DVOL vs SPY
First Trust Dorsey Wright Momentum & Low Volatility ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, DVOL or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. DVOL is less concentrated, with 30.1% of the fund in its ten largest positions against 37.8%.
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 | DVOL | SPY |
|---|---|---|
| Expense Ratio | 0.60% | 0.09%Best |
| AUM | $72M | $804.7B |
| Dividend Yield | 0.78% | 0.98% |
| Holdings | 102 | 505 |
| YTD Return | +0.64% | +12.89%Best |
| 1Y Return | +1.79% | +17.01%Best |
| 3Y Return (annualized) | +12.58% | +22.46%Best |
| 5Y Return (annualized) | +5.22% | +13.01%Best |
| Volatility (annualized) | 16.1%Best | 16.8% |
| Max Drawdown | -38.3% | -34.1%Best |
| $10,000 over 5 years | $12,897 | $18,433Best |
| Top 10 Weight | 30.1%Best | 37.8% |
| Fund Family | First Trust Portfolios (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Sep 5, 2018 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Sep 7, 2018 to Sep 24, 2026 (8 years).
DVOL 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 8 years both funds cover.
DVOL vs SPY Performance
First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL) is an ETF from First Trust Portfolios (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year DVOL returned +1.79% while SPY returned +17.01%. Year to date, DVOL is up 0.64% versus a gain of 12.89% for SPY.
Over three years, DVOL compounded at +12.58% per year against +22.46% for SPY; over five years the annualized figures are +5.22% and +13.01% respectively. Across the full 8-year window we track, SPY has the edge at +14.01% annualized vs +8.02%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 16.8% compared with 16.1% for DVOL. 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 -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 0.79. 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 0.78% against 0.98% for SPY.
Holdings Overlap
69.5% of DVOL's money is in holdings SPY also owns. 12.2% of SPY's money is in holdings DVOL also owns.
The two portfolios partly overlap.
34 positions in common, counted across the 50 positions we hold weights for in DVOL and 504 in SPY, against full books of 102 and 505.
What only one of them owns
Our book lists 463 positions for SPY that do not appear in our book for DVOL (87.1% of the fund), and 15 for DVOL that do not appear in SPY (27.5%).
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 DVOL | Weight in SPY | Difference |
|---|---|---|---|
| AMZNAmazon.Com Inc | 1.25% | 3.79% | 2.54% |
| GOOGLAlphabet Inc,class A | 1.35% | 2.99% | 1.64% |
| BKBank Of New York Mellon Corp | 3.45% | 0.17% | 3.28% |
| ABBVAbbvie Inc. | 2.63% | 0.70% | 1.93% |
| SPGSimon Property Group Inc | 3.22% | 0.10% | 3.12% |
| WELLWelltower, Inc. | 3.01% | 0.26% | 2.75% |
| WABWestinghouse Air Brake Technologies Corp. | 3.05% | 0.07% | 2.98% |
| AMEAmetek Inc | 3.01% | 0.08% | 2.93% |
| STTState Street Corp. | 2.90% | 0.08% | 2.82% |
| ROSTRoss Stores, Inc. | 2.87% | 0.11% | 2.76% |
69.5% of DVOL 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, DVOL or SPY?
DVOL has an expense ratio of 0.60% while SPY charges 0.09%. SPY is the cheaper option, by $51 a year on a $10,000 investment.
Which performed better, DVOL or SPY?
Over the past year DVOL returned +1.79% vs +17.01% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (8 years), DVOL annualized +8.02% vs +14.01% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DVOL or SPY?
SPY has been the more volatile fund at 16.8% annualized versus 16.1% for DVOL. Worst drawdown: DVOL -38.3% vs SPY -34.1%.
Should I hold both DVOL and SPY?
DVOL and SPY have a monthly-return correlation of 0.79, 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 DVOL and SPY?
69.5% of DVOL's money is in holdings SPY also owns. 12.2% of SPY's is in holdings DVOL also owns. They hold 34 positions in common, counted across the 50 positions we hold weights for in DVOL and 504 in SPY.
Which pays a higher dividend, DVOL or SPY?
DVOL yields 0.78% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than DVOL?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. DVOL is less concentrated, with 30.1% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.