DFGP vs SPY
Dimensional Global Core Plus Fixed Income ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. DFGP offers more diversification with 853 holdings.
Side-by-Side Comparison
| Metric | DFGP | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.22% | 0.09% | |
| AUM | $3.4B | $789.1B | |
| Dividend Yield | 4.41% | 1.01% | |
| Holdings | 1,422 | 505 | |
| YTD Return | +1.40% | +13.79% | |
| 1Y Return | +3.15% | +23.66% | |
| 3Y Return (annualized) | - | +21.40% | |
| 5Y Return (annualized) | - | +13.37% | |
| Volatility (annualized) | 4.6% | 15.3% | |
| Max Drawdown | -3.2% | -56.5% | |
| Fund Family | Dimensional | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Nov 7, 2023 | Jan 22, 1993 |
DFGP vs SPY Performance
Dimensional Global Core Plus Fixed Income ETF (DFGP) 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 DFGP returned +3.15% while SPY returned +23.66%. Year to date, DFGP is up 1.40% versus a gain of 13.79% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 4.6% for DFGP. 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 -3.2% for DFGP 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 0.55. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
DFGP charges 0.22% per year while SPY charges 0.09%. On a $10,000 position that is $22 vs $9 annually, a gap of $13 per year that compounds over a long holding period. On income, DFGP currently yields 4.41% against 1.01% for SPY.
Holdings Overlap
DFGP and SPY share 0 holdings out of 1356 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, DFGP or SPY?
DFGP has an expense ratio of 0.22% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $13 per year of difference.
Which performed better, DFGP or SPY?
Over the past year DFGP returned +3.15% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), DFGP annualized +6.95% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, DFGP or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 4.6% for DFGP. Worst drawdown: DFGP -3.2% vs SPY -56.5%.
Should I hold both DFGP and SPY?
DFGP and SPY have a monthly-return correlation of 0.55, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between DFGP and SPY?
DFGP and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 1356 unique securities.
Which pays a higher dividend, DFGP or SPY?
DFGP yields 4.41% while SPY yields 1.01%, so DFGP currently pays the higher dividend yield.
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