DFAS vs SPY
Dimensional US Small Cap ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. DFAS delivered stronger 1-year returns. DFAS offers more diversification with 2,102 holdings.
Side-by-Side Comparison
| Metric | DFAS | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.26% | 0.09% | |
| AUM | $15.9B | $821.1B | |
| Dividend Yield | 0.98% | 1.01% | |
| Holdings | 2,102 | 505 | |
| YTD Return | +17.24% | +13.21% | |
| 1Y Return | +20.90% | +19.87% | |
| 3Y Return (annualized) | +15.21% | +21.16% | |
| 5Y Return (annualized) | +8.43% | +12.74% | |
| Volatility (annualized) | 19.1% | 15.3% | |
| Max Drawdown | -26.1% | -56.5% | |
| Fund Family | Dimensional | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Dec 15, 1998 | Jan 22, 1993 |
DFAS vs SPY Performance
Dimensional US Small Cap ETF (DFAS) is a ETF from Dimensional and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year DFAS returned +20.90% while SPY returned +19.87%. Year to date, DFAS is up 17.24% versus a gain of 13.21% for SPY.
Over three years, DFAS compounded at +15.21% per year against +21.16% for SPY; over five years the annualized figures are +8.43% and +12.74% respectively. Across the full 5-year window we track, SPY has the edge at +8.82% annualized vs +8.16%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DFAS has been the more volatile fund, with annualized monthly volatility of 19.1% compared with 15.3% 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 -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
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 0.98% against 1.01% for SPY.
Holdings Overlap
DFAS and SPY share 56 holdings out of 2513 unique holdings combined, representing a 0.9% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $17 per year of difference.
Which performed better, DFAS or SPY?
Over the past year DFAS returned +20.90% vs +19.87% for SPY, so DFAS leads on 1-year performance. Over the longest common window we track (5 years), DFAS annualized +8.16% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, DFAS or SPY?
DFAS has been the more volatile fund at 19.1% annualized versus 15.3% for SPY. Worst drawdown: DFAS -26.1% vs SPY -56.5%.
Should I hold both DFAS and SPY?
DFAS and SPY have a monthly-return correlation of 0.82, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between DFAS and SPY?
DFAS and SPY share 56 common holdings with a 0.9% weight overlap. Combined, they hold 2513 unique securities.
Which pays a higher dividend, DFAS or SPY?
DFAS yields 0.98% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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