DXJ vs SPY
WisdomTree Japan Hedged Equity Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, DXJ or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. DXJ led over 1Y, 3Y and 5Y, SPY over the full window. DXJ is less concentrated, with 29.9% of the fund in its ten largest positions against 38.0%.
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 | DXJ | SPY |
|---|---|---|
| Expense Ratio | 0.48% | 0.09%Best |
| AUM | $7.4B | $804.7B |
| Dividend Yield | 0.96% | 0.98% |
| Holdings | 430 | 505 |
| YTD Return | +20.34%Best | +12.19% |
| 1Y Return | +36.36%Best | +18.53% |
| 3Y Return (annualized) | +28.39%Best | +20.88% |
| 5Y Return (annualized) | +25.59%Best | +12.69% |
| Volatility (annualized) | 17.1% | 15.3%Best |
| Max Drawdown | -51.1%Best | -56.5% |
| $10,000 over 5 years | $31,245Best | $18,173 |
| Top 10 Weight | 29.9%Best | 38.0% |
| Fund Family | WisdomTree Investments | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Jun 16, 2006 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jun 16, 2006 to Sep 9, 2026 (20.2 years).
DXJ 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 20.2 years both funds cover.
DXJ vs SPY Performance
WisdomTree Japan Hedged Equity Fund (DXJ) is an ETF from WisdomTree Investments and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year DXJ returned +36.36% while SPY returned +18.53%. Year to date, DXJ is up 20.34% versus a gain of 12.19% for SPY.
Over three years, DXJ compounded at +28.39% per year against +20.88% for SPY; over five years the annualized figures are +25.59% and +12.69% respectively. Across the full 20-year window we track, SPY has the edge at +9.76% annualized vs +7.11%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DXJ has been the more volatile fund, with annualized monthly volatility of 17.1% 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 -51.1% for DXJ and -56.5% 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 0.63. They move together some of the time, and apart the rest.
Fees and Cost Over Time
DXJ charges 0.48% per year while SPY charges 0.09%. On a $10,000 position that is $48 vs $9 annually, a gap of $39 per year that compounds over a long holding period. On income, DXJ currently yields 0.96% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 426 holdings in DXJ and 504 in SPY, totalling 99.7% 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 426 positions we hold weights for in DXJ and 504 in SPY, against full books of 430 and 505.
What only one of them owns
Our book lists 494 positions for SPY that do not appear in our book for DXJ (99.5% of the fund), and 4 for DXJ that do not appear in SPY (3.7%).
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.
You are not choosing between two funds in isolation.
Whichever of DXJ 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, DXJ or SPY?
DXJ has an expense ratio of 0.48% while SPY charges 0.09%. SPY is the cheaper option, by $39 a year on a $10,000 investment.
Which performed better, DXJ or SPY?
Over the past year DXJ returned +36.36% vs +18.53% for SPY, so DXJ leads on 1-year performance. Over the longest common window we track (20 years), DXJ annualized +7.11% vs +9.76% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DXJ or SPY?
DXJ has been the more volatile fund at 17.1% annualized versus 15.3% for SPY. Worst drawdown: DXJ -51.1% vs SPY -56.5%.
Should I hold both DXJ and SPY?
DXJ and SPY have a monthly-return correlation of 0.63, 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, DXJ or SPY?
DXJ yields 0.96% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than DXJ?
SPY has a lower expense ratio. DXJ led over 1Y, 3Y and 5Y, SPY over the full window. DXJ is less concentrated, with 29.9% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.