DSL vs SPY
DoubleLine Income Solutions Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, DSL or SPY?
High Yield Bond against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
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 | DSL | SPY |
|---|---|---|
| Expense Ratio | 3.20% | 0.09%Best |
| AUM | $1.3B | $804.7B |
| Dividend Yield | 11.56% | 0.98% |
| Holdings | 491 | 505 |
| YTD Return | -1.66% | +12.09%Best |
| 1Y Return | -7.90% | +16.29%Best |
| 3Y Return (annualized) | +5.42% | +21.20%Best |
| 5Y Return (annualized) | +0.21% | +13.37%Best |
| Volatility (annualized) | 15.7% | 14.4%Best |
| Max Drawdown | -58.7% | -34.1%Best |
| $10,000 over 5 years | $10,105 | $18,728Best |
| Fund Family | DoubleLine Funds | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | High Yield Bond | Large Cap Blend |
| Inception | Apr 26, 2013 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Apr 26, 2013 to Sep 18, 2026 (13.4 years).
DSL 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
DSL vs SPY Performance
DoubleLine Income Solutions Fund (DSL) is an ETF from DoubleLine Funds and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year DSL returned -7.90% while SPY returned +16.29%. Year to date, DSL is down 1.66% versus a gain of 12.09% for SPY.
Over three years, DSL compounded at +5.42% per year against +21.20% for SPY; over five years the annualized figures are +0.21% and +13.37% respectively. Across the full 13-year window we track, SPY has the edge at +13.07% annualized vs -2.15%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DSL has been the more volatile fund, with annualized monthly volatility of 15.7% compared with 14.4% 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 -58.7% for DSL 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
DSL charges 3.20% per year while SPY charges 0.09%. On a $10,000 position that is $320 vs $9 annually, a gap of $311 per year that compounds over a long holding period. On income, DSL currently yields 11.56% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 5 holdings in DSL and 504 in SPY, totalling 1.2% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 336 days apart, DSL as of Sep 30, 2025 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.
0 positions in common, counted across the 5 positions we hold weights for in DSL and 504 in SPY, against full books of 491 and 505.
You are not choosing between two funds in isolation.
Whichever of DSL 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, DSL or SPY?
DSL has an expense ratio of 3.20% while SPY charges 0.09%. SPY is the cheaper option, by $311 a year on a $10,000 investment.
Which performed better, DSL or SPY?
Over the past year DSL returned -7.90% vs +16.29% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (13 years), DSL annualized -2.15% vs +13.07% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DSL or SPY?
DSL has been the more volatile fund at 15.7% annualized versus 14.4% for SPY. Worst drawdown: DSL -58.7% vs SPY -34.1%.
Should I hold both DSL and SPY?
DSL 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.
Which pays a higher dividend, DSL or SPY?
DSL yields 11.56% while SPY yields 0.98%, so DSL currently pays the higher dividend yield.
Is SPY better than DSL?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.