DRGN vs SPY
Themes China Generative Artificial Intelligence ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. DRGN delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | DRGN | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.39% | 0.09% | |
| AUM | $27M | $821.1B | |
| Dividend Yield | 1.12% | 1.01% | |
| Holdings | 27 | 505 | |
| YTD Return | +6.15% | +12.93% | |
| 1Y Return | +20.77% | +20.62% | |
| 3Y Return (annualized) | - | +22.00% | |
| 5Y Return (annualized) | - | +13.33% | |
| Volatility (annualized) | 36.9% | 15.3% | |
| Max Drawdown | -20.9% | -56.5% | |
| Fund Family | Themes ETFs | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jul 15, 2025 | Jan 22, 1993 |
DRGN vs SPY Performance
Themes China Generative Artificial Intelligence ETF (DRGN) is a ETF from Themes ETFs and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year DRGN returned +20.77% while SPY returned +20.62%. Year to date, DRGN is up 6.15% versus a gain of 12.93% for SPY.
Risk: Volatility and Drawdowns
DRGN has been the more volatile fund, with annualized monthly volatility of 36.9% 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 -20.9% for DRGN 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 0.63. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
DRGN charges 0.39% per year while SPY charges 0.09%. On a $10,000 position that is $39 vs $9 annually, a gap of $30 per year that compounds over a long holding period. On income, DRGN currently yields 1.12% against 1.01% for SPY.
Holdings Overlap
DRGN and SPY share 0 holdings out of 528 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, DRGN or SPY?
DRGN has an expense ratio of 0.39% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $30 per year of difference.
Which performed better, DRGN or SPY?
Over the past year DRGN returned +20.77% vs +20.62% for SPY, so DRGN leads on 1-year performance. Over the longest common window we track (1 years), DRGN annualized +34.81% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, DRGN or SPY?
DRGN has been the more volatile fund at 36.9% annualized versus 15.3% for SPY. Worst drawdown: DRGN -20.9% vs SPY -56.5%.
Should I hold both DRGN and SPY?
DRGN and SPY have a monthly-return correlation of 0.63, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between DRGN and SPY?
DRGN and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 528 unique securities.
Which pays a higher dividend, DRGN or SPY?
DRGN yields 1.12% while SPY yields 1.01%, so DRGN currently pays the higher dividend yield.
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