DFAT vs SPY
Dimensional US Targeted Value ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, DFAT or SPY?
Small Cap Value against Large Cap Blend.
SPY has a lower expense ratio. DFAT led over 1Y, SPY over 3Y, 5Y and the full window. DFAT is less concentrated, with 6.8% 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 | DFAT | SPY |
|---|---|---|
| Expense Ratio | 0.28% | 0.09%Best |
| AUM | $13.8B | $811.2B |
| Dividend Yield | 1.35% | 0.98% |
| Holdings | 1,234 | 1,515 |
| YTD Return | +12.99%Best | +12.70% |
| 1Y Return | +16.55%Best | +15.53% |
| 3Y Return (annualized) | +15.88% | +22.86%Best |
| 5Y Return (annualized) | +9.81% | +13.47%Best |
| Volatility (annualized) | 19.8% | 15.4%Best |
| Max Drawdown | -26.1% | -24.5%Best |
| $10,000 over 5 years | $15,966 | $18,811Best |
| Top 10 Weight | 6.8%Best | 38.2% |
| Fund Family | Dimensional | State Street Investment Management |
| Category | Equity | Equity |
| Style | Small Cap Value | Large Cap Blend |
| Inception | Dec 11, 1998 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jun 14, 2021 to Oct 1, 2026 (5.3 years).
DFAT 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.
DFAT vs SPY Performance
Dimensional US Targeted Value ETF (DFAT) 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 DFAT returned +16.55% while SPY returned +15.53%. Year to date, DFAT is up 12.99% versus a gain of 12.70% for SPY.
Over three years, DFAT compounded at +15.88% per year against +22.86% for SPY; over five years the annualized figures are +9.81% and +13.47% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DFAT has been the more volatile fund, with annualized monthly volatility of 19.8% compared with 15.4% 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 DFAT 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 0.75. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
DFAT charges 0.28% per year while SPY charges 0.09%. On a $10,000 position that is $28 vs $9 annually, a gap of $19 per year that compounds over a long holding period. On income, DFAT currently yields 1.35% against 0.98% for SPY.
Holdings Overlap
10.5% of DFAT's money is in holdings SPY also owns. 0.8% of SPY's money is in holdings DFAT also owns.
DFAT and SPY share little of their money.
44 positions in common, counted across the 1,193 positions we hold weights for in DFAT and 504 in SPY, against full books of 1,234 and 1,515.
What only one of them owns
Our book lists 453 positions for SPY that do not appear in our book for DFAT (98.4% of the fund), and 865 for DFAT that do not appear in SPY (84.7%).
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 DFAT | Weight in SPY | Difference |
|---|---|---|---|
| APAAPA Corp. | 0.76% | 0.02% | 0.74% |
| BALLBall Corp | 0.64% | 0.02% | 0.62% |
| SJMJ M Smucker Co/The | 0.62% | 0.02% | 0.60% |
| IVZInvesco Ltd | 0.57% | 0.02% | 0.55% |
| GLGlobe Life Inc. | 0.50% | 0.02% | 0.48% |
| BENFranklin Resources Inc. | 0.50% | 0.02% | 0.48% |
| UHSUniversal Health Services Inc. | 0.43% | 0.01% | 0.42% |
| RVTYRevvity Inc | 0.42% | 0.02% | 0.40% |
| AKAMAkamai Technologies Inc. | 0.39% | 0.02% | 0.37% |
| SWKStanley Black Decker Inc. | 0.36% | 0.02% | 0.34% |
You are not choosing between two funds in isolation.
Whichever of DFAT 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, DFAT or SPY?
DFAT has an expense ratio of 0.28% while SPY charges 0.09%. SPY is the cheaper option, by $19 a year on a $10,000 investment.
Which performed better, DFAT or SPY?
Over the past year DFAT returned +16.55% vs +15.53% for SPY, so DFAT leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DFAT or SPY?
DFAT has been the more volatile fund at 19.8% annualized versus 15.4% for SPY. Worst drawdown: DFAT -26.1% vs SPY -24.5%.
Should I hold both DFAT and SPY?
DFAT and SPY have a monthly-return correlation of 0.75, 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 DFAT and SPY?
10.5% of DFAT's money is in holdings SPY also owns. 0.8% of SPY's is in holdings DFAT also owns. They hold 44 positions in common, counted across the 1,193 positions we hold weights for in DFAT and 504 in SPY.
Which pays a higher dividend, DFAT or SPY?
DFAT yields 1.35% while SPY yields 0.98%, so DFAT currently pays the higher dividend yield.
Is SPY better than DFAT?
SPY has a lower expense ratio. DFAT led over 1Y, SPY over 3Y, 5Y and the full window. DFAT is less concentrated, with 6.8% 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.