DFSE vs SPY
Dimensional Emerging Markets Sustainability Core 1 ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, DFSE or SPY?
Large Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. DFSE led over 1Y, SPY over 3Y and the full window. DFSE is less concentrated, with 23.4% of the fund in its ten largest positions against 38.0%.
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 | DFSE | SPY |
|---|---|---|
| Expense Ratio | 0.41% | 0.09%Best |
| AUM | $646M | $804.7B |
| Dividend Yield | 1.86% | 0.98% |
| Holdings | 1,875 | 505 |
| YTD Return | +15.14%Best | +11.52% |
| 1Y Return | +21.11%Best | +17.48% |
| 3Y Return (annualized) | +19.05% | +20.62%Best |
| 5Y Return (annualized) | - | +12.73% |
| Volatility (annualized) | 15.0% | 13.0%Best |
| Max Drawdown | -19.8% | -18.8%Best |
| $10,000 over 3.9 years | $20,822 | $21,427Best |
| Top 10 Weight | 23.4%Best | 38.0% |
| Fund Family | Dimensional | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Nov 1, 2022 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 3.9 years row, are measured over the window both funds cover: Nov 2, 2022 to Sep 10, 2026 (3.9 years).
DFSE 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 3.9 years both funds cover.
DFSE vs SPY Performance
Dimensional Emerging Markets Sustainability Core 1 ETF (DFSE) 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 DFSE returned +21.11% while SPY returned +17.48%. Year to date, DFSE is up 15.14% versus a gain of 11.52% for SPY.
Over three years, DFSE compounded at +19.05% per year against +20.62% for SPY. Across the full 4-year window we track, SPY has the edge at +21.58% annualized vs +20.69%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DFSE has been the more volatile fund, with annualized monthly volatility of 15.0% compared with 13.0% 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 -19.8% for DFSE 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 0.73. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
DFSE charges 0.41% per year while SPY charges 0.09%. On a $10,000 position that is $41 vs $9 annually, a gap of $32 per year that compounds over a long holding period. On income, DFSE currently yields 1.86% against 0.98% for SPY.
Holdings Overlap
0.2% of DFSE's money is in holdings SPY also owns. 0.5% of SPY's money is in holdings DFSE also owns.
We cannot see either book well enough to say how much of this pair is duplicated.
8 positions in common, counted across the 3,640 positions we hold weights for in DFSE and 504 in SPY, against full books of 1,875 and 505.
What only one of them owns
Our book lists 488 positions for SPY that do not appear in our book for DFSE (99.0% of the fund), and 44 for DFSE that do not appear in SPY (2.3%).
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.
Top Shared Holdings
| Stock | Weight in DFSE | Weight in SPY | Difference |
|---|---|---|---|
| UNPUnion Pacific Corp | 0.01% | 0.26% | 0.25% |
| HAL:MBHindustan Aeronautics Ltd | 0.07% | 0.04% | 0.03% |
| BDXBecton Dickinson And Co. | 0.03% | 0.07% | 0.04% |
| QQnity Electronics | 0.03% | 0.04% | 0.01% |
| LHLabcorp Holdings Inc | 0.01% | 0.04% | 0.03% |
| LULU:CALululemon Athletica Inc. | 0.01% | 0.02% | 0.01% |
| DDDupont De Nemours Inc. | 0.00% | 0.03% | 0.03% |
| TXTTextron Inc. | 0.00% | 0.02% | 0.02% |
You are not choosing between two funds in isolation.
Whichever of DFSE 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, DFSE or SPY?
DFSE has an expense ratio of 0.41% while SPY charges 0.09%. SPY is the cheaper option, by $32 a year on a $10,000 investment.
Which performed better, DFSE or SPY?
Over the past year DFSE returned +21.11% vs +17.48% for SPY, so DFSE leads on 1-year performance. Over the longest common window we track (4 years), DFSE annualized +20.69% vs +21.58% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DFSE or SPY?
DFSE has been the more volatile fund at 15.0% annualized versus 13.0% for SPY. Worst drawdown: DFSE -19.8% vs SPY -18.8%.
Should I hold both DFSE and SPY?
DFSE and SPY have a monthly-return correlation of 0.73, 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, DFSE or SPY?
DFSE yields 1.86% while SPY yields 0.98%, so DFSE currently pays the higher dividend yield.
Is SPY better than DFSE?
SPY has a lower expense ratio. DFSE led over 1Y, SPY over 3Y and the full window. DFSE is less concentrated, with 23.4% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.