DFAU vs SPY
Dimensional US Core Equity Market ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, DFAU or SPY?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. DFAU led over 1Y, SPY over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.99. DFAU is less concentrated, with 34.1% of the fund in its ten largest positions against 38.0%.
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 | DFAU | SPY |
|---|---|---|
| Expense Ratio | 0.12% | 0.09%Best |
| AUM | $12.7B | $804.7B |
| Dividend Yield | 0.91% | 0.98% |
| Holdings | 2,124 | 505 |
| YTD Return | +12.90%Best | +12.47% |
| 1Y Return | +17.65%Best | +17.51% |
| 3Y Return (annualized) | +20.60% | +21.18%Best |
| 5Y Return (annualized) | +12.47% | +12.88%Best |
| Volatility (annualized) | 15.0%Tie | 15.0%Tie |
| Max Drawdown | -23.6%Best | -24.5% |
| $10,000 over 5 years | $17,996 | $18,327Best |
| Top 10 Weight | 34.1%Best | 38.0% |
| Fund Family | Dimensional | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Nov 17, 2020 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Nov 18, 2020 to Sep 11, 2026 (5.8 years).
DFAU 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 5.8 years both funds cover.
DFAU vs SPY Performance
Dimensional US Core Equity Market ETF (DFAU) 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 DFAU returned +17.65% while SPY returned +17.51%. Year to date, DFAU is up 12.90% versus a gain of 12.47% for SPY.
Over three years, DFAU compounded at +20.60% per year against +21.18% for SPY; over five years the annualized figures are +12.47% and +12.88% respectively. Across the full 6-year window we track, SPY has the edge at +15.50% annualized vs +15.22%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DFAU and SPY have been equally volatile, both at 15.0% annualized.
The deepest peak-to-trough decline in our data was -23.6% for DFAU 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 0.99. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
DFAU charges 0.12% per year while SPY charges 0.09%. On a $10,000 position that is $12 vs $9 annually, a gap of $3 per year that compounds over a long holding period. On income, DFAU currently yields 0.91% against 0.98% for SPY.
Holdings Overlap
87.4% of DFAU's money is in holdings SPY also owns. 97.7% of SPY's money is in holdings DFAU also owns.
Most of SPY is already inside DFAU. Owning both mostly buys the same companies twice.
466 positions in common, counted across the 2,177 positions we hold weights for in DFAU and 504 in SPY, against full books of 2,124 and 505.
What only one of them owns
Our book lists 35 positions for SPY that do not appear in our book for DFAU (2.0% of the fund), and 702 for DFAU that do not appear in SPY (11.1%).
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 DFAU | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 7.15% | 7.71% | 0.56% |
| AAPLApple, Inc | 6.32% | 6.83% | 0.51% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 5.19% | 5.50% | 0.31% |
| AMZNAmazon.Com Inc | 3.51% | 4.08% | 0.57% |
| GOOGLAlphabet A Usd 0.001 | 2.71% | 3.33% | 0.62% |
| AVGOBroadcom Inc | 2.45% | 2.97% | 0.52% |
| GOOGAlphabet Inc | 2.24% | 2.67% | 0.43% |
| METAMeta Platforms, Inc. | 1.80% | 1.94% | 0.14% |
| MUMicron Technology, Inc. | 1.47% | 1.51% | 0.04% |
| JPMJpmorgan Chase & Co. | 1.27% | 1.44% | 0.17% |
97.7% of SPY is already inside DFAU.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, DFAU or SPY?
DFAU has an expense ratio of 0.12% while SPY charges 0.09%. SPY is the cheaper option, by $3 a year on a $10,000 investment.
Which performed better, DFAU or SPY?
Over the past year DFAU returned +17.65% vs +17.51% for SPY, so DFAU leads on 1-year performance. Over the longest common window we track (6 years), DFAU annualized +15.22% vs +15.50% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DFAU or SPY?
DFAU and SPY have been equally volatile, both at 15.0% annualized. Worst drawdown: DFAU -23.6% vs SPY -24.5%.
Should I hold both DFAU and SPY?
DFAU and SPY have a monthly-return correlation of 0.99, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between DFAU and SPY?
97.7% of SPY's money is in holdings DFAU also owns. 97.7% of SPY's is in holdings DFAU also owns. They hold 466 positions in common, counted across the 2,177 positions we hold weights for in DFAU and 504 in SPY.
Which pays a higher dividend, DFAU or SPY?
DFAU yields 0.91% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than DFAU?
SPY has a lower expense ratio. DFAU led over 1Y, SPY over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.99. DFAU is less concentrated, with 34.1% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.