DODGX vs SPY
Dodge & Cox Stock 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 505 holdings.
Side-by-Side Comparison
| Metric | DODGX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.51% | 0.09% | |
| AUM | $79.3B | $821.1B | |
| Dividend Yield | 8.73% | 1.01% | |
| Holdings | 91 | 505 | |
| YTD Return | +8.92% | +12.68% | |
| 1Y Return | -93.37% | +21.82% | |
| 3Y Return (annualized) | -57.11% | +21.98% | |
| 5Y Return (annualized) | -40.50% | +12.89% | |
| Volatility (annualized) | 45.0% | 15.3% | |
| Max Drawdown | -94.5% | -56.5% | |
| Fund Family | Dodge & Cox Funds | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jan 4, 1965 | Jan 22, 1993 |
DODGX vs SPY Performance
Dodge & Cox Stock Fund (DODGX) is a mutual fund from Dodge & Cox Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year DODGX returned -93.37% while SPY returned +21.82%. Year to date, DODGX is up 8.92% versus a gain of 12.68% for SPY.
Over three years, DODGX compounded at -57.11% per year against +21.98% for SPY; over five years the annualized figures are -40.50% and +12.89% respectively. Across the full 5-year window we track, SPY has the edge at +8.81% annualized vs -40.50%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DODGX has been the more volatile fund, with annualized monthly volatility of 45.0% 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 -94.5% for DODGX 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 0.25. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
DODGX charges 0.51% per year while SPY charges 0.09%. On a $10,000 position that is $51 vs $9 annually, a gap of $42 per year that compounds over a long holding period. On income, DODGX currently yields 8.73% against 1.01% for SPY.
Holdings Overlap
DODGX and SPY share 58 holdings out of 532 unique holdings combined, representing a 14.6% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, DODGX or SPY?
DODGX has an expense ratio of 0.51% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $42 per year of difference.
Which performed better, DODGX or SPY?
Over the past year DODGX returned -93.37% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (5 years), DODGX annualized -40.50% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, DODGX or SPY?
DODGX has been the more volatile fund at 45.0% annualized versus 15.3% for SPY. Worst drawdown: DODGX -94.5% vs SPY -56.5%.
Should I hold both DODGX and SPY?
DODGX and SPY have a monthly-return correlation of 0.25, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between DODGX and SPY?
DODGX and SPY share 58 common holdings with a 14.6% weight overlap. Combined, they hold 532 unique securities.
Which pays a higher dividend, DODGX or SPY?
DODGX yields 8.73% while SPY yields 1.01%, so DODGX currently pays the higher dividend yield.
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