DIVZ vs SPY
Polen Dividend Income ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, DIVZ or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 48.8%.
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 | DIVZ | SPY |
|---|---|---|
| Expense Ratio | 0.65% | 0.09%Best |
| AUM | $308M | $814.4B |
| Dividend Yield | 2.47% | 1.01% |
| Holdings | 29 | 505 |
| Volatility (annualized) | 14.4%Best | 15.9% |
| Max Drawdown | -15.4%Best | -24.5% |
| $10,000 over 4.4 years | $15,910 | $16,843Best |
| Top 10 Weight | 48.8% | 38.0%Best |
| Fund Family | TrueShares | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Jan 27, 2021 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 452 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. DIVZ has data through Jun 13, 2025 and SPY through Sep 8, 2026.
Volatility and max drawdown, and the $10,000 over 4.4 years row, are measured over the window both funds cover: Jan 28, 2021 to Jun 13, 2025 (4.4 years).
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.9% compared with 14.4% for DIVZ. 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 -15.4% for DIVZ and -24.5% 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 0.73. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
DIVZ 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, DIVZ currently yields 2.47% against 1.01% for SPY.
Holdings Overlap
87.2% of DIVZ's money is in holdings SPY also owns. 16.9% of SPY's money is in holdings DIVZ also owns.
Most of DIVZ is already inside SPY. Owning both mostly buys the same companies twice.
25 positions in common, counted across the 29 positions we hold weights for in DIVZ and 503 in SPY, against full books of 29 and 505.
What only one of them owns
Our book lists 468 positions for SPY that do not appear in our book for DIVZ (82.5% of the fund), and 2 for DIVZ that do not appear in SPY (6.1%).
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 DIVZ | Weight in SPY | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 3.73% | 5.50% | 1.77% |
| GOOGL Alphabet Inc. Class A | 3.10% | 3.33% | 0.23% |
| PMPhilip Morris International Inc. | 5.89% | 0.44% | 5.45% |
| UNHUnitedhealth Group | 5.58% | 0.56% | 5.02% |
| VZVerizon Communications Inc Com Usd1 | 5.79% | 0.29% | 5.50% |
| JNJJohnson & Johnson - Common | 4.85% | 0.92% | 3.93% |
| CVXChevron Corp.United States -Energy | 4.65% | 0.54% | 4.11% |
| NEENextera Energy Inc | 4.50% | 0.27% | 4.23% |
| UPSUnited Parcel Service, Inc | 4.42% | 0.12% | 4.30% |
| HDHome Depot Inc/The | 3.63% | 0.52% | 3.11% |
87.2% of DIVZ 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, DIVZ or SPY?
DIVZ 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 is riskier, DIVZ or SPY?
SPY has been the more volatile fund at 15.9% annualized versus 14.4% for DIVZ. Worst drawdown: DIVZ -15.4% vs SPY -24.5%.
Should I hold both DIVZ and SPY?
DIVZ and SPY have a monthly-return correlation of 0.73, 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 DIVZ and SPY?
87.2% of DIVZ's money is in holdings SPY also owns. 16.9% of SPY's is in holdings DIVZ also owns. They hold 25 positions in common, counted across the 29 positions we hold weights for in DIVZ and 503 in SPY.
Which pays a higher dividend, DIVZ or SPY?
DIVZ yields 2.47% while SPY yields 1.01%, so DIVZ currently pays the higher dividend yield.
Is SPY better than DIVZ?
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 48.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.