DLNV vs SPY
FT Vest US Equity Dual Directional Buffer ETF - November vs State Street SPDR S&P 500 ETF Trust
Which is better, DLNV or SPY?
Option Writing against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y. The two have moved almost in lockstep, correlation 0.97.
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 | DLNV | SPY |
|---|---|---|
| Expense Ratio | 0.85% | 0.09%Best |
| AUM | $20M | $823.2B |
| Dividend Yield | 0.00% | 0.99% |
| Holdings | 12 | 1,515 |
| YTD Return | +8.62% | +11.28%Best |
| 1Y Return | +10.49% | +11.58%Best |
| 3Y Return (annualized) | - | +21.60% |
| 5Y Return (annualized) | - | +11.66% |
| Volatility (annualized) | 6.4%Best | 13.3% |
| Fund Family | First Trust Portfolios (US) | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Option Writing | Large Cap Blend |
| Inception | Nov 21, 2025 | Jan 22, 1993 |
Not shown on this pair: Max Drawdown, $10,000 over the window, Top 10 Weight.
DLNV 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
DLNV vs SPY Performance
FT Vest US Equity Dual Directional Buffer ETF - November (DLNV) is an ETF from First Trust Portfolios (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year DLNV returned +10.49% while SPY returned +11.58%. Year to date, DLNV is up 8.62% versus a gain of 11.28% 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 13.3% compared with 6.4% for DLNV. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The two funds' monthly returns correlate at 0.97. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
DLNV charges 0.85% per year while SPY charges 0.09%. On a $10,000 position that is $85 vs $9 annually, a gap of $76 per year that compounds over a long holding period. On income, DLNV currently yields 0.00% against 0.99% for SPY.
You are not choosing between two funds in isolation.
Whichever of DLNV and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, DLNV or SPY?
DLNV has an expense ratio of 0.85% while SPY charges 0.09%. SPY is the cheaper option, by $76 a year on a $10,000 investment.
Which performed better, DLNV or SPY?
Over the past year DLNV returned +10.49% vs +11.58% 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, DLNV or SPY?
SPY has been the more volatile fund at 13.3% annualized versus 6.4% for DLNV.
Should I hold both DLNV and SPY?
DLNV and SPY have a monthly-return correlation of 0.97, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
Which pays a higher dividend, DLNV or SPY?
DLNV yields 0.00% while SPY yields 0.99%, so SPY currently pays the higher dividend yield.
Is SPY better than DLNV?
SPY has a lower expense ratio. SPY led over 1Y. The two have moved almost in lockstep, correlation 0.97. Which one suits a particular account depends on what it is for. This is information, not a recommendation.