DFSV vs SPY
Dimensional US Small Cap Value ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, DFSV or SPY?
Small Cap Value against Large Cap Blend.
SPY has a lower expense ratio. DFSV led over 1Y, SPY over 3Y and the full window. DFSV is less concentrated, with 6.8% 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 | DFSV | SPY |
|---|---|---|
| Expense Ratio | 0.30% | 0.09%Best |
| AUM | $8.3B | $804.7B |
| Dividend Yield | 1.35% | 0.98% |
| Holdings | 31 | 505 |
| YTD Return | +16.09%Best | +12.99% |
| 1Y Return | +20.80%Best | +16.73% |
| 3Y Return (annualized) | +16.35% | +22.52%Best |
| 5Y Return (annualized) | - | +13.07% |
| Volatility (annualized) | 21.4% | 15.6%Best |
| Max Drawdown | -28.0% | -22.1%Best |
| $10,000 over 4.6 years | $16,404 | $19,111Best |
| Top 10 Weight | 6.8%Best | 37.8% |
| Fund Family | Dimensional | State Street Investment Management |
| Category | Equity | Equity |
| Style | Small Cap Value | Large Cap Blend |
| Inception | Feb 23, 2022 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 4.6 years row, are measured over the window both funds cover: Feb 24, 2022 to Sep 23, 2026 (4.6 years).
DFSV 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 4.6 years both funds cover.
DFSV vs SPY Performance
Dimensional US Small Cap Value ETF (DFSV) 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 DFSV returned +20.80% while SPY returned +16.73%. Year to date, DFSV is up 16.09% versus a gain of 12.99% for SPY.
Over three years, DFSV compounded at +16.35% per year against +22.52% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DFSV has been the more volatile fund, with annualized monthly volatility of 21.4% 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 -28.0% for DFSV and -22.1% 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 0.75. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
DFSV charges 0.30% per year while SPY charges 0.09%. On a $10,000 position that is $30 vs $9 annually, a gap of $21 per year that compounds over a long holding period. On income, DFSV currently yields 1.35% against 0.98% for SPY.
Holdings Overlap
5.9% of DFSV's money is in holdings SPY also owns. 0.3% of SPY's money is in holdings DFSV also owns.
DFSV and SPY share little of their money.
21 positions in common, counted across the 997 positions we hold weights for in DFSV and 504 in SPY, against full books of 31 and 505.
What only one of them owns
Our book lists 476 positions for SPY that do not appear in our book for DFSV (99.0% of the fund), and 780 for DFSV that do not appear in SPY (89.9%).
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 DFSV | Weight in SPY | Difference |
|---|---|---|---|
| IVZInvesco Plc | 0.83% | 0.02% | 0.81% |
| APAApa Corp | 0.75% | 0.02% | 0.73% |
| SWKStanley Black Decker Inc. | 0.53% | 0.02% | 0.51% |
| SWKSSkyworks Solutions Inc. | 0.51% | 0.02% | 0.49% |
| RVTYRevvity Inc | 0.49% | 0.02% | 0.47% |
| MOSMosaic Co | 0.47% | 0.01% | 0.46% |
| TAPMolson Coors Brewing Co. Class B | 0.43% | 0.01% | 0.42% |
| SJMJ M Smucker Co/The | 0.38% | 0.02% | 0.36% |
| UHSUniversal Health Services Inc. | 0.35% | 0.01% | 0.34% |
| HIIHuntington Ingalls Industries Inc. | 0.21% | 0.02% | 0.19% |
You are not choosing between two funds in isolation.
Whichever of DFSV 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, DFSV or SPY?
DFSV has an expense ratio of 0.30% while SPY charges 0.09%. SPY is the cheaper option, by $21 a year on a $10,000 investment.
Which performed better, DFSV or SPY?
Over the past year DFSV returned +20.80% vs +16.73% for SPY, so DFSV leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DFSV or SPY?
DFSV has been the more volatile fund at 21.4% annualized versus 15.6% for SPY. Worst drawdown: DFSV -28.0% vs SPY -22.1%.
Should I hold both DFSV and SPY?
DFSV and SPY have a monthly-return correlation of 0.75, 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 DFSV and SPY?
5.9% of DFSV's money is in holdings SPY also owns. 0.3% of SPY's is in holdings DFSV also owns. They hold 21 positions in common, counted across the 997 positions we hold weights for in DFSV and 504 in SPY.
Which pays a higher dividend, DFSV or SPY?
DFSV yields 1.35% while SPY yields 0.98%, so DFSV currently pays the higher dividend yield.
Is SPY better than DFSV?
SPY has a lower expense ratio. DFSV led over 1Y, SPY over 3Y and the full window. DFSV is less concentrated, with 6.8% 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.