DFJ vs SPY
WisdomTree Japan SmallCap Dividend Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, DFJ or SPY?
Small Cap Value against Large Cap Blend.
SPY has a lower expense ratio. DFJ led over 1Y, SPY over 3Y, 5Y and the full window. DFJ is less concentrated, with 6.1% of the fund in its ten largest positions against 37.8%.
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 | DFJ | SPY |
|---|---|---|
| Expense Ratio | 0.58% | 0.09%Best |
| AUM | $437M | $804.7B |
| Dividend Yield | 2.43% | 0.98% |
| Holdings | 796 | 505 |
| YTD Return | +21.46%Best | +12.09% |
| 1Y Return | +24.70%Best | +16.29% |
| 3Y Return (annualized) | +20.32% | +21.20%Best |
| 5Y Return (annualized) | +10.59% | +13.37%Best |
| Volatility (annualized) | 14.3%Best | 15.3% |
| Max Drawdown | -46.7%Best | -56.5% |
| $10,000 over 5 years | $16,542 | $18,728Best |
| Top 10 Weight | 6.1%Best | 37.8% |
| Fund Family | WisdomTree Investments | State Street Investment Management |
| Category | Equity | Equity |
| Style | Small Cap Value | Large Cap Blend |
| Inception | Jun 16, 2006 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jun 16, 2006 to Sep 18, 2026 (20.3 years).
DFJ 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 20.3 years both funds cover.
DFJ vs SPY Performance
WisdomTree Japan SmallCap Dividend Fund (DFJ) is an ETF from WisdomTree Investments and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year DFJ returned +24.70% while SPY returned +16.29%. Year to date, DFJ is up 21.46% versus a gain of 12.09% for SPY.
Over three years, DFJ compounded at +20.32% per year against +21.20% for SPY; over five years the annualized figures are +10.59% and +13.37% respectively. Across the full 20-year window we track, SPY has the edge at +9.75% annualized vs +4.98%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 14.3% for DFJ. 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 -46.7% for DFJ and -56.5% 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 0.55. They move together some of the time, and apart the rest.
Fees and Cost Over Time
DFJ charges 0.58% per year while SPY charges 0.09%. On a $10,000 position that is $58 vs $9 annually, a gap of $49 per year that compounds over a long holding period. On income, DFJ currently yields 2.43% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 786 holdings in DFJ and 504 in SPY, totalling 98.5% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 786 positions we hold weights for in DFJ and 504 in SPY, against full books of 796 and 505.
What only one of them owns
Our book lists 497 positions for SPY that do not appear in our book for DFJ (99.3% of the fund), and 4 for DFJ that do not appear in SPY (0.3%).
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.
You are not choosing between two funds in isolation.
Whichever of DFJ and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, DFJ or SPY?
DFJ has an expense ratio of 0.58% while SPY charges 0.09%. SPY is the cheaper option, by $49 a year on a $10,000 investment.
Which performed better, DFJ or SPY?
Over the past year DFJ returned +24.70% vs +16.29% for SPY, so DFJ leads on 1-year performance. Over the longest common window we track (20 years), DFJ annualized +4.98% vs +9.75% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DFJ or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 14.3% for DFJ. Worst drawdown: DFJ -46.7% vs SPY -56.5%.
Should I hold both DFJ and SPY?
DFJ and SPY have a monthly-return correlation of 0.55, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, DFJ or SPY?
DFJ yields 2.43% while SPY yields 0.98%, so DFJ currently pays the higher dividend yield.
Is SPY better than DFJ?
SPY has a lower expense ratio. DFJ led over 1Y, SPY over 3Y, 5Y and the full window. DFJ is less concentrated, with 6.1% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.