DLY vs SPY
DoubleLine Yield Opportunities Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | DLY | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 3.38% | 0.09% | |
| AUM | $735M | $789.1B | |
| Dividend Yield | 9.24% | 1.01% | |
| Holdings | 490 | 505 | |
| YTD Return | +2.84% | +13.75% | |
| 1Y Return | +1.26% | +22.91% | |
| 3Y Return (annualized) | +7.27% | +21.67% | |
| 5Y Return (annualized) | +2.53% | +13.32% | |
| Volatility (annualized) | 13.3% | 15.3% | |
| Max Drawdown | -28.6% | -56.5% | |
| Fund Family | DoubleLine Funds | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Feb 26, 2020 | Jan 22, 1993 |
DLY vs SPY Performance
DoubleLine Yield Opportunities Fund (DLY) is a ETF from DoubleLine Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year DLY returned +1.26% while SPY returned +22.91%. Year to date, DLY is up 2.84% versus a gain of 13.75% for SPY.
Over three years, DLY compounded at +7.27% per year against +21.67% for SPY; over five years the annualized figures are +2.53% and +13.32% respectively. Across the full 7-year window we track, SPY has the edge at +8.85% annualized vs +2.26%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% 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 -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 0.57. They move independently enough that combining them can meaningfully diversify a portfolio.
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 9.24% against 1.01% for SPY.
Holdings Overlap
DLY and SPY share 0 holdings out of 504 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $329 per year of difference.
Which performed better, DLY or SPY?
Over the past year DLY returned +1.26% vs +22.91% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (7 years), DLY annualized +2.26% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, DLY or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 13.3% for DLY. Worst drawdown: DLY -28.6% vs SPY -56.5%.
Should I hold both DLY and SPY?
DLY and SPY have a monthly-return correlation of 0.57, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between DLY and SPY?
DLY and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, DLY or SPY?
DLY yields 9.24% while SPY yields 1.01%, so DLY currently pays the higher dividend yield.
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