DFIS vs SPY
Dimensional International Small Cap ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. DFIS offers more diversification with 3438 holdings.
Side-by-Side Comparison
| Metric | DFIS | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.39% | 0.09% | |
| AUM | $5.7B | $789.1B | |
| Dividend Yield | 2.04% | 1.01% | |
| Holdings | 3,519 | 505 | |
| YTD Return | +11.89% | +13.75% | |
| 1Y Return | +22.79% | +22.91% | |
| 3Y Return (annualized) | +19.31% | +21.67% | |
| 5Y Return (annualized) | - | +13.32% | |
| Volatility (annualized) | 17.4% | 15.3% | |
| Max Drawdown | -27.2% | -56.5% | |
| Fund Family | Dimensional | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Mar 23, 2022 | Jan 22, 1993 |
DFIS vs SPY Performance
Dimensional International Small Cap ETF (DFIS) 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 DFIS returned +22.79% while SPY returned +22.91%. Year to date, DFIS is up 11.89% versus a gain of 13.75% for SPY.
Over three years, DFIS compounded at +19.31% per year against +21.67% for SPY. Across the full 4-year window we track, DFIS has the edge at +11.53% annualized vs +8.85%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DFIS has been the more volatile fund, with annualized monthly volatility of 17.4% 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 -27.2% for DFIS 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 0.77. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
DFIS charges 0.39% per year while SPY charges 0.09%. On a $10,000 position that is $39 vs $9 annually, a gap of $30 per year that compounds over a long holding period. On income, DFIS currently yields 2.04% against 1.01% for SPY.
Holdings Overlap
DFIS and SPY share 5 holdings out of 3936 unique holdings combined, representing a 0.1% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, DFIS or SPY?
DFIS has an expense ratio of 0.39% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $30 per year of difference.
Which performed better, DFIS or SPY?
Over the past year DFIS returned +22.79% vs +22.91% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), DFIS annualized +11.53% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, DFIS or SPY?
DFIS has been the more volatile fund at 17.4% annualized versus 15.3% for SPY. Worst drawdown: DFIS -27.2% vs SPY -56.5%.
Should I hold both DFIS and SPY?
DFIS and SPY have a monthly-return correlation of 0.77, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between DFIS and SPY?
DFIS and SPY share 5 common holdings with a 0.1% weight overlap. Combined, they hold 3936 unique securities.
Which pays a higher dividend, DFIS or SPY?
DFIS yields 2.04% while SPY yields 1.01%, so DFIS currently pays the higher dividend yield.
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