DFLV vs SPY
DFLV vs SPY
Dimensional US Large Cap Value ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. DFLV delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | DFLV | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.21% | 0.09% | |
| AUM | $6.7B | $789.1B | |
| Dividend Yield | 1.40% | 1.01% | |
| Holdings | 342 | 505 | |
| YTD Return | +20.75% | +13.79% | |
| 1Y Return | +35.67% | +23.66% | |
| 3Y Return (annualized) | +18.69% | +21.40% | |
| 5Y Return (annualized) | - | +13.37% | |
| Volatility (annualized) | 13.2% | 15.3% | |
| Max Drawdown | -16.8% | -56.5% | |
| Fund Family | Dimensional | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Dec 6, 2022 | Jan 22, 1993 |
DFLV vs SPY Performance
Dimensional US Large Cap Value ETF (DFLV) is a ETF from Dimensional and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year DFLV returned +35.67% while SPY returned +23.66%. Year to date, DFLV is up 20.75% versus a gain of 13.79% for SPY.
Over three years, DFLV compounded at +18.69% per year against +21.40% for SPY. Across the full 4-year window we track, DFLV has the edge at +17.10% annualized vs +8.85%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 13.2% for DFLV. 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 -16.8% for DFLV 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 0.75. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
DFLV charges 0.21% per year while SPY charges 0.09%. On a $10,000 position that is $21 vs $9 annually, a gap of $12 per year that compounds over a long holding period. On income, DFLV currently yields 1.40% against 1.01% for SPY.
Holdings Overlap
DFLV and SPY share 252 holdings out of 588 unique holdings combined, representing a 33.2% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in DFLV | Weight in SPY | Difference |
|---|---|---|---|
| AMZN | 3.19% | 3.69% | 0.50% |
| JPM:US | 4.78% | 1.40% | 3.38% |
| MU | 3.76% | 1.71% | 2.05% |
| XOM | Pro | Pro | Pro |
| JNJ | Pro | Pro | Pro |
| BRK.B | Pro | Pro | Pro |
| META | Pro | Pro | Pro |
| CSCO | Pro | Pro | Pro |
| CVX | Pro | Pro | Pro |
| UNH | Pro | Pro | Pro |
See all 10 holdings DFLV shares with SPY Exact weights in each fund and the difference, for every overlapping position. Get FundXLS Pro: $29/moFirst 500 subscribers, then $49/mo. Cancel anytime. | |||
Frequently Asked Questions
Which is cheaper, DFLV or SPY?
DFLV has an expense ratio of 0.21% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $12 per year of difference.
Which performed better, DFLV or SPY?
Over the past year DFLV returned +35.67% vs +23.66% for SPY, so DFLV leads on 1-year performance. Over the longest common window we track (4 years), DFLV annualized +17.10% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, DFLV or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 13.2% for DFLV. Worst drawdown: DFLV -16.8% vs SPY -56.5%.
Should I hold both DFLV and SPY?
DFLV and SPY have a monthly-return correlation of 0.75, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between DFLV and SPY?
DFLV and SPY share 252 common holdings with a 33.2% weight overlap. Combined, they hold 588 unique securities.
Which pays a higher dividend, DFLV or SPY?
DFLV yields 1.40% while SPY yields 1.01%, so DFLV currently pays the higher dividend yield.
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