Are GMAR and SPY in the same category?

GMAR is a buffer ETF and SPY is a stock ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.

Which returned more over the last year, GMAR or SPY?

In the year to Oct 28, 2026, with distributions reinvested, GMAR returned +12.7% and SPY +13.6%.

Which is cheaper, GMAR or SPY?

SPY is cheaper, by 0.76 percentage points a year. That is about $76 on $10,000 held for a year. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Across categories

GMAR vs SPY: Differences, Returns & Fees

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Over the year to Oct 28, 2026, GMAR returned +12.7% to SPY's +13.6%, and SPY charges 0.09% to GMAR's 0.85%.

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Net assets on Oct 27, 2026: $428m for FT Vest U.S. Equity Moderate Buffer ETF - March and $814.8bn for SPDR S&P 500 ETF Trust.

GMAR on its own →SPY on its own →

At a glance

+12.7%

GMAR total return, 1 year

+13.6%

SPY total return, 1 year

0.85%

GMAR expense ratio

0.09%

SPY expense ratio

Pair scorecard

SPY costs 0.76 points a year less; their one-year returns differ by 0.9 points; SPY is far larger, $814.8bn against $428m.

GMAR vs SPY: Differences, Returns & Fees
Measure	GMAR	SPY
Return
Measure	GMAR	SPY
Total return, 1 year	+12.7%	+13.6%
Drawdown
Measure	GMAR	SPY
Index fall to the buffer	16.0%
Fund price fall to the buffer	9.6%
Benchmark
Measure	GMAR	SPY
What it tracks	SPY	S&P 500 Index
The outcome period
Measure	GMAR	SPY
Buffer left, in index points	15.0% of 15.0%
Days left in the period	142
Period ends	Mar 19, 2027
Cost and size
Measure	GMAR	SPY
Expense ratio	0.85%	0.09%
Net assets, as of Oct 27, 2026	$428m	$814.8bn
Holdings
Measure	GMAR	SPY
Holdings in common	not published
In the S&P 500, by weight		100%
Top ten holdings, share of the fund		38.1%

Method

Side by side

GMAR FT Vest U.S. Equity Moderate Buffer ETF - March SPY SPDR S&P 500 ETF Trust

Where it sits Buffer ETF Stock ETF

Issuer First Trust State Street

What it is Defined outcome, 15% on SPY Tracks the S&P 500

Total return, 1 year +12.7% +13.6%

Its benchmark over the same days +12.4% (SPY) +13.7% (VOO)

Gap to its benchmark +0.3 pts vs SPY −0.1 pts vs VOO

Expense ratio 0.85% 0.09%

Holdings not read by ETFIQ 504

Net assets, as of Oct 27, 2026 $428m $814.8bn

GMAR and SPY on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Alert

About each fund

GMAR

SPY had already risen past this fund's cap of +14.1% for the period on Oct 28, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.3% as the period runs out.

The fund's price can fall 9.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 16.0% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 142 days remained on Oct 28, 2026. On Mar 19, 2027 the period ends and a new cap is set.

SPY

SPY tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.6% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 38.1%.

Questions people ask

Are GMAR and SPY in the same category?: GMAR is a buffer ETF and SPY is a stock ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
Which returned more over the last year, GMAR or SPY?: In the year to Oct 28, 2026, with distributions reinvested, GMAR returned +12.7% and SPY +13.6%.
Which is cheaper, GMAR or SPY?: SPY is cheaper, by 0.76 percentage points a year. That is about $76 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

GMAR vs IVV GMAR vs VOO GMAR vs SPYM JUNC vs SPY HJLY vs SPY MAYC vs SPY BAPR vs SPY GMAY vs SPY

Where to next

GMAR on its own →SPY on its own →Hold both: look the portfolio through →Rankings →SPY dividend history →SPY holdings →Standards and sources →

Sources and dates

GMAR filings on SEC EDGAR ↗

First Trust page for GMAR ↗

SPY filings on SEC EDGAR ↗

State Street website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

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ETFIQ, GMAR against SPY, data as of Oct 28, 2026. https://etfiq.com/compare/any/gmar-vs-spy

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