DNP vs SPY
DNP Select Income Fund Inc. 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 505 holdings.
Side-by-Side Comparison
| Metric | DNP | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.77% | 0.09% | |
| AUM | $3.7B | $821.1B | |
| Dividend Yield | 8.00% | 1.01% | |
| Holdings | 131 | 505 | |
| YTD Return | +14.68% | +12.93% | |
| 1Y Return | +19.77% | +20.62% | |
| 3Y Return (annualized) | +11.67% | +22.00% | |
| 5Y Return (annualized) | +8.37% | +13.33% | |
| Volatility (annualized) | 14.7% | 15.3% | |
| Max Drawdown | -54.8% | -56.5% | |
| Fund Family | Duff & Phelps Investment Management Co. | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jan 21, 1987 | Jan 22, 1993 |
DNP vs SPY Performance
DNP Select Income Fund Inc. (DNP) is a ETF from Duff & Phelps Investment Management Co. and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year DNP returned +19.77% while SPY returned +20.62%. Year to date, DNP is up 14.68% versus a gain of 12.93% for SPY.
Over three years, DNP compounded at +11.67% per year against +22.00% for SPY; over five years the annualized figures are +8.37% and +13.33% respectively. Across the full 31-year window we track, SPY has the edge at +8.82% annualized vs +2.03%. 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 14.7% for DNP. 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 -54.8% for DNP 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 0.34. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
DNP charges 1.77% per year while SPY charges 0.09%. On a $10,000 position that is $177 vs $9 annually, a gap of $168 per year that compounds over a long holding period. On income, DNP currently yields 8.00% against 1.01% for SPY.
Holdings Overlap
DNP and SPY share 33 holdings out of 593 unique holdings combined, representing a 2.9% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, DNP or SPY?
DNP has an expense ratio of 1.77% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $168 per year of difference.
Which performed better, DNP or SPY?
Over the past year DNP returned +19.77% vs +20.62% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (31 years), DNP annualized +2.03% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, DNP or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 14.7% for DNP. Worst drawdown: DNP -54.8% vs SPY -56.5%.
Should I hold both DNP and SPY?
DNP and SPY have a monthly-return correlation of 0.34, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between DNP and SPY?
DNP and SPY share 33 common holdings with a 2.9% weight overlap. Combined, they hold 593 unique securities.
Which pays a higher dividend, DNP or SPY?
DNP yields 8.00% while SPY yields 1.01%, so DNP currently pays the higher dividend yield.
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