DLLL vs SPY
GraniteShares 2x Long DELL Daily ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. DLLL delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | DLLL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.50% | 0.09% | |
| AUM | $150M | $821.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 2 | 505 | |
| YTD Return | +699.76% | +12.68% | |
| 1Y Return | +621.67% | +21.82% | |
| 3Y Return (annualized) | - | +21.98% | |
| 5Y Return (annualized) | - | +12.89% | |
| Volatility (annualized) | 224.9% | 15.3% | |
| Max Drawdown | -68.6% | -56.5% | |
| Fund Family | GraniteShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Feb 13, 2025 | Jan 22, 1993 |
DLLL vs SPY Performance
GraniteShares 2x Long DELL Daily ETF (DLLL) is a ETF from GraniteShares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year DLLL returned +621.67% while SPY returned +21.82%. Year to date, DLLL is up 699.76% versus a gain of 12.68% for SPY.
Risk: Volatility and Drawdowns
DLLL has been the more volatile fund, with annualized monthly volatility of 224.9% compared with 15.3% for SPY. 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 -68.6% for DLLL 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 0.44. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
DLLL charges 1.50% per year while SPY charges 0.09%. On a $10,000 position that is $150 vs $9 annually, a gap of $141 per year that compounds over a long holding period. On income, DLLL currently yields 0.00% against 1.01% for SPY.
Holdings Overlap
DLLL and SPY share 1 holdings out of 504 unique holdings combined, representing a 0.2% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in DLLL | Weight in SPY | Difference |
|---|---|---|---|
| DELL | 66.69% | 0.20% | 66.49% |
Frequently Asked Questions
Which is cheaper, DLLL or SPY?
DLLL has an expense ratio of 1.50% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $141 per year of difference.
Which performed better, DLLL or SPY?
Over the past year DLLL returned +621.67% vs +21.82% for SPY, so DLLL leads on 1-year performance. Over the longest common window we track (2 years), DLLL annualized +290.76% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, DLLL or SPY?
DLLL has been the more volatile fund at 224.9% annualized versus 15.3% for SPY. Worst drawdown: DLLL -68.6% vs SPY -56.5%.
Should I hold both DLLL and SPY?
DLLL and SPY have a monthly-return correlation of 0.44, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between DLLL and SPY?
DLLL and SPY share 1 common holdings with a 0.2% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, DLLL or SPY?
DLLL yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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