DIVN vs SPY
Horizon Dividend Income ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, DIVN or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window. DIVN is less concentrated, with 36.3% of the fund in its ten largest positions against 37.8%.
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 | DIVN | SPY |
|---|---|---|
| Expense Ratio | 0.70% | 0.09%Best |
| AUM | $308M | $804.7B |
| Dividend Yield | 3.64% | 0.98% |
| Holdings | 127 | 505 |
| YTD Return | +12.94%Best | +12.09% |
| 1Y Return | +15.62% | +16.29%Best |
| 3Y Return (annualized) | - | +21.20% |
| 5Y Return (annualized) | - | +13.37% |
| Volatility (annualized) | 9.2%Best | 12.0% |
| Max Drawdown | -5.5%Best | -8.9% |
| $10,000 over 1.2 years | $12,047 | $12,518Best |
| Top 10 Weight | 36.3%Best | 37.8% |
| Fund Family | Horizon Funds | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Jun 25, 2025 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 1.2 years row, are measured over the window both funds cover: Jun 26, 2025 to Sep 18, 2026 (1.2 years).
DIVN 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 1.2 years both funds cover.
DIVN vs SPY Performance
Horizon Dividend Income ETF (DIVN) is an ETF from Horizon Funds and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year DIVN returned +15.62% while SPY returned +16.29%. Year to date, DIVN is up 12.94% versus a gain of 12.09% 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 12.0% compared with 9.2% for DIVN. 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 -5.5% for DIVN and -8.9% 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 0.21. They move largely independently of each other.
Fees and Cost Over Time
DIVN charges 0.70% per year while SPY charges 0.09%. On a $10,000 position that is $70 vs $9 annually, a gap of $61 per year that compounds over a long holding period. On income, DIVN currently yields 3.64% against 0.98% for SPY.
Holdings Overlap
99.1% of DIVN's money is in holdings SPY also owns. 12.2% of SPY's money is in holdings DIVN also owns.
Most of DIVN is already inside SPY. Owning both mostly buys the same companies twice.
98 positions in common, counted across the 100 positions we hold weights for in DIVN and 504 in SPY, against full books of 127 and 505.
What only one of them owns
Our book lists 400 positions for SPY that do not appear in our book for DIVN (87.1% of the fund), and 1 for DIVN that do not appear in SPY (0.0%).
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 DIVN | Weight in SPY | Difference |
|---|---|---|---|
| CVXChevron Corp | 5.07% | 0.60% | 4.47% |
| PMPhilip Morris International Inc. | 4.99% | 0.44% | 4.55% |
| PGProcter & Gamble Company | 4.58% | 0.52% | 4.06% |
| ABBVAbbvie Inc. | 4.22% | 0.70% | 3.52% |
| MCDMcdonald'S Corp | 3.55% | 0.28% | 3.27% |
| QCOMQualcomm Inc. | 3.17% | 0.27% | 2.90% |
| AMGNAmgen Inc. | 2.87% | 0.36% | 2.51% |
| COPConocophillips Common Stock USD 0.01 | 2.79% | 0.25% | 2.54% |
| MRKMerck & Company Inc | 2.36% | 0.56% | 1.80% |
| VZVerizon Communic | 2.53% | 0.32% | 2.21% |
99.1% of DIVN 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, DIVN or SPY?
DIVN has an expense ratio of 0.70% while SPY charges 0.09%. SPY is the cheaper option, by $61 a year on a $10,000 investment.
Which performed better, DIVN or SPY?
Over the past year DIVN returned +15.62% vs +16.29% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), DIVN annualized +16.79% vs +20.58% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DIVN or SPY?
SPY has been the more volatile fund at 12.0% annualized versus 9.2% for DIVN. Worst drawdown: DIVN -5.5% vs SPY -8.9%.
Should I hold both DIVN and SPY?
DIVN and SPY have a monthly-return correlation of 0.21, 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 DIVN and SPY?
99.1% of DIVN's money is in holdings SPY also owns. 12.2% of SPY's is in holdings DIVN also owns. They hold 98 positions in common, counted across the 100 positions we hold weights for in DIVN and 504 in SPY.
Which pays a higher dividend, DIVN or SPY?
DIVN yields 3.64% while SPY yields 0.98%, so DIVN currently pays the higher dividend yield.
Is SPY better than DIVN?
SPY has a lower expense ratio. SPY led over 1Y and the full window. DIVN is less concentrated, with 36.3% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.