DMA vs SPY
Destra Multi-Alternative Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, DMA or SPY?
Multi Alternative against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y 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 | DMA | SPY |
|---|---|---|
| Expense Ratio | 3.69% | 0.09%Best |
| AUM | $80M | $804.7B |
| Dividend Yield | 14.02% | 0.98% |
| Holdings | 181 | 505 |
| YTD Return | -4.44% | +11.52%Best |
| 1Y Return | +3.44% | +17.48%Best |
| 3Y Return (annualized) | +18.78% | +20.62%Best |
| 5Y Return (annualized) | - | +12.73% |
| Volatility (annualized) | 21.2% | 15.6%Best |
| Max Drawdown | -38.9% | -22.4%Best |
| $10,000 over 4.7 years | $12,816 | $17,424Best |
| Fund Family | Destra Capital Investment LLC | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Multi Alternative | Large Cap Blend |
| Inception | Jan 13, 2022 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 4.7 years row, are measured over the window both funds cover: Jan 13, 2022 to Sep 10, 2026 (4.7 years).
DMA 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 4.7 years both funds cover.
DMA vs SPY Performance
Destra Multi-Alternative Fund (DMA) is an ETF from Destra Capital Investment LLC and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year DMA returned +3.44% while SPY returned +17.48%. Year to date, DMA is down 4.44% versus a gain of 11.52% for SPY.
Over three years, DMA compounded at +18.78% per year against +20.62% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DMA has been the more volatile fund, with annualized monthly volatility of 21.2% compared with 15.6% 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 -38.9% for DMA and -22.4% 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 0.27. They move largely independently of each other.
Fees and Cost Over Time
DMA charges 3.69% per year while SPY charges 0.09%. On a $10,000 position that is $369 vs $9 annually, a gap of $360 per year that compounds over a long holding period. On income, DMA currently yields 14.02% against 0.98% for SPY.
Holdings Overlap
At least 18.3% of SPY's money is in holdings DMA also owns.
Stated as a floor: for DMA, our book for it covers 39.0% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
SPY and DMA share little of their money.
The two holdings books were reported 216 days apart, DMA as of Dec 31, 2025 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
39 positions in common, counted across the 63 positions we hold weights for in DMA and 504 in SPY, against full books of 181 and 505.
Top Shared Holdings
| Stock | Weight in DMA | Weight in SPY | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 0.41% | 5.50% | 5.09% |
| AVGOBroadcom Inc | 0.45% | 2.97% | 2.52% |
| JPMJpmorgan Chase & Co. | 0.35% | 1.44% | 1.09% |
| AMDAdvanced Micro Devices Inc. | 0.33% | 1.27% | 0.94% |
| CSCOCisco Systems Inc. - Ordinary Shares | 0.48% | 0.72% | 0.24% |
| ABBVAbbvie Inc. | 0.49% | 0.65% | 0.16% |
| BACBank Of America Corp. | 0.19% | 0.62% | 0.43% |
| AMGNAmgen Inc. | 0.47% | 0.32% | 0.15% |
| PLTRPalantir Technologies Inc | 0.16% | 0.56% | 0.40% |
| VICIVici Properties Inc | 0.67% | 0.04% | 0.63% |
You are not choosing between two funds in isolation.
Whichever of DMA 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, DMA or SPY?
DMA has an expense ratio of 3.69% while SPY charges 0.09%. SPY is the cheaper option, by $360 a year on a $10,000 investment.
Which performed better, DMA or SPY?
Over the past year DMA returned +3.44% vs +17.48% 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, DMA or SPY?
DMA has been the more volatile fund at 21.2% annualized versus 15.6% for SPY. Worst drawdown: DMA -38.9% vs SPY -22.4%.
Should I hold both DMA and SPY?
DMA and SPY have a monthly-return correlation of 0.27, 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 DMA and SPY?
At least 18.3% of SPY's money is in holdings DMA also owns. Our book for DMA is partial, so the real figure is this or higher. They hold 39 positions in common, counted across the 63 positions we hold weights for in DMA and 504 in SPY.
Which pays a higher dividend, DMA or SPY?
DMA yields 14.02% while SPY yields 0.98%, so DMA currently pays the higher dividend yield.
Is SPY better than DMA?
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.