DON vs SPY
WisdomTree US MidCap Dividend Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, DON or SPY?
Mid Cap Value against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. DON is less concentrated, with 11.8% of the fund in its ten largest positions against 37.8%.
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 | DON | SPY |
|---|---|---|
| Expense Ratio | 0.38% | 0.09%Best |
| AUM | $4.0B | $804.7B |
| Dividend Yield | 2.32% | 0.98% |
| Holdings | 297 | 505 |
| YTD Return | +8.30% | +12.09%Best |
| 1Y Return | +7.93% | +16.29%Best |
| 3Y Return (annualized) | +12.47% | +21.20%Best |
| 5Y Return (annualized) | +8.98% | +13.37%Best |
| Volatility (annualized) | 18.1% | 15.3%Best |
| Max Drawdown | -64.4% | -56.5%Best |
| $10,000 over 5 years | $15,372 | $18,728Best |
| Top 10 Weight | 11.8%Best | 37.8% |
| Fund Family | WisdomTree Investments | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Value | Large Cap Blend |
| Inception | Jun 16, 2006 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jun 16, 2006 to Sep 18, 2026 (20.3 years).
DON 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 20.3 years both funds cover.
DON vs SPY Performance
WisdomTree US MidCap Dividend Fund (DON) is an ETF from WisdomTree Investments and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year DON returned +7.93% while SPY returned +16.29%. Year to date, DON is up 8.30% versus a gain of 12.09% for SPY.
Over three years, DON compounded at +12.47% per year against +21.20% for SPY; over five years the annualized figures are +8.98% and +13.37% respectively. Across the full 20-year window we track, SPY has the edge at +9.75% annualized vs +6.82%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DON has been the more volatile fund, with annualized monthly volatility of 18.1% 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 -64.4% for DON and -56.5% 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 0.88. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
DON charges 0.38% per year while SPY charges 0.09%. On a $10,000 position that is $38 vs $9 annually, a gap of $29 per year that compounds over a long holding period. On income, DON currently yields 2.32% against 0.98% for SPY.
Holdings Overlap
26.9% of DON's money is in holdings SPY also owns. 1.1% of SPY's money is in holdings DON also owns.
DON and SPY share little of their money.
48 positions in common, counted across the 291 positions we hold weights for in DON and 504 in SPY, against full books of 297 and 505.
What only one of them owns
Our book lists 449 positions for SPY that do not appear in our book for DON (98.3% of the fund), and 237 for DON that do not appear in SPY (70.3%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in DON | Weight in SPY | Difference |
|---|---|---|---|
| BBYBest Buy Co. Inc. | 1.41% | 0.02% | 1.39% |
| BENFranklin Resources Inc. | 1.37% | 0.02% | 1.35% |
| VTRSViatris Inc. | 1.36% | 0.03% | 1.33% |
| APAApa Corp | 1.29% | 0.02% | 1.27% |
| SWKStanley Black Decker Inc. | 1.07% | 0.02% | 1.05% |
| HASHasbro Inc. | 1.04% | 0.02% | 1.02% |
| OMCOmnicom Group Inc. | 0.96% | 0.04% | 0.92% |
| SJMJ M Smucker Co/The | 0.96% | 0.02% | 0.94% |
| CFCf Industries Holdings Inc. | 0.92% | 0.03% | 0.89% |
| SNASnap-On Inc. | 0.88% | 0.03% | 0.85% |
26.9% of DON is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, DON or SPY?
DON has an expense ratio of 0.38% while SPY charges 0.09%. SPY is the cheaper option, by $29 a year on a $10,000 investment.
Which performed better, DON or SPY?
Over the past year DON returned +7.93% vs +16.29% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (20 years), DON annualized +6.82% vs +9.75% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DON or SPY?
DON has been the more volatile fund at 18.1% annualized versus 15.3% for SPY. Worst drawdown: DON -64.4% vs SPY -56.5%.
Should I hold both DON and SPY?
DON and SPY have a monthly-return correlation of 0.88, 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 DON and SPY?
26.9% of DON's money is in holdings SPY also owns. 1.1% of SPY's is in holdings DON also owns. They hold 48 positions in common, counted across the 291 positions we hold weights for in DON and 504 in SPY.
Which pays a higher dividend, DON or SPY?
DON yields 2.32% while SPY yields 0.98%, so DON currently pays the higher dividend yield.
Is SPY better than DON?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. DON is less concentrated, with 11.8% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.