DUNK vs SPY
Dana Unconstrained Equity ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, DUNK or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 69.0%.
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 | DUNK | SPY |
|---|---|---|
| Expense Ratio | 0.75% | 0.09%Best |
| AUM | $170M | $804.7B |
| Dividend Yield | 0.00% | 0.98% |
| Holdings | 25 | 505 |
| YTD Return | +13.56%Best | +12.09% |
| 1Y Return | +9.01% | +16.29%Best |
| 3Y Return (annualized) | - | +21.20% |
| 5Y Return (annualized) | - | +13.37% |
| Volatility (annualized) | 26.5% | 13.3%Best |
| Max Drawdown | -25.6% | -8.9%Best |
| $10,000 over 1 years | $11,000 | $11,660Best |
| Top 10 Weight | 69.0% | 37.8%Best |
| Fund Family | Dana Investment Advisors | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Sep 15, 2025 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 1 years row, are measured over the window both funds cover: Sep 16, 2025 to Sep 18, 2026 (1 years).
DUNK 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 years both funds cover.
DUNK vs SPY Performance
Dana Unconstrained Equity ETF (DUNK) is an ETF from Dana Investment Advisors and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year DUNK returned +9.01% while SPY returned +16.29%. Year to date, DUNK is up 13.56% versus a gain of 12.09% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DUNK has been the more volatile fund, with annualized monthly volatility of 26.5% compared with 13.3% 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 -25.6% for DUNK 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 0.71. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
DUNK charges 0.75% per year while SPY charges 0.09%. On a $10,000 position that is $75 vs $9 annually, a gap of $66 per year that compounds over a long holding period. On income, DUNK currently yields 0.00% against 0.98% for SPY.
Holdings Overlap
80.3% of DUNK's money is in holdings SPY also owns. 33.2% of SPY's money is in holdings DUNK also owns.
Most of DUNK is already inside SPY. Owning both mostly buys the same companies twice.
21 positions in common, counted across the 26 positions we hold weights for in DUNK and 504 in SPY, against full books of 25 and 505.
What only one of them owns
Our book lists 476 positions for SPY that do not appear in our book for DUNK (66.2% of the fund), and 4 for DUNK 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 DUNK | Weight in SPY | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp | 9.03% | 5.66% | 3.37% |
| NVDANvidia Corp | 5.98% | 8.01% | 2.03% |
| NOWServicenow, Inc | 10.63% | 0.22% | 10.41% |
| AMZNAmazon.Com Inc | 4.25% | 3.79% | 0.46% |
| DASHDoordash Inc - A | 6.26% | 0.13% | 6.13% |
| JNJJohnson & Johnson - Common | 4.88% | 0.99% | 3.89% |
| VVisa Inc Class A | 4.89% | 0.94% | 3.95% |
| LLYEli Lilly & Co. | 4.30% | 1.40% | 2.90% |
| MAMastercard Inc | 4.76% | 0.71% | 4.05% |
| AVGOBroadcom Inc | 2.47% | 2.66% | 0.19% |
80.3% of DUNK 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, DUNK or SPY?
DUNK has an expense ratio of 0.75% while SPY charges 0.09%. SPY is the cheaper option, by $66 a year on a $10,000 investment.
Which performed better, DUNK or SPY?
Over the past year DUNK returned +9.01% vs +16.29% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), DUNK annualized +10.00% vs +16.60% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DUNK or SPY?
DUNK has been the more volatile fund at 26.5% annualized versus 13.3% for SPY. Worst drawdown: DUNK -25.6% vs SPY -8.9%.
Should I hold both DUNK and SPY?
DUNK and SPY have a monthly-return correlation of 0.71, 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 DUNK and SPY?
80.3% of DUNK's money is in holdings SPY also owns. 33.2% of SPY's is in holdings DUNK also owns. They hold 21 positions in common, counted across the 26 positions we hold weights for in DUNK and 504 in SPY.
Which pays a higher dividend, DUNK or SPY?
DUNK yields 0.00% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than DUNK?
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 69.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.