DHLX vs SPY
Diamond Hill Large Cap Concentrated ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, DHLX or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 59.1%.
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 | DHLX | SPY |
|---|---|---|
| Expense Ratio | 0.55% | 0.09%Best |
| AUM | $72M | $814.4B |
| Dividend Yield | 0.64% | 1.01% |
| Holdings | 21 | 505 |
| YTD Return | +4.10% | +13.34%Best |
| 1Y Return | +5.08% | +19.97%Best |
| 3Y Return (annualized) | - | +21.20% |
| 5Y Return (annualized) | - | +12.81% |
| Volatility (annualized) | 12.0%Best | 13.1% |
| Top 10 Weight | 59.1% | 38.0%Best |
| Fund Family | Diamond Hill Capital Management Inc. | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Feb 26, 2021 | Jan 22, 1993 |
Not shown on this pair: Max Drawdown, $10,000 over the window.
DHLX 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
DHLX vs SPY Performance
Diamond Hill Large Cap Concentrated ETF (DHLX) is an ETF from Diamond Hill Capital Management Inc. and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year DHLX returned +5.08% while SPY returned +19.97%. Year to date, DHLX is up 4.10% versus a gain of 13.34% 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 13.1% compared with 12.0% for DHLX. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The two funds' monthly returns correlate at 0.45. They move together some of the time, and apart the rest.
Fees and Cost Over Time
DHLX charges 0.55% per year while SPY charges 0.09%. On a $10,000 position that is $55 vs $9 annually, a gap of $46 per year that compounds over a long holding period. On income, DHLX currently yields 0.64% against 1.01% for SPY.
Holdings Overlap
89.9% of DHLX's money is in holdings SPY also owns. 19.1% of SPY's money is in holdings DHLX also owns.
Most of DHLX is already inside SPY. Owning both mostly buys the same companies twice.
18 positions in common, counted across the 21 positions we hold weights for in DHLX and 504 in SPY, against full books of 21 and 505.
What only one of them owns
Our book lists 478 positions for SPY that do not appear in our book for DHLX (80.3% of the fund), and 1 for DHLX that do not appear in SPY (1.2%).
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 DHLX | Weight in SPY | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 7.80% | 5.50% | 2.30% |
| AMZNAmazon.Com Inc | 6.90% | 4.08% | 2.82% |
| BRK.BBerkshire Hathaway Inc Brk/B Us Equity | 6.77% | 1.42% | 5.35% |
| GOOGLAlphabet Inc.Class A | 4.79% | 3.33% | 1.46% |
| COPConocophillips Common Stock USD 0.01 | 6.69% | 0.22% | 6.47% |
| JPMJpmorgan Chase | 4.69% | 1.44% | 3.25% |
| CLColgate-Palmolive Co | 5.93% | 0.11% | 5.82% |
| WMWaste Mgmt | 5.59% | 0.13% | 5.46% |
| METAMeta Platform Inc | 3.53% | 1.94% | 1.59% |
| LHLabcorp Holdings Inc | 4.99% | 0.04% | 4.95% |
89.9% of DHLX 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, DHLX or SPY?
DHLX has an expense ratio of 0.55% while SPY charges 0.09%. SPY is the cheaper option, by $46 a year on a $10,000 investment.
Which performed better, DHLX or SPY?
Over the past year DHLX returned +5.08% vs +19.97% for SPY, so SPY leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DHLX or SPY?
SPY has been the more volatile fund at 13.1% annualized versus 12.0% for DHLX.
Should I hold both DHLX and SPY?
DHLX and SPY have a monthly-return correlation of 0.45, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between DHLX and SPY?
89.9% of DHLX's money is in holdings SPY also owns. 19.1% of SPY's is in holdings DHLX also owns. They hold 18 positions in common, counted across the 21 positions we hold weights for in DHLX and 504 in SPY.
Which pays a higher dividend, DHLX or SPY?
DHLX yields 0.64% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
Is SPY better than DHLX?
SPY has a lower expense ratio. SPY led over 1Y. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 59.1%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.