DLY vs SPY
DoubleLine Yield Opportunities Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, DLY or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
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 | DLY | SPY |
|---|---|---|
| Expense Ratio | 3.38% | 0.09%Best |
| AUM | $735M | $804.7B |
| Dividend Yield | 9.30% | 0.98% |
| Holdings | 470 | 505 |
| YTD Return | -1.85% | +12.22%Best |
| 1Y Return | -4.50% | +16.97%Best |
| 3Y Return (annualized) | +6.12% | +21.16%Best |
| 5Y Return (annualized) | +1.67% | +13.00%Best |
| Volatility (annualized) | 13.3%Best | 16.7% |
| Max Drawdown | -28.6%Best | -28.7% |
| $10,000 over 5 years | $10,863 | $18,424Best |
| Fund Family | DoubleLine Funds | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | - | Large Cap Blend |
| Inception | Feb 26, 2020 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Feb 26, 2020 to Sep 17, 2026 (6.6 years).
DLY 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 6.6 years both funds cover.
DLY vs SPY Performance
DoubleLine Yield Opportunities Fund (DLY) is an ETF from DoubleLine Funds and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year DLY returned -4.50% while SPY returned +16.97%. Year to date, DLY is down 1.85% versus a gain of 12.22% for SPY.
Over three years, DLY compounded at +6.12% per year against +21.16% for SPY; over five years the annualized figures are +1.67% and +13.00% respectively. Across the full 7-year window we track, SPY has the edge at +15.93% annualized vs +1.49%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 16.7% compared with 13.3% for DLY. 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 -28.6% for DLY and -28.7% 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 0.57. They move together some of the time, and apart the rest.
Fees and Cost Over Time
DLY charges 3.38% per year while SPY charges 0.09%. On a $10,000 position that is $338 vs $9 annually, a gap of $329 per year that compounds over a long holding period. On income, DLY currently yields 9.30% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 1 holding in DLY and 504 in SPY, totalling 0.9% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 275 days apart, DLY as of Nov 30, 2025 and SPY as of Sep 1, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 1 positions we hold weights for in DLY and 504 in SPY, against full books of 470 and 505.
You are not choosing between two funds in isolation.
Whichever of DLY 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, DLY or SPY?
DLY has an expense ratio of 3.38% while SPY charges 0.09%. SPY is the cheaper option, by $329 a year on a $10,000 investment.
Which performed better, DLY or SPY?
Over the past year DLY returned -4.50% vs +16.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (7 years), DLY annualized +1.49% vs +15.93% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DLY or SPY?
SPY has been the more volatile fund at 16.7% annualized versus 13.3% for DLY. Worst drawdown: DLY -28.6% vs SPY -28.7%.
Should I hold both DLY and SPY?
DLY and SPY have a monthly-return correlation of 0.57, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, DLY or SPY?
DLY yields 9.30% while SPY yields 0.98%, so DLY currently pays the higher dividend yield.
Is SPY better than DLY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.