DIVL vs SPY
Madison Dividend Value ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, DIVL or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 39.5%.
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 | DIVL | SPY |
|---|---|---|
| Expense Ratio | 0.65% | 0.09%Best |
| AUM | $63M | $814.4B |
| Dividend Yield | 1.73% | 1.01% |
| Holdings | 40 | 505 |
| YTD Return | +11.71% | +13.34%Best |
| 1Y Return | +12.96% | +19.97%Best |
| 3Y Return (annualized) | +11.23% | +21.20%Best |
| 5Y Return (annualized) | - | +12.81% |
| Volatility (annualized) | 11.7%Best | 12.8% |
| Max Drawdown | -14.1%Best | -18.8% |
| $10,000 over 3.1 years | $13,758 | $18,205Best |
| Top 10 Weight | 39.5% | 38.0%Best |
| Fund Family | Madison Funds | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Aug 14, 2023 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 3.1 years row, are measured over the window both funds cover: Aug 15, 2023 to Sep 4, 2026 (3.1 years).
DIVL 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 3.1 years both funds cover.
DIVL vs SPY Performance
Madison Dividend Value ETF (DIVL) is an ETF from Madison Funds and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year DIVL returned +12.96% while SPY returned +19.97%. Year to date, DIVL is up 11.71% versus a gain of 13.34% for SPY.
Over three years, DIVL compounded at +11.23% per year against +21.20% 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 12.8% compared with 11.7% for DIVL. 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 -14.1% for DIVL 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 0.58. They move together some of the time, and apart the rest.
Fees and Cost Over Time
DIVL charges 0.65% per year while SPY charges 0.09%. On a $10,000 position that is $65 vs $9 annually, a gap of $56 per year that compounds over a long holding period. On income, DIVL currently yields 1.73% against 1.01% for SPY.
Holdings Overlap
99.8% of DIVL's money is in holdings SPY also owns. 11.7% of SPY's money is in holdings DIVL also owns.
Most of DIVL is already inside SPY. Owning both mostly buys the same companies twice.
37 positions in common, counted across the 37 positions we hold weights for in DIVL and 504 in SPY, against full books of 40 and 505.
What only one of them owns
Measured across the 37 and 504 positions we hold weights for.
SPY holds 459 positions DIVL does not, 87.8% of the fund.
Largest: NVDA 7.71%, AAPL 6.83%, MSFT 5.50%, AMZN 4.08%, GOOGL 3.33%
Top Shared Holdings
| Stock | Weight in DIVL | Weight in SPY | Difference |
|---|---|---|---|
| JNJJohnson & Johnson - Common | 5.35% | 0.92% | 4.43% |
| XOMExxon Mobil Corp. | 4.91% | 0.96% | 3.95% |
| CVXChevron Corp | 4.88% | 0.54% | 4.34% |
| JPMJpmorgan Chase | 2.84% | 1.44% | 1.40% |
| ABBVAbbvie Inc. | 3.46% | 0.65% | 2.81% |
| NEENextera Energy Inc | 3.83% | 0.27% | 3.56% |
| UNPUnion Pacific Corp | 3.64% | 0.26% | 3.38% |
| CMECme Group Inc. | 3.60% | 0.14% | 3.46% |
| PGProcter & Gamble Company | 3.18% | 0.52% | 2.66% |
| COPConocophillips Common Stock USD 0.01 | 3.38% | 0.22% | 3.16% |
99.8% of DIVL 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, DIVL or SPY?
DIVL has an expense ratio of 0.65% while SPY charges 0.09%. SPY is the cheaper option, by $56 a year on a $10,000 investment.
Which performed better, DIVL or SPY?
Over the past year DIVL returned +12.96% 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, DIVL or SPY?
SPY has been the more volatile fund at 12.8% annualized versus 11.7% for DIVL. Worst drawdown: DIVL -14.1% vs SPY -18.8%.
Should I hold both DIVL and SPY?
DIVL and SPY have a monthly-return correlation of 0.58, 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 DIVL and SPY?
99.8% of DIVL's money is in holdings SPY also owns. 11.7% of SPY's is in holdings DIVL also owns. They hold 37 positions in common, counted across the 37 positions we hold weights for in DIVL and 504 in SPY.
Which pays a higher dividend, DIVL or SPY?
DIVL yields 1.73% while SPY yields 1.01%, so DIVL currently pays the higher dividend yield.
Is SPY better than DIVL?
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 39.5%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.