DGRO vs SPY
iShares Core Dividend Growth ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, DGRO or SPY?
Large Cap Value against Large Cap Blend.
DGRO has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.94. DGRO is less concentrated, with 27.2% 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 | DGRO | SPY |
|---|---|---|
| Expense Ratio | 0.08%Best | 0.09% |
| AUM | $43.4B | $804.7B |
| Dividend Yield | 1.87% | 0.98% |
| Holdings | 397 | 505 |
| YTD Return | +13.11%Best | +12.47% |
| 1Y Return | +17.42% | +17.51%Best |
| 3Y Return (annualized) | +17.57% | +21.18%Best |
| 5Y Return (annualized) | +10.96% | +12.88%Best |
| Volatility (annualized) | 13.6%Best | 14.8% |
| Max Drawdown | -35.1% | -34.1%Best |
| $10,000 over 5 years | $16,820 | $18,327Best |
| Top 10 Weight | 27.2%Best | 38.0% |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Jun 10, 2014 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jun 12, 2014 to Sep 11, 2026 (12.2 years).
DGRO 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 12.2 years both funds cover.
DGRO vs SPY Performance
iShares Core Dividend Growth ETF (DGRO) is an ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year DGRO returned +17.42% while SPY returned +17.51%. Year to date, DGRO is up 13.11% versus a gain of 12.47% for SPY.
Over three years, DGRO compounded at +17.57% per year against +21.18% for SPY; over five years the annualized figures are +10.96% and +12.88% respectively. Across the full 12-year window we track, SPY has the edge at +12.54% annualized vs +11.00%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 14.8% compared with 13.6% for DGRO. 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 -35.1% for DGRO and -34.1% 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 0.94. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
DGRO charges 0.08% per year while SPY charges 0.09%. On a $10,000 position that is $8 vs $9 annually, a gap of $1 per year that compounds over a long holding period. On income, DGRO currently yields 1.87% against 0.98% for SPY.
Holdings Overlap
94.5% of DGRO's money is in holdings SPY also owns. 51.1% of SPY's money is in holdings DGRO also owns.
Most of DGRO is already inside SPY. Owning both mostly buys the same companies twice.
227 positions in common, counted across the 391 positions we hold weights for in DGRO and 504 in SPY, against full books of 397 and 505.
What only one of them owns
Our book lists 269 positions for SPY that do not appear in our book for DGRO (48.5% of the fund), and 154 for DGRO that do not appear in SPY (5.0%).
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 DGRO | Weight in SPY | Difference |
|---|---|---|---|
| AAPLApple, Inc | 2.84% | 6.83% | 3.99% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 3.35% | 5.50% | 2.15% |
| AVGOBroadcom Inc | 2.70% | 2.97% | 0.27% |
| JPMJpmorgan Chase & Co. | 3.18% | 1.44% | 1.74% |
| JNJJohnson & Johnson | 3.03% | 0.92% | 2.11% |
| XOMExxon Mobil Corp. | 2.76% | 0.96% | 1.80% |
| ABBVAbbvie Inc. | 2.86% | 0.65% | 2.21% |
| HDHome Depot Inc/The | 2.24% | 0.52% | 1.72% |
| PGProcter & Gamble Company | 2.17% | 0.52% | 1.65% |
| PMPhilip Morris International Inc. | 2.08% | 0.44% | 1.64% |
94.5% of DGRO 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, DGRO or SPY?
DGRO has an expense ratio of 0.08% while SPY charges 0.09%. DGRO is the cheaper option, by $1 a year on a $10,000 investment.
Which performed better, DGRO or SPY?
Over the past year DGRO returned +17.42% vs +17.51% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (12 years), DGRO annualized +11.00% vs +12.54% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DGRO or SPY?
SPY has been the more volatile fund at 14.8% annualized versus 13.6% for DGRO. Worst drawdown: DGRO -35.1% vs SPY -34.1%.
Should I hold both DGRO and SPY?
DGRO and SPY have a monthly-return correlation of 0.94, 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 DGRO and SPY?
94.5% of DGRO's money is in holdings SPY also owns. 51.1% of SPY's is in holdings DGRO also owns. They hold 227 positions in common, counted across the 391 positions we hold weights for in DGRO and 504 in SPY.
Which pays a higher dividend, DGRO or SPY?
DGRO yields 1.87% while SPY yields 0.98%, so DGRO currently pays the higher dividend yield.
Is SPY better than DGRO?
DGRO has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.94. DGRO is less concentrated, with 27.2% 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.