DFVX vs SPY
Dimensional US Large Cap Vector ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, DFVX or SPY?
Each has led over a different period.
SPY has a lower expense ratio. DFVX led over 1Y, SPY over the full window. The two have moved almost in lockstep, correlation 0.92. DFVX is less concentrated, with 32.5% 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 | DFVX | SPY |
|---|---|---|
| Expense Ratio | 0.19% | 0.09%Best |
| AUM | $543M | $804.7B |
| Dividend Yield | 1.14% | 0.98% |
| Holdings | 319 | 505 |
| YTD Return | +14.26%Best | +12.47% |
| 1Y Return | +17.77%Best | +17.51% |
| 3Y Return (annualized) | - | +21.18% |
| 5Y Return (annualized) | - | +12.88% |
| Volatility (annualized) | 11.3%Best | 11.8% |
| Max Drawdown | -16.7%Best | -18.8% |
| $10,000 over 2.9 years | $17,256 | $18,517Best |
| Top 10 Weight | 32.5%Best | 38.0% |
| Fund Family | Dimensional | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Nov 2, 2023 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 2.9 years row, are measured over the window both funds cover: Nov 2, 2023 to Sep 11, 2026 (2.9 years).
DFVX 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 2.9 years both funds cover.
DFVX vs SPY Performance
Dimensional US Large Cap Vector ETF (DFVX) 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 DFVX returned +17.77% while SPY returned +17.51%. Year to date, DFVX is up 14.26% versus a gain of 12.47% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 11.8% compared with 11.3% 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 -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 0.92. 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 0.98% for SPY.
Holdings Overlap
96.8% of DFVX's money is in holdings SPY also owns. 75.7% of SPY's money is in holdings DFVX also owns.
Most of DFVX is already inside SPY. Owning both mostly buys the same companies twice.
270 positions in common, counted across the 319 positions we hold weights for in DFVX and 504 in SPY, against full books of 319 and 505.
What only one of them owns
Our book lists 227 positions for SPY that do not appear in our book for DFVX (24.0% of the fund), and 35 for DFVX that do not appear in SPY (2.6%).
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 DFVX | Weight in SPY | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 5.89% | 5.50% | 0.39% |
| AMZNAmazon.Com Inc | 5.40% | 4.08% | 1.32% |
| NVDANvidia Corp. | 0.91% | 7.71% | 6.80% |
| AAPLApple, Inc | 0.04% | 6.83% | 6.79% |
| GOOGLAlphabet A Usd 0.001 | 3.08% | 3.33% | 0.25% |
| METAMeta Platforms, Inc. | 4.30% | 1.94% | 2.36% |
| GOOGAlphabet Inc | 3.11% | 2.67% | 0.44% |
| JPMJpmorgan Chase & Co. | 2.87% | 1.44% | 1.43% |
| MUMicron Technology Inc Mu Uw Equity Us Usd | 2.21% | 1.51% | 0.70% |
| AVGOBroadcom Inc | 0.07% | 2.97% | 2.90% |
96.8% of DFVX is already inside SPY.
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, DFVX or SPY?
DFVX has an expense ratio of 0.19% while SPY charges 0.09%. SPY is the cheaper option, by $10 a year on a $10,000 investment.
Which performed better, DFVX or SPY?
Over the past year DFVX returned +17.77% vs +17.51% for SPY, so DFVX leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DFVX or SPY?
SPY has been the more volatile fund at 11.8% annualized versus 11.3% for DFVX. Worst drawdown: DFVX -16.7% vs SPY -18.8%.
Should I hold both DFVX and SPY?
DFVX and SPY have a monthly-return correlation of 0.92, 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 DFVX and SPY?
96.8% of DFVX's money is in holdings SPY also owns. 75.7% of SPY's is in holdings DFVX also owns. They hold 270 positions in common, counted across the 319 positions we hold weights for in DFVX and 504 in SPY.
Which pays a higher dividend, DFVX or SPY?
DFVX yields 1.14% while SPY yields 0.98%, so DFVX currently pays the higher dividend yield.
Is SPY better than DFVX?
SPY has a lower expense ratio. DFVX led over 1Y, SPY over the full window. The two have moved almost in lockstep, correlation 0.92. DFVX is less concentrated, with 32.5% 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.