DFGR vs SPY
Dimensional Global Real Estate ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, DFGR or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 41.7%.
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 | DFGR | SPY |
|---|---|---|
| Expense Ratio | 0.22% | 0.09%Best |
| AUM | $3.8B | $804.7B |
| Dividend Yield | 3.71% | 0.98% |
| Holdings | 449 | 505 |
| YTD Return | +6.22% | +12.09%Best |
| 1Y Return | +5.75% | +16.29%Best |
| 3Y Return (annualized) | +9.34% | +21.20%Best |
| 5Y Return (annualized) | - | +13.37% |
| Volatility (annualized) | 16.0% | 12.5%Best |
| Max Drawdown | -21.3% | -18.8%Best |
| $10,000 over 3.8 years | $12,654 | $20,427Best |
| Top 10 Weight | 41.7% | 37.8%Best |
| Fund Family | Dimensional | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Dec 6, 2022 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 3.8 years row, are measured over the window both funds cover: Dec 7, 2022 to Sep 18, 2026 (3.8 years).
DFGR 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 3.8 years both funds cover.
DFGR vs SPY Performance
Dimensional Global Real Estate ETF (DFGR) 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 DFGR returned +5.75% while SPY returned +16.29%. Year to date, DFGR is up 6.22% versus a gain of 12.09% for SPY.
Over three years, DFGR compounded at +9.34% per year against +21.20% for SPY. Across the full 4-year window we track, SPY has the edge at +20.68% annualized vs +6.39%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DFGR has been the more volatile fund, with annualized monthly volatility of 16.0% compared with 12.5% 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 -21.3% for DFGR and -18.8% 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 0.69. They move together some of the time, and apart the rest.
Fees and Cost Over Time
DFGR 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, DFGR currently yields 3.71% against 0.98% for SPY.
Holdings Overlap
56.5% of DFGR's money is in holdings SPY also owns. 1.7% of SPY's money is in holdings DFGR also owns.
The two portfolios partly overlap.
27 positions in common, counted across the 415 positions we hold weights for in DFGR and 504 in SPY, against full books of 449 and 505.
What only one of them owns
Our book lists 470 positions for SPY that do not appear in our book for DFGR (97.7% of the fund), and 92 for DFGR that do not appear in SPY (17.7%).
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 DFGR | Weight in SPY | Difference |
|---|---|---|---|
| WELLWelltower, Inc. | 8.45% | 0.26% | 8.19% |
| PLDPrologis Inc | 6.69% | 0.20% | 6.49% |
| EQIXEquinix Inc. Real Estate Investment Trust | 5.21% | 0.15% | 5.06% |
| AMTAmerican Tower Corporation | 4.14% | 0.12% | 4.02% |
| SPGSimon Property Group Inc | 3.49% | 0.10% | 3.39% |
| DLRDigital Realty Trust Inc. | 3.44% | 0.10% | 3.34% |
| ORealty Income Corp. | 2.90% | 0.09% | 2.81% |
| PSAPublic Storage | 2.59% | 0.08% | 2.51% |
| EQRVivmark Residential | 2.43% | 0.07% | 2.36% |
| VTRVentas Inc . | 2.33% | 0.07% | 2.26% |
56.5% of DFGR is already inside SPY.
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, DFGR or SPY?
DFGR has an expense ratio of 0.22% while SPY charges 0.09%. SPY is the cheaper option, by $13 a year on a $10,000 investment.
Which performed better, DFGR or SPY?
Over the past year DFGR returned +5.75% vs +16.29% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), DFGR annualized +6.39% vs +20.68% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DFGR or SPY?
DFGR has been the more volatile fund at 16.0% annualized versus 12.5% for SPY. Worst drawdown: DFGR -21.3% vs SPY -18.8%.
Should I hold both DFGR and SPY?
DFGR and SPY have a monthly-return correlation of 0.69, 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 DFGR and SPY?
56.5% of DFGR's money is in holdings SPY also owns. 1.7% of SPY's is in holdings DFGR also owns. They hold 27 positions in common, counted across the 415 positions we hold weights for in DFGR and 504 in SPY.
Which pays a higher dividend, DFGR or SPY?
DFGR yields 3.71% while SPY yields 0.98%, so DFGR currently pays the higher dividend yield.
Is SPY better than DFGR?
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 41.7%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.