DFNL vs SPY
Davis Select Financial ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, DFNL or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. DFNL led over 3Y and 5Y, SPY over 1Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 57.1%.
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 | DFNL | SPY |
|---|---|---|
| Expense Ratio | 0.61% | 0.09%Best |
| AUM | $486M | $814.4B |
| Dividend Yield | 1.29% | 1.01% |
| Holdings | 31 | 505 |
| YTD Return | +6.27% | +12.71%Best |
| 1Y Return | +15.14% | +19.36%Best |
| 3Y Return (annualized) | +24.62%Best | +21.09% |
| 5Y Return (annualized) | +13.31%Best | +12.69% |
| Volatility (annualized) | 19.8% | 15.6%Best |
| Max Drawdown | -44.5% | -34.1%Best |
| $10,000 over 5 years | $18,678Best | $18,173 |
| Top 10 Weight | 57.1% | 38.0%Best |
| Fund Family | Davis ETFs | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Jan 11, 2017 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jan 12, 2017 to Sep 8, 2026 (9.7 years).
DFNL 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 9.7 years both funds cover.
DFNL vs SPY Performance
Davis Select Financial ETF (DFNL) is an ETF from Davis ETFs and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year DFNL returned +15.14% while SPY returned +19.36%. Year to date, DFNL is up 6.27% versus a gain of 12.71% for SPY.
Over three years, DFNL compounded at +24.62% per year against +21.09% for SPY; over five years the annualized figures are +13.31% and +12.69% respectively. Across the full 10-year window we track, SPY has the edge at +14.33% annualized vs +12.19%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DFNL has been the more volatile fund, with annualized monthly volatility of 19.8% compared with 15.6% 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 -44.5% for DFNL and -34.1% 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 0.79. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
DFNL charges 0.61% per year while SPY charges 0.09%. On a $10,000 position that is $61 vs $9 annually, a gap of $52 per year that compounds over a long holding period. On income, DFNL currently yields 1.29% against 1.01% for SPY.
Holdings Overlap
68.8% of DFNL's money is in holdings SPY also owns. 5.7% of SPY's money is in holdings DFNL also owns.
The two portfolios partly overlap.
18 positions in common, counted across the 31 positions we hold weights for in DFNL and 503 in SPY, against full books of 31 and 505.
What only one of them owns
Our book lists 475 positions for SPY that do not appear in our book for DFNL (93.7% of the fund), and 4 for DFNL that do not appear in SPY (12.4%).
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 DFNL | Weight in SPY | Difference |
|---|---|---|---|
| COFCapital One Financial Corp. | 11.08% | 0.21% | 10.87% |
| BRK.BBerkshire Hathaway, Inc., Class B | 5.26% | 1.42% | 3.84% |
| USBUs Bancorp | 6.39% | 0.15% | 6.24% |
| FITBFifth Third Bancorp | 6.04% | 0.08% | 5.96% |
| JPMJpmorgan Chase & Co. | 4.40% | 1.44% | 2.96% |
| WFCWells Fargo & Co | 4.83% | 0.41% | 4.42% |
| PNCPnc Financial Services Group Inc. | 4.66% | 0.15% | 4.51% |
| CBChubb Ltd. | 4.37% | 0.19% | 4.18% |
| AXPAmerican Express Co. | 3.43% | 0.28% | 3.15% |
| BACBank Of America Corp Preferred Stock 6.5 | 2.48% | 0.62% | 1.86% |
68.8% of DFNL 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, DFNL or SPY?
DFNL has an expense ratio of 0.61% while SPY charges 0.09%. SPY is the cheaper option, by $52 a year on a $10,000 investment.
Which performed better, DFNL or SPY?
Over the past year DFNL returned +15.14% vs +19.36% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (10 years), DFNL annualized +12.19% vs +14.33% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DFNL or SPY?
DFNL has been the more volatile fund at 19.8% annualized versus 15.6% for SPY. Worst drawdown: DFNL -44.5% vs SPY -34.1%.
Should I hold both DFNL and SPY?
DFNL and SPY have a monthly-return correlation of 0.79, 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 DFNL and SPY?
68.8% of DFNL's money is in holdings SPY also owns. 5.7% of SPY's is in holdings DFNL also owns. They hold 18 positions in common, counted across the 31 positions we hold weights for in DFNL and 503 in SPY.
Which pays a higher dividend, DFNL or SPY?
DFNL yields 1.29% while SPY yields 1.01%, so DFNL currently pays the higher dividend yield.
Is SPY better than DFNL?
SPY has a lower expense ratio. DFNL led over 3Y and 5Y, SPY over 1Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 57.1%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.