DPG vs SPY
Duff & Phelps Utility and Infrastructure Fund Inc vs State Street SPDR S&P 500 ETF Trust
Which is better, DPG or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. DPG led over 3Y, SPY over 1Y, 5Y and the full window. DPG is less concentrated, with 33.6% 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 | DPG | SPY |
|---|---|---|
| Expense Ratio | 2.26% | 0.09%Best |
| AUM | $570M | $804.7B |
| Dividend Yield | 5.35% | 0.98% |
| Holdings | 56 | 505 |
| YTD Return | +9.44% | +12.22%Best |
| 1Y Return | +15.80% | +16.97%Best |
| 3Y Return (annualized) | +22.67%Best | +21.16% |
| 5Y Return (annualized) | +8.21% | +13.00%Best |
| Volatility (annualized) | 20.0% | 14.3%Best |
| Max Drawdown | -76.0% | -34.1%Best |
| $10,000 over 5 years | $14,837 | $18,424Best |
| Top 10 Weight | 33.6%Best | 37.8% |
| Fund Family | Duff & Phelps Investment Management Co. | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Jul 29, 2011 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jul 27, 2011 to Sep 17, 2026 (15.1 years).
DPG 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 15.1 years both funds cover.
DPG vs SPY Performance
Duff & Phelps Utility and Infrastructure Fund Inc (DPG) is an ETF from Duff & Phelps Investment Management Co. and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year DPG returned +15.80% while SPY returned +16.97%. Year to date, DPG is up 9.44% versus a gain of 12.22% for SPY.
Over three years, DPG compounded at +22.67% per year against +21.16% for SPY; over five years the annualized figures are +8.21% and +13.00% respectively. Across the full 15-year window we track, SPY has the edge at +12.91% annualized vs +0.61%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DPG has been the more volatile fund, with annualized monthly volatility of 20.0% compared with 14.3% 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 -76.0% for DPG and -34.1% 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 0.67. They move together some of the time, and apart the rest.
Fees and Cost Over Time
DPG charges 2.26% per year while SPY charges 0.09%. On a $10,000 position that is $226 vs $9 annually, a gap of $217 per year that compounds over a long holding period. On income, DPG currently yields 5.35% against 0.98% for SPY.
Holdings Overlap
59.2% of DPG's money is in holdings SPY also owns. 2.5% of SPY's money is in holdings DPG also owns.
The two portfolios partly overlap.
The two holdings books were reported 213 days apart, DPG as of Jan 31, 2026 and SPY as of Sep 1, 2026, so some of the difference between them is the time between the two reports rather than the funds.
27 positions in common, counted across the 53 positions we hold weights for in DPG and 504 in SPY, against full books of 56 and 505.
What only one of them owns
Our book lists 470 positions for SPY that do not appear in our book for DPG (96.9% of the fund), and 10 for DPG that do not appear in SPY (12.3%).
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 DPG | Weight in SPY | Difference |
|---|---|---|---|
| NEENextera Energy Inc | 4.05% | 0.26% | 3.79% |
| DUKDuke Energy Corp | 3.78% | 0.14% | 3.64% |
| XELXcel Energy Inc. | 3.70% | 0.07% | 3.63% |
| SRESempra Common Stock | 3.62% | 0.08% | 3.54% |
| ETREntergy Corp. | 2.97% | 0.07% | 2.90% |
| PPLPpl Corp (Utilities) | 2.71% | 0.04% | 2.67% |
| UNPUnion Pacific Corp | 2.48% | 0.26% | 2.22% |
| AEPAmerican Electric Power Co Inc | 2.60% | 0.10% | 2.50% |
| WMBWilliams Cos. Inc. | 2.53% | 0.14% | 2.39% |
| CNPCenterpoint Energy Inc. | 2.45% | 0.04% | 2.41% |
59.2% of DPG 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, DPG or SPY?
DPG has an expense ratio of 2.26% while SPY charges 0.09%. SPY is the cheaper option, by $217 a year on a $10,000 investment.
Which performed better, DPG or SPY?
Over the past year DPG returned +15.80% vs +16.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (15 years), DPG annualized +0.61% vs +12.91% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DPG or SPY?
DPG has been the more volatile fund at 20.0% annualized versus 14.3% for SPY. Worst drawdown: DPG -76.0% vs SPY -34.1%.
Should I hold both DPG and SPY?
DPG and SPY have a monthly-return correlation of 0.67, 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 DPG and SPY?
59.2% of DPG's money is in holdings SPY also owns. 2.5% of SPY's is in holdings DPG also owns. They hold 27 positions in common, counted across the 53 positions we hold weights for in DPG and 504 in SPY.
Which pays a higher dividend, DPG or SPY?
DPG yields 5.35% while SPY yields 0.98%, so DPG currently pays the higher dividend yield.
Is SPY better than DPG?
SPY has a lower expense ratio. DPG led over 3Y, SPY over 1Y, 5Y and the full window. DPG is less concentrated, with 33.6% 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.