DFUS vs SPY
Dimensional US Equity Market ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, DFUS or SPY?
Each has led over a different period.
DFUS led over 1Y, SPY over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 1.00. DFUS is less concentrated, with 34.9% 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 | DFUS | SPY |
|---|---|---|
| Expense Ratio | 0.09%Tie | 0.09%Tie |
| AUM | $21.4B | $804.7B |
| Dividend Yield | 0.84% | 0.98% |
| Holdings | 2,253 | 505 |
| YTD Return | +11.60%Best | +11.45% |
| 1Y Return | +15.92%Best | +15.87% |
| 3Y Return (annualized) | +20.91% | +20.93%Best |
| 5Y Return (annualized) | +12.34% | +12.59%Best |
| Volatility (annualized) | 15.7% | 15.6%Best |
| Max Drawdown | -24.6% | -24.5%Best |
| $10,000 over 5 years | $17,893 | $18,093Best |
| Top 10 Weight | 34.9%Best | 37.8% |
| Fund Family | Dimensional | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Sep 25, 2001 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jun 14, 2021 to Sep 15, 2026 (5.3 years).
DFUS 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 5.3 years both funds cover.
DFUS vs SPY Performance
Dimensional US Equity Market ETF (DFUS) 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 DFUS returned +15.92% while SPY returned +15.87%. Year to date, DFUS is up 11.60% versus a gain of 11.45% for SPY.
Over three years, DFUS compounded at +20.91% per year against +20.93% for SPY; over five years the annualized figures are +12.34% and +12.59% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DFUS has been the more volatile fund, with annualized monthly volatility of 15.7% 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 -24.6% for DFUS and -24.5% 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 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. On income, DFUS currently yields 0.84% against 0.98% for SPY.
Holdings Overlap
90.1% of DFUS's money is in holdings SPY also owns. 97.8% of SPY's money is in holdings DFUS also owns.
Most of SPY is already inside DFUS. Owning both mostly buys the same companies twice.
469 positions in common, counted across the 2,215 positions we hold weights for in DFUS and 504 in SPY, against full books of 2,253 and 505.
What only one of them owns
Our book lists 33 positions for SPY that do not appear in our book for DFUS (1.9% of the fund), and 527 for DFUS that do not appear in SPY (7.9%).
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 DFUS | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 7.24% | 8.01% | 0.77% |
| AAPLApple, Inc | 6.45% | 7.26% | 0.81% |
| MSFTMicrosoft Corp | 5.31% | 5.66% | 0.35% |
| AMZNAmazon.Com Inc | 3.58% | 3.79% | 0.21% |
| GOOGLAlphabet Inc,class A | 2.79% | 2.99% | 0.20% |
| AVGOBroadcom Inc | 2.44% | 2.66% | 0.22% |
| GOOGAlphabet Inc | 2.27% | 2.39% | 0.12% |
| METAMeta Platforms Inc | 1.79% | 1.93% | 0.14% |
| MUMicron Technology, Inc. | 1.54% | 1.60% | 0.06% |
| TSLATesla Inc | 1.52% | 1.52% | 0.00% |
97.8% of SPY is already inside DFUS.
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, DFUS or SPY?
DFUS has an expense ratio of 0.09% while SPY charges 0.09%. At the precision these are quoted to, they cost the same.
Which performed better, DFUS or SPY?
Over the past year DFUS returned +15.92% vs +15.87% for SPY, so DFUS leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DFUS or SPY?
DFUS has been the more volatile fund at 15.7% annualized versus 15.6% for SPY. Worst drawdown: DFUS -24.6% vs SPY -24.5%.
Should I hold both DFUS and SPY?
DFUS and SPY have a monthly-return correlation of 1.00, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between DFUS and SPY?
97.8% of SPY's money is in holdings DFUS also owns. 97.8% of SPY's is in holdings DFUS also owns. They hold 469 positions in common, counted across the 2,215 positions we hold weights for in DFUS and 504 in SPY.
Which pays a higher dividend, DFUS or SPY?
DFUS yields 0.84% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than DFUS?
DFUS led over 1Y, SPY over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 1.00. DFUS is less concentrated, with 34.9% 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.