DFVX vs SPY
Dimensional US Large Cap Vector ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. DFVX delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | DFVX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.19% | 0.09% | |
| AUM | $548M | $821.1B | |
| Dividend Yield | 1.14% | 1.01% | |
| Holdings | 315 | 505 | |
| YTD Return | +15.54% | +12.35% | |
| 1Y Return | +21.96% | +20.15% | |
| 3Y Return (annualized) | - | +21.69% | |
| 5Y Return (annualized) | - | +12.77% | |
| Volatility (annualized) | 11.5% | 15.3% | |
| Max Drawdown | -16.7% | -56.5% | |
| Fund Family | Dimensional | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Nov 2, 2023 | Jan 22, 1993 |
DFVX vs SPY Performance
Dimensional US Large Cap Vector ETF (DFVX) 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 DFVX returned +21.96% while SPY returned +20.15%. Year to date, DFVX is up 15.54% versus a gain of 12.35% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 11.5% for DFVX. 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 -16.7% for DFVX 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 0.92. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
DFVX charges 0.19% per year while SPY charges 0.09%. On a $10,000 position that is $19 vs $9 annually, a gap of $10 per year that compounds over a long holding period. On income, DFVX currently yields 1.14% against 1.01% for SPY.
Holdings Overlap
DFVX and SPY share 269 holdings out of 554 unique holdings combined, representing a 53.5% weight overlap.
High overlap means holding both may not provide much additional diversification.
Frequently Asked Questions
Which is cheaper, DFVX or SPY?
DFVX has an expense ratio of 0.19% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $10 per year of difference.
Which performed better, DFVX or SPY?
Over the past year DFVX returned +21.96% vs +20.15% for SPY, so DFVX leads on 1-year performance. Over the longest common window we track (3 years), DFVX annualized +21.58% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, DFVX or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 11.5% for DFVX. Worst drawdown: DFVX -16.7% vs SPY -56.5%.
Should I hold both DFVX and SPY?
DFVX and SPY have a monthly-return correlation of 0.92, 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 DFVX and SPY?
DFVX and SPY share 269 common holdings with a 53.5% weight overlap. Combined, they hold 554 unique securities.
Which pays a higher dividend, DFVX or SPY?
DFVX yields 1.14% while SPY yields 1.01%, so DFVX currently pays the higher dividend yield.
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