DFUS vs SPY
Dimensional US Equity Market ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
DFUS has a lower expense ratio. DFUS delivered stronger 1-year returns. DFUS offers more diversification with 2,253 holdings.
Side-by-Side Comparison
| Metric | DFUS | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.09% | |
| AUM | $21.8B | $821.1B | |
| Dividend Yield | 0.86% | 1.01% | |
| Holdings | 2,253 | 505 | |
| YTD Return | +13.01% | +12.71% | |
| 1Y Return | +20.83% | +20.53% | |
| 3Y Return (annualized) | +21.63% | +21.60% | |
| 5Y Return (annualized) | +12.52% | +12.79% | |
| Volatility (annualized) | 15.8% | 15.3% | |
| Max Drawdown | -24.6% | -56.5% | |
| Fund Family | Dimensional | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Sep 25, 2001 | Jan 22, 1993 |
DFUS vs SPY Performance
Dimensional US Equity Market ETF (DFUS) 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 DFUS returned +20.83% while SPY returned +20.53%. Year to date, DFUS is up 13.01% versus a gain of 12.71% for SPY.
Over three years, DFUS compounded at +21.63% per year against +21.60% for SPY; over five years the annualized figures are +12.52% and +12.79% respectively. Across the full 5-year window we track, DFUS has the edge at +13.27% annualized vs +8.80%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DFUS has been the more volatile fund, with annualized monthly volatility of 15.8% 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 -24.6% for DFUS 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 1.00. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
DFUS charges 0.09% per year while SPY charges 0.09%. On a $10,000 position that is $9 vs $9 annually, a gap of $0 per year that compounds over a long holding period. On income, DFUS currently yields 0.86% against 1.01% for SPY.
Holdings Overlap
DFUS and SPY share 467 holdings out of 2270 unique holdings combined, representing a 88.9% weight overlap.
High overlap means holding both may not provide much additional diversification.
Frequently Asked Questions
Which is cheaper, DFUS or SPY?
DFUS has an expense ratio of 0.09% while SPY charges 0.09%. DFUS is the cheaper option. On a $10,000 investment, that is $0 per year of difference.
Which performed better, DFUS or SPY?
Over the past year DFUS returned +20.83% vs +20.53% for SPY, so DFUS leads on 1-year performance. Over the longest common window we track (5 years), DFUS annualized +13.27% vs +8.80% for SPY. Past performance does not guarantee future results.
Which is riskier, DFUS or SPY?
DFUS has been the more volatile fund at 15.8% annualized versus 15.3% for SPY. Worst drawdown: DFUS -24.6% vs SPY -56.5%.
Should I hold both DFUS and SPY?
DFUS and SPY have a monthly-return correlation of 1.00, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between DFUS and SPY?
DFUS and SPY share 467 common holdings with a 88.9% weight overlap. Combined, they hold 2270 unique securities.
Which pays a higher dividend, DFUS or SPY?
DFUS yields 0.86% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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