DFAS vs SPY
Dimensional US Small Cap ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, DFAS or SPY?
Small Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. DFAS is less concentrated, with 2.6% of the fund in its ten largest positions against 37.8%.
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 | DFAS | SPY |
|---|---|---|
| Expense Ratio | 0.26% | 0.09%Best |
| AUM | $15.4B | $804.7B |
| Dividend Yield | 0.97% | 0.98% |
| Holdings | 2,095 | 505 |
| YTD Return | +13.42% | +13.82%Best |
| 1Y Return | +16.24% | +16.96%Best |
| 3Y Return (annualized) | +16.09% | +22.97%Best |
| 5Y Return (annualized) | +8.67% | +13.73%Best |
| Volatility (annualized) | 19.0% | 15.5%Best |
| Max Drawdown | -26.1% | -24.5%Best |
| $10,000 over 5 years | $15,155 | $19,027Best |
| Top 10 Weight | 2.6%Best | 37.8% |
| Fund Family | Dimensional | State Street Investment Management |
| Category | Equity | Equity |
| Style | Small Cap Blend | Large Cap Blend |
| Inception | Dec 15, 1998 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jun 14, 2021 to Sep 21, 2026 (5.3 years).
DFAS 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 5.3 years both funds cover.
DFAS vs SPY Performance
Dimensional US Small Cap ETF (DFAS) is an ETF from Dimensional and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year DFAS returned +16.24% while SPY returned +16.96%. Year to date, DFAS is up 13.42% versus a gain of 13.82% for SPY.
Over three years, DFAS compounded at +16.09% per year against +22.97% for SPY; over five years the annualized figures are +8.67% and +13.73% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DFAS has been the more volatile fund, with annualized monthly volatility of 19.0% compared with 15.5% for SPY. 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 -26.1% for DFAS and -24.5% 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 0.82. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
DFAS charges 0.26% per year while SPY charges 0.09%. On a $10,000 position that is $26 vs $9 annually, a gap of $17 per year that compounds over a long holding period. On income, DFAS currently yields 0.97% against 0.98% for SPY.
Holdings Overlap
5.9% of DFAS's money is in holdings SPY also owns. 1.1% of SPY's money is in holdings DFAS also owns.
DFAS and SPY share little of their money.
54 positions in common, counted across the 2,036 positions we hold weights for in DFAS and 504 in SPY, against full books of 2,095 and 505.
What only one of them owns
Our book lists 443 positions for SPY that do not appear in our book for DFAS (98.3% of the fund), and 1,483 for DFAS that do not appear in SPY (90.9%).
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 DFAS | Weight in SPY | Difference |
|---|---|---|---|
| CRLCharles River Laboratories International Inc | 0.25% | 0.02% | 0.23% |
| IVZInvesco Plc | 0.25% | 0.02% | 0.23% |
| APAApa Corp | 0.22% | 0.02% | 0.20% |
| CLXClorox Co. | 0.22% | 0.02% | 0.20% |
| GLGlobe Life Inc. | 0.20% | 0.02% | 0.18% |
| HSICHenry Schein Inc | 0.20% | 0.01% | 0.19% |
| SJMJ M Smucker Co/The | 0.19% | 0.02% | 0.17% |
| HIIHuntington Ingalls Industries Inc. | 0.19% | 0.02% | 0.17% |
| RVTYRevvity Inc | 0.18% | 0.02% | 0.16% |
| AIZAssurant, Inc. | 0.18% | 0.02% | 0.16% |
You are not choosing between two funds in isolation.
Whichever of DFAS and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, DFAS or SPY?
DFAS has an expense ratio of 0.26% while SPY charges 0.09%. SPY is the cheaper option, by $17 a year on a $10,000 investment.
Which performed better, DFAS or SPY?
Over the past year DFAS returned +16.24% vs +16.96% for SPY, so SPY leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DFAS or SPY?
DFAS has been the more volatile fund at 19.0% annualized versus 15.5% for SPY. Worst drawdown: DFAS -26.1% vs SPY -24.5%.
Should I hold both DFAS and SPY?
DFAS and SPY have a monthly-return correlation of 0.82, 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 DFAS and SPY?
5.9% of DFAS's money is in holdings SPY also owns. 1.1% of SPY's is in holdings DFAS also owns. They hold 54 positions in common, counted across the 2,036 positions we hold weights for in DFAS and 504 in SPY.
Which pays a higher dividend, DFAS or SPY?
DFAS yields 0.97% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than DFAS?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. DFAS is less concentrated, with 2.6% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.