DVOL vs SPY
First Trust Dorsey Wright Momentum & Low Volatility ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | DVOL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.60% | 0.09% | |
| AUM | $74M | $789.1B | |
| Dividend Yield | 0.68% | 1.01% | |
| Holdings | 51 | 505 | |
| YTD Return | +7.46% | +13.39% | |
| 1Y Return | +9.11% | +22.52% | |
| 3Y Return (annualized) | +14.13% | +21.36% | |
| 5Y Return (annualized) | +6.54% | +13.19% | |
| Volatility (annualized) | 16.1% | 15.3% | |
| Max Drawdown | -38.3% | -56.5% | |
| Fund Family | First Trust Portfolios (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Sep 5, 2018 | Jan 22, 1993 |
DVOL vs SPY Performance
First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL) is a ETF from First Trust Portfolios (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year DVOL returned +9.11% while SPY returned +22.52%. Year to date, DVOL is up 7.46% versus a gain of 13.39% for SPY.
Over three years, DVOL compounded at +14.13% per year against +21.36% for SPY; over five years the annualized figures are +6.54% and +13.19% respectively. Across the full 8-year window we track, DVOL has the edge at +9.04% annualized vs +8.84%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DVOL has been the more volatile fund, with annualized monthly volatility of 16.1% 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 -38.3% for DVOL 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 0.80. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
DVOL charges 0.60% per year while SPY charges 0.09%. On a $10,000 position that is $60 vs $9 annually, a gap of $51 per year that compounds over a long holding period. On income, DVOL currently yields 0.68% against 1.01% for SPY.
Holdings Overlap
DVOL and SPY share 33 holdings out of 520 unique holdings combined, representing a 7.9% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, DVOL or SPY?
DVOL has an expense ratio of 0.60% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $51 per year of difference.
Which performed better, DVOL or SPY?
Over the past year DVOL returned +9.11% vs +22.52% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (8 years), DVOL annualized +9.04% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, DVOL or SPY?
DVOL has been the more volatile fund at 16.1% annualized versus 15.3% for SPY. Worst drawdown: DVOL -38.3% vs SPY -56.5%.
Should I hold both DVOL and SPY?
DVOL and SPY have a monthly-return correlation of 0.80, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between DVOL and SPY?
DVOL and SPY share 33 common holdings with a 7.9% weight overlap. Combined, they hold 520 unique securities.
Which pays a higher dividend, DVOL or SPY?
DVOL yields 0.68% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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