DMA vs SPY
Destra Multi-Alternative 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 | DMA | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 3.69% | 0.09% | |
| AUM | $80M | $789.1B | |
| Dividend Yield | 13.39% | 1.01% | |
| Holdings | 181 | 505 | |
| YTD Return | -6.08% | +13.39% | |
| 1Y Return | +2.18% | +22.52% | |
| 3Y Return (annualized) | +23.72% | +21.36% | |
| 5Y Return (annualized) | - | +13.19% | |
| Volatility (annualized) | 21.4% | 15.3% | |
| Max Drawdown | -38.9% | -56.5% | |
| Fund Family | Destra Capital Investment LLC | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jan 13, 2022 | Jan 22, 1993 |
DMA vs SPY Performance
Destra Multi-Alternative Fund (DMA) is a ETF from Destra Capital Investment LLC and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year DMA returned +2.18% while SPY returned +22.52%. Year to date, DMA is down 6.08% versus a gain of 13.39% for SPY.
Over three years, DMA compounded at +23.72% per year against +21.36% for SPY. Across the full 5-year window we track, SPY has the edge at +8.84% annualized vs +5.13%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DMA has been the more volatile fund, with annualized monthly volatility of 21.4% 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 -38.9% for DMA 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 0.27. They move independently enough that combining them can meaningfully diversify a portfolio.
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 13.39% against 1.01% for SPY.
Holdings Overlap
DMA and SPY share 39 holdings out of 527 unique holdings combined, representing a 7.3% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $360 per year of difference.
Which performed better, DMA or SPY?
Over the past year DMA returned +2.18% vs +22.52% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (5 years), DMA annualized +5.13% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, DMA or SPY?
DMA has been the more volatile fund at 21.4% annualized versus 15.3% for SPY. Worst drawdown: DMA -38.9% vs SPY -56.5%.
Should I hold both DMA and SPY?
DMA and SPY have a monthly-return correlation of 0.27, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between DMA and SPY?
DMA and SPY share 39 common holdings with a 7.3% weight overlap. Combined, they hold 527 unique securities.
Which pays a higher dividend, DMA or SPY?
DMA yields 13.39% while SPY yields 1.01%, so DMA currently pays the higher dividend yield.
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