DIVN vs SPY
Horizon Dividend Income ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | DIVN | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.70% | 0.09% | |
| AUM | $201M | $789.1B | |
| Dividend Yield | 3.47% | 1.01% | |
| Holdings | 129 | 505 | |
| YTD Return | +13.27% | +13.75% | |
| 1Y Return | +19.18% | +22.91% | |
| 3Y Return (annualized) | - | +21.67% | |
| 5Y Return (annualized) | - | +13.32% | |
| Volatility (annualized) | 9.2% | 15.3% | |
| Max Drawdown | -5.5% | -56.5% | |
| Fund Family | Horizon Funds | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jun 25, 2025 | Jan 22, 1993 |
DIVN vs SPY Performance
Horizon Dividend Income ETF (DIVN) is a ETF from Horizon Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year DIVN returned +19.18% while SPY returned +22.91%. Year to date, DIVN is up 13.27% versus a gain of 13.75% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% 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 -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.17. They move independently enough that combining them can meaningfully diversify a portfolio.
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 3.47% against 1.01% for SPY.
Holdings Overlap
DIVN and SPY share 121 holdings out of 506 unique holdings combined, representing a 16.6% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $61 per year of difference.
Which performed better, DIVN or SPY?
Over the past year DIVN returned +19.18% vs +22.91% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), DIVN annualized +18.83% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, DIVN or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 9.2% for DIVN. Worst drawdown: DIVN -5.5% vs SPY -56.5%.
Should I hold both DIVN and SPY?
DIVN and SPY have a monthly-return correlation of 0.17, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between DIVN and SPY?
DIVN and SPY share 121 common holdings with a 16.6% weight overlap. Combined, they hold 506 unique securities.
Which pays a higher dividend, DIVN or SPY?
DIVN yields 3.47% while SPY yields 1.01%, so DIVN currently pays the higher dividend yield.
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