-year returns. SPY fits better if you care most about lower fees.
| Metric | GLD SPDR Gold Shares | SPY State Street SPDR S&P 500 ETF |
|---|---|---|
| Dividend yield (TTM) | — | 0.98% |
| Dividend / share (TTM) | — | $7.53 |
| Payout frequency | — | Quarterly |
| Last dividend | — | $1.9035 on Jul 31, 2026 |
| Ex-dividend date | — | Sep 18, 2026 |
| Next payment | — | $1.8888 on Oct 30, 2026 |
| Dividend growth (CAGR) | — | 6.4% over 4 yrs |
| Price | $377.65 | $769.05 |
| Dividend growth streak | — | 16 years |
| Beta | 0.45 | 1.01 |
| Max drawdown (5Y) | -26.4% | -24.5% |
| Market cap | $141.19B | $813.99B |
| Exchange | AMEX | AMEX |
| Expense ratio | 0.40% | 0.09% |
| Assets under management | $141.12B | $816.57B |
| Number of holdings | — | 504 |
| Top 10 concentration | — | 38.7% |
GLD
—/mo
Yield data unavailable
SPY
$8.15/mo
$98 /yr at 0.98% yield
| Year | GLD | SPY |
|---|---|---|
| 2025 | — | $7.2533 |
| 2024 | — | $7.0056 |
| 2023 | — | $6.5091 |
| 2022 | — | $6.1723 |
| 2021 | — | $5.6618 |
Current income is low and outside your control, so these need pairing with something else if the portfolio has to produce cash today.
What GLD vs SPY actually do
It holds the same 500 companies as its rivals, but it is structured as a unit investment trust rather than an open-end fund, an older wrapper that must hold every constituent and cannot put dividends back to work inside the fund before the quarterly payment date. That leaves a small cash drag and it carries a higher expense ratio than the newer S&P 500 trackers, around three times VOO's. What it buys instead is unmatched liquidity and by far the deepest options market of any S&P 500 fund.
Suits traders, options sellers and anyone who needs to move size with tight spreads. For a long-term buy-and-hold position the structural drag and higher fee work against it compared with the newer alternatives.
Core holding, trading vehicle
| Period | GLD | SPY |
|---|---|---|
| 1 month | -5.86% | 0.97% |
| 3 months | 2.51% | 3.63% |
| Year to date | -4.71% | 13.37% |
| 1 year | -6.33% | 15.51% |
| 3 years | 105.70% | 88.86% |
| 5 years | 126.27% | 81.29% |
- GLD
- SPY
Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.
- GLD
- SPY
Quick verdict
GLD fits better if you care most about stronger 5-year returns. SPY fits better if you care most about lower fees. Model the holding inside your real portfolio before deciding.
Frequently asked questions
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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.