DFGR vs SPY
Dimensional Global Real Estate ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | DFGR | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.22% | 0.09% | |
| AUM | $3.8B | $821.1B | |
| Dividend Yield | 3.61% | 1.01% | |
| Holdings | 449 | 505 | |
| YTD Return | +10.90% | +13.21% | |
| 1Y Return | +10.82% | +19.87% | |
| 3Y Return (annualized) | +10.01% | +21.16% | |
| 5Y Return (annualized) | - | +12.74% | |
| Volatility (annualized) | 16.0% | 15.3% | |
| Max Drawdown | -21.3% | -56.5% | |
| Fund Family | Dimensional | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Dec 6, 2022 | Jan 22, 1993 |
DFGR vs SPY Performance
Dimensional Global Real Estate ETF (DFGR) 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 DFGR returned +10.82% while SPY returned +19.87%. Year to date, DFGR is up 10.90% versus a gain of 13.21% for SPY.
Over three years, DFGR compounded at +10.01% per year against +21.16% for SPY. Across the full 4-year window we track, SPY has the edge at +8.82% annualized vs +7.73%. 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 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 -21.3% for DFGR 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 0.68. They move independently enough that combining them can meaningfully diversify a portfolio.
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 3.61% against 1.01% for SPY.
Holdings Overlap
DFGR and SPY share 28 holdings out of 900 unique holdings combined, representing a 1.7% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $13 per year of difference.
Which performed better, DFGR or SPY?
Over the past year DFGR returned +10.82% vs +19.87% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), DFGR annualized +7.73% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, DFGR or SPY?
DFGR has been the more volatile fund at 16.0% annualized versus 15.3% for SPY. Worst drawdown: DFGR -21.3% vs SPY -56.5%.
Should I hold both DFGR and SPY?
DFGR and SPY have a monthly-return correlation of 0.68, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between DFGR and SPY?
DFGR and SPY share 28 common holdings with a 1.7% weight overlap. Combined, they hold 900 unique securities.
Which pays a higher dividend, DFGR or SPY?
DFGR yields 3.61% while SPY yields 1.01%, so DFGR currently pays the higher dividend yield.
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