DVAL vs SPY
BrandywineGLOBAL-Dynamic US Large Cap Value ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, DVAL or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. DVAL led over 1Y, SPY over the full window. SPY is less concentrated, with 38.9% of the fund in its ten largest positions against 59.6%.
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 | DVAL | SPY |
|---|---|---|
| Expense Ratio | 0.49% | 0.09%Best |
| AUM | $60M | $777.9B |
| Dividend Yield | 5.15% | 1.00% |
| Holdings | 133 | 1,011 |
| Volatility (annualized) | 12.9% | 12.8%Best |
| Max Drawdown | -15.9%Best | -18.8% |
| $10,000 over 4 years | $15,775 | $21,035Best |
| Top 10 Weight | 59.6% | 38.9%Best |
| Fund Family | Franklin Templeton Investments (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Dec 27, 2006 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 14 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. DVAL has data through Oct 27, 2026 and SPY through Nov 10, 2026.
Volatility and max drawdown, and the $10,000 over 4 years row, are measured over the window both funds cover: Oct 31, 2022 to Oct 27, 2026 (4 years).
Risk: Volatility and Drawdowns
DVAL has been the more volatile fund, with annualized monthly volatility of 12.9% compared with 12.8% 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 -15.9% for DVAL and -18.8% 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 0.70. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
DVAL charges 0.49% per year while SPY charges 0.09%. On a $10,000 position that is $49 vs $9 annually, a gap of $40 per year that compounds over a long holding period. On income, DVAL currently yields 5.15% against 1.00% for SPY.
Holdings Overlap
91.4% of DVAL's money is in holdings SPY also owns. 33.4% of SPY's money is in holdings DVAL also owns.
Most of DVAL is already inside SPY. Owning both mostly buys the same companies twice.
28 positions in common, counted across the 32 positions we hold weights for in DVAL and 504 in SPY, against full books of 133 and 1,011.
What only one of them owns
Our book lists 471 positions for SPY that do not appear in our book for DVAL (66.3% of the fund), and 2 for DVAL that do not appear in SPY (2.8%).
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 DVAL | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 16.19% | 8.05% | 8.14% |
| AAPLApple Inc | 6.68% | 7.53% | 0.85% |
| METAMeta Platforms Inc | 6.95% | 2.45% | 4.50% |
| AMZNAmazon.Com Inc | 4.90% | 3.75% | 1.15% |
| GOOGLAlphabet Inc | 4.36% | 3.07% | 1.29% |
| PANWPalo Alto Networks Inc. | 5.50% | 0.46% | 5.04% |
| VVisa Inc Class A | 4.89% | 1.00% | 3.89% |
| TSLATesla Inc | 3.59% | 1.56% | 2.03% |
| MUMicron Technology, Inc. | 3.32% | 1.55% | 1.77% |
| ANETArista Networks Inc Common Stock | 3.22% | 0.31% | 2.91% |
91.4% of DVAL 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, DVAL or SPY?
DVAL has an expense ratio of 0.49% while SPY charges 0.09%. SPY is the cheaper option, by $40 a year on a $10,000 investment.
Which is riskier, DVAL or SPY?
DVAL has been the more volatile fund at 12.9% annualized versus 12.8% for SPY. Worst drawdown: DVAL -15.9% vs SPY -18.8%.
Should I hold both DVAL and SPY?
DVAL and SPY have a monthly-return correlation of 0.70, 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 DVAL and SPY?
91.4% of DVAL's money is in holdings SPY also owns. 33.4% of SPY's is in holdings DVAL also owns. They hold 28 positions in common, counted across the 32 positions we hold weights for in DVAL and 504 in SPY.
Which pays a higher dividend, DVAL or SPY?
DVAL yields 5.15% while SPY yields 1.00%, so DVAL currently pays the higher dividend yield.
Is SPY better than DVAL?
SPY has a lower expense ratio. DVAL led over 1Y, SPY over the full window. SPY is less concentrated, with 38.9% of the fund in its ten largest positions against 59.6%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.