DGS vs SPY
WisdomTree Emerging Markets SmallCap Dividend Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, DGS or SPY?
Small Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. DGS is less concentrated, with 9.5% 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 | DGS | SPY |
|---|---|---|
| Expense Ratio | 0.58% | 0.09%Best |
| AUM | $1.8B | $804.7B |
| Dividend Yield | 3.93% | 0.98% |
| Holdings | 1,009 | 505 |
| YTD Return | +14.39%Best | +12.19% |
| 1Y Return | +16.93% | +18.53%Best |
| 3Y Return (annualized) | +14.03% | +20.88%Best |
| 5Y Return (annualized) | +7.20% | +12.69%Best |
| Volatility (annualized) | 20.3% | 15.7%Best |
| Max Drawdown | -61.9% | -56.0%Best |
| $10,000 over 5 years | $14,157 | $18,173Best |
| Top 10 Weight | 9.5%Best | 38.0% |
| Fund Family | WisdomTree Investments | State Street Investment Management |
| Category | Equity | Equity |
| Style | Small Cap Growth | Large Cap Blend |
| Inception | Oct 30, 2007 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Oct 30, 2007 to Sep 9, 2026 (18.9 years).
DGS 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 18.9 years both funds cover.
DGS vs SPY Performance
WisdomTree Emerging Markets SmallCap Dividend Fund (DGS) is an ETF from WisdomTree Investments and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year DGS returned +16.93% while SPY returned +18.53%. Year to date, DGS is up 14.39% versus a gain of 12.19% for SPY.
Over three years, DGS compounded at +14.03% per year against +20.88% for SPY; over five years the annualized figures are +7.20% and +12.69% respectively. Across the full 19-year window we track, SPY has the edge at +9.31% annualized vs +2.36%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DGS has been the more volatile fund, with annualized monthly volatility of 20.3% compared with 15.7% 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 -61.9% for DGS and -56.0% 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 0.76. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
DGS charges 0.58% per year while SPY charges 0.09%. On a $10,000 position that is $58 vs $9 annually, a gap of $49 per year that compounds over a long holding period. On income, DGS currently yields 3.93% against 0.98% for SPY.
Holdings Overlap
0.1% of DGS's money is in holdings SPY also owns. 0.1% of SPY's money is in holdings DGS also owns.
We cannot see either book well enough to say how much of this pair is duplicated.
The two holdings books were reported 126 days apart, DGS as of Mar 31, 2026 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
1 positions in common, counted across the 955 positions we hold weights for in DGS and 504 in SPY, against full books of 1,009 and 505.
What only one of them owns
Our book lists 494 positions for SPY that do not appear in our book for DGS (99.3% of the fund), and 6 for DGS that do not appear in SPY (0.9%).
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 DGS | Weight in SPY | Difference |
|---|---|---|---|
| DALDelta Air Lines Inc. | 0.05% | 0.09% | 0.04% |
You are not choosing between two funds in isolation.
Whichever of DGS and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, DGS or SPY?
DGS has an expense ratio of 0.58% while SPY charges 0.09%. SPY is the cheaper option, by $49 a year on a $10,000 investment.
Which performed better, DGS or SPY?
Over the past year DGS returned +16.93% vs +18.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (19 years), DGS annualized +2.36% vs +9.31% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DGS or SPY?
DGS has been the more volatile fund at 20.3% annualized versus 15.7% for SPY. Worst drawdown: DGS -61.9% vs SPY -56.0%.
Should I hold both DGS and SPY?
DGS and SPY have a monthly-return correlation of 0.76, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, DGS or SPY?
DGS yields 3.93% while SPY yields 0.98%, so DGS currently pays the higher dividend yield.
Is SPY better than DGS?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. DGS is less concentrated, with 9.5% 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.