DIVO vs SPY
Amplify CWP Enhanced Dividend Income ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, DIVO or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 50.7%.
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 | DIVO | SPY |
|---|---|---|
| Expense Ratio | 0.56% | 0.09%Best |
| AUM | $7.9B | $804.7B |
| Dividend Yield | 6.60% | 0.98% |
| Holdings | 76 | 505 |
| YTD Return | +8.69% | +10.96%Best |
| 1Y Return | +14.60% | +15.52%Best |
| 3Y Return (annualized) | +15.43% | +20.73%Best |
| 5Y Return (annualized) | +11.01% | +12.53%Best |
| Volatility (annualized) | 12.6%Best | 15.6% |
| Max Drawdown | -31.7%Best | -34.1% |
| $10,000 over 5 years | $16,858 | $18,044Best |
| Top 10 Weight | 50.7% | 37.8%Best |
| Fund Family | Amplify ETFs | State Street Investment Management |
| Category | Alternative | Equity |
| Style | - | Large Cap Blend |
| Inception | Dec 13, 2016 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Dec 14, 2016 to Sep 16, 2026 (9.8 years).
DIVO 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 9.8 years both funds cover.
DIVO vs SPY Performance
Amplify CWP Enhanced Dividend Income ETF (DIVO) is an ETF from Amplify ETFs and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year DIVO returned +14.60% while SPY returned +15.52%. Year to date, DIVO is up 8.69% versus a gain of 10.96% for SPY.
Over three years, DIVO compounded at +15.43% per year against +20.73% for SPY; over five years the annualized figures are +11.01% and +12.53% respectively. Across the full 10-year window we track, SPY has the edge at +14.02% annualized vs +9.85%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.6% compared with 12.6% for DIVO. 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 -31.7% for DIVO and -34.1% 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 0.89. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
DIVO charges 0.56% per year while SPY charges 0.09%. On a $10,000 position that is $56 vs $9 annually, a gap of $47 per year that compounds over a long holding period. On income, DIVO currently yields 6.60% against 0.98% for SPY.
Holdings Overlap
86.9% of DIVO's money is in holdings SPY also owns. 33.0% of SPY's money is in holdings DIVO also owns.
Most of DIVO is already inside SPY. Owning both mostly buys the same companies twice.
26 positions in common, counted across the 31 positions we hold weights for in DIVO and 504 in SPY, against full books of 76 and 505.
What only one of them owns
Our book lists 471 positions for SPY that do not appear in our book for DIVO (66.3% of the fund), and 4 for DIVO that do not appear in SPY (11.7%).
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 DIVO | Weight in SPY | Difference |
|---|---|---|---|
| AAPLApple, Inc | 5.29% | 7.26% | 1.97% |
| MSFTMicrosoft Corp | 6.34% | 5.66% | 0.68% |
| NVDANvidia Corp | 3.87% | 8.01% | 4.14% |
| JPMJpmorgan Chase | 4.90% | 1.45% | 3.45% |
| VVisa Inc Class A | 5.21% | 0.94% | 4.27% |
| GOOGLAlphabet Inc,class A | 3.00% | 2.99% | 0.01% |
| AMGNAmgen Inc. | 5.19% | 0.36% | 4.83% |
| CATCaterpillar, Inc. | 4.95% | 0.55% | 4.40% |
| GSGoldman Sachs Group Inc/The | 4.86% | 0.45% | 4.41% |
| CVXChevron Corp | 4.66% | 0.60% | 4.06% |
86.9% of DIVO 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, DIVO or SPY?
DIVO has an expense ratio of 0.56% while SPY charges 0.09%. SPY is the cheaper option, by $47 a year on a $10,000 investment.
Which performed better, DIVO or SPY?
Over the past year DIVO returned +14.60% vs +15.52% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (10 years), DIVO annualized +9.85% vs +14.02% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DIVO or SPY?
SPY has been the more volatile fund at 15.6% annualized versus 12.6% for DIVO. Worst drawdown: DIVO -31.7% vs SPY -34.1%.
Should I hold both DIVO and SPY?
DIVO and SPY have a monthly-return correlation of 0.89, 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 DIVO and SPY?
86.9% of DIVO's money is in holdings SPY also owns. 33.0% of SPY's is in holdings DIVO also owns. They hold 26 positions in common, counted across the 31 positions we hold weights for in DIVO and 504 in SPY.
Which pays a higher dividend, DIVO or SPY?
DIVO yields 6.60% while SPY yields 0.98%, so DIVO currently pays the higher dividend yield.
Is SPY better than DIVO?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 50.7%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.