DRGN vs SPY
Themes China Generative Artificial Intelligence ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, DRGN or SPY?
Large Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. DRGN led over the full window, SPY over 1Y. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 57.5%.
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 | DRGN | SPY |
|---|---|---|
| Expense Ratio | 0.39% | 0.09%Best |
| AUM | $23M | $814.4B |
| Dividend Yield | 1.12% | 1.01% |
| Holdings | 27 | 505 |
| YTD Return | +1.13% | +12.71%Best |
| 1Y Return | +7.40% | +19.36%Best |
| 3Y Return (annualized) | - | +21.09% |
| 5Y Return (annualized) | - | +12.69% |
| Volatility (annualized) | 36.0% | 12.3%Best |
| Max Drawdown | -20.9% | -8.9%Best |
| $10,000 over 1.1 years | $13,044Best | $12,331 |
| Top 10 Weight | 57.5% | 38.0%Best |
| Fund Family | Themes ETFs | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Jul 15, 2025 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 1.1 years row, are measured over the window both funds cover: Jul 15, 2025 to Sep 8, 2026 (1.1 years).
DRGN 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 1.1 years both funds cover.
DRGN vs SPY Performance
Themes China Generative Artificial Intelligence ETF (DRGN) is an ETF from Themes ETFs and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year DRGN returned +7.40% while SPY returned +19.36%. Year to date, DRGN is up 1.13% versus a gain of 12.71% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DRGN has been the more volatile fund, with annualized monthly volatility of 36.0% compared with 12.3% 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 -8.9% 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 0.62. They move together some of the time, and apart the rest.
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
We hold position weights for 25 holdings in DRGN and 503 in SPY, totalling 99.7% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 25 positions we hold weights for in DRGN and 503 in SPY, against full books of 27 and 505.
What only one of them owns
Our book lists 493 positions for SPY that do not appear in our book for DRGN (99.4% of the fund), and 3 for DRGN that do not appear in SPY (6.3%).
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.
You are not choosing between two funds in isolation.
Whichever of DRGN and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
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, by $30 a year on a $10,000 investment.
Which performed better, DRGN or SPY?
Over the past year DRGN returned +7.40% vs +19.36% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), DRGN annualized +27.33% vs +20.98% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DRGN or SPY?
DRGN has been the more volatile fund at 36.0% annualized versus 12.3% for SPY. Worst drawdown: DRGN -20.9% vs SPY -8.9%.
Should I hold both DRGN and SPY?
DRGN and SPY have a monthly-return correlation of 0.62, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
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.
Is SPY better than DRGN?
SPY has a lower expense ratio. DRGN led over the full window, SPY over 1Y. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 57.5%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.