DIVP vs SPY
Cullen Enhanced Equity Income ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, DIVP or SPY?
Large Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window. DIVP is less concentrated, with 35.4% 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 | DIVP | SPY |
|---|---|---|
| Expense Ratio | 0.55% | 0.09%Best |
| AUM | $59M | $804.7B |
| Dividend Yield | 6.12% | 0.98% |
| Holdings | 45 | 505 |
| YTD Return | +9.48% | +13.82%Best |
| 1Y Return | +13.64% | +16.96%Best |
| 3Y Return (annualized) | - | +22.97% |
| 5Y Return (annualized) | - | +13.73% |
| Volatility (annualized) | 10.1%Best | 12.1% |
| Max Drawdown | -13.4%Best | -18.8% |
| $10,000 over 2.5 years | $12,364 | $15,370Best |
| Top 10 Weight | 35.4%Best | 37.8% |
| Fund Family | Cullen Funds | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Mar 6, 2024 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 2.5 years row, are measured over the window both funds cover: Mar 7, 2024 to Sep 21, 2026 (2.5 years).
DIVP 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 2.5 years both funds cover.
DIVP vs SPY Performance
Cullen Enhanced Equity Income ETF (DIVP) is an ETF from Cullen Funds and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year DIVP returned +13.64% while SPY returned +16.96%. Year to date, DIVP is up 9.48% versus a gain of 13.82% 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 12.1% compared with 10.1% for DIVP. 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 -13.4% for DIVP 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 0.39. They move together some of the time, and apart the rest.
Fees and Cost Over Time
DIVP 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, DIVP currently yields 6.12% against 0.98% for SPY.
Holdings Overlap
88.3% of DIVP's money is in holdings SPY also owns. 7.9% of SPY's money is in holdings DIVP also owns.
Most of DIVP is already inside SPY. Owning both mostly buys the same companies twice.
32 positions in common, counted across the 35 positions we hold weights for in DIVP and 504 in SPY, against full books of 45 and 505.
What only one of them owns
Our book lists 465 positions for SPY that do not appear in our book for DIVP (91.5% of the fund), and 1 for DIVP that do not appear in SPY (2.5%).
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 DIVP | Weight in SPY | Difference |
|---|---|---|---|
| UNHUnitedhealth Group Incorporated | 3.84% | 0.55% | 3.29% |
| XOMExxon Mobil Corp. | 3.16% | 1.04% | 2.12% |
| BMYBristol-Myers Squibb Co. | 3.85% | 0.21% | 3.64% |
| COPConocophillips Common Stock USD 0.01 | 3.77% | 0.25% | 3.52% |
| EOGEog Resources Inc | 3.79% | 0.12% | 3.67% |
| SYYSysco Corp | 3.64% | 0.06% | 3.58% |
| MRKMerck & Company Inc | 3.06% | 0.56% | 2.50% |
| IBMInternational Business Machines Corp. | 3.28% | 0.33% | 2.95% |
| BDXBecton Dickinson And Co. | 3.49% | 0.08% | 3.41% |
| MDTMedtronic Plc Ordinary Shares | 3.22% | 0.18% | 3.04% |
88.3% of DIVP 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, DIVP or SPY?
DIVP 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, DIVP or SPY?
Over the past year DIVP returned +13.64% vs +16.96% 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, DIVP or SPY?
SPY has been the more volatile fund at 12.1% annualized versus 10.1% for DIVP. Worst drawdown: DIVP -13.4% vs SPY -18.8%.
Should I hold both DIVP and SPY?
DIVP and SPY have a monthly-return correlation of 0.39, 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 DIVP and SPY?
88.3% of DIVP's money is in holdings SPY also owns. 7.9% of SPY's is in holdings DIVP also owns. They hold 32 positions in common, counted across the 35 positions we hold weights for in DIVP and 504 in SPY.
Which pays a higher dividend, DIVP or SPY?
DIVP yields 6.12% while SPY yields 0.98%, so DIVP currently pays the higher dividend yield.
Is SPY better than DIVP?
SPY has a lower expense ratio. SPY led over 1Y and the full window. DIVP is less concentrated, with 35.4% 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.