DVXY vs SPY
WEBs Consumer Discretionary XLY Defined Volatility ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, DVXY or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y 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 | DVXY | SPY |
|---|---|---|
| Expense Ratio | 0.89% | 0.09%Best |
| AUM | $113,309 | $804.7B |
| Dividend Yield | 0.00% | 0.98% |
| Holdings | 4 | 505 |
| Volatility (annualized) | 18.8% | 12.7%Best |
| Max Drawdown | -24.3% | -8.9%Best |
| $10,000 over 1.1 years | $9,398 | $12,230Best |
| Fund Family | WEBs Investments | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jul 22, 2025 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
The two price series end 16 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. DVXY has data through Aug 26, 2026 and SPY through Sep 11, 2026.
Volatility and max drawdown, and the $10,000 over 1.1 years row, are measured over the window both funds cover: Jul 23, 2025 to Aug 26, 2026 (1.1 years).
Risk: Volatility and Drawdowns
DVXY has been the more volatile fund, with annualized monthly volatility of 18.8% compared with 12.7% 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 -24.3% for DVXY 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 0.82. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
DVXY charges 0.89% per year while SPY charges 0.09%. On a $10,000 position that is $89 vs $9 annually, a gap of $80 per year that compounds over a long holding period. On income, DVXY currently yields 0.00% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 1 holding in DVXY and 504 in SPY, totalling 58.4% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 1 positions we hold weights for in DVXY and 504 in SPY, against full books of 4 and 505.
You are not choosing between two funds in isolation.
Whichever of DVXY 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, DVXY or SPY?
DVXY has an expense ratio of 0.89% while SPY charges 0.09%. SPY is the cheaper option, by $80 a year on a $10,000 investment.
Which is riskier, DVXY or SPY?
DVXY has been the more volatile fund at 18.8% annualized versus 12.7% for SPY. Worst drawdown: DVXY -24.3% vs SPY -8.9%.
Should I hold both DVXY and SPY?
DVXY and SPY have a monthly-return correlation of 0.82, 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, DVXY or SPY?
DVXY yields 0.00% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than DVXY?
SPY has a lower expense ratio. SPY led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.