DSL vs SPY
DSL vs SPY
DoubleLine Income Solutions Fund 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 | DSL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 3.20% | 0.09% | |
| AUM | $1.3B | $789.1B | |
| Dividend Yield | 11.46% | 1.01% | |
| Holdings | 512 | 505 | |
| YTD Return | +1.81% | +13.28% | |
| 1Y Return | -1.26% | +23.94% | |
| 3Y Return (annualized) | +6.25% | +21.07% | |
| 5Y Return (annualized) | +0.71% | +13.27% | |
| Volatility (annualized) | 15.7% | 15.3% | |
| Max Drawdown | -58.7% | -56.5% | |
| Fund Family | DoubleLine Funds | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Apr 26, 2013 | Jan 22, 1993 |
DSL vs SPY Performance
DoubleLine Income Solutions Fund (DSL) is a ETF from DoubleLine Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year DSL returned -1.26% while SPY returned +23.94%. Year to date, DSL is up 1.81% versus a gain of 13.28% for SPY.
Over three years, DSL compounded at +6.25% per year against +21.07% for SPY; over five years the annualized figures are +0.71% and +13.27% respectively. Across the full 13-year window we track, SPY has the edge at +8.84% annualized vs -1.91%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DSL has been the more volatile fund, with annualized monthly volatility of 15.7% 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 -58.7% for DSL 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 0.67. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
DSL charges 3.20% per year while SPY charges 0.09%. On a $10,000 position that is $320 vs $9 annually, a gap of $311 per year that compounds over a long holding period. On income, DSL currently yields 11.46% against 1.01% for SPY.
Holdings Overlap
DSL and SPY share 0 holdings out of 508 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, DSL or SPY?
DSL has an expense ratio of 3.20% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $311 per year of difference.
Which performed better, DSL or SPY?
Over the past year DSL returned -1.26% vs +23.94% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (13 years), DSL annualized -1.91% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, DSL or SPY?
DSL has been the more volatile fund at 15.7% annualized versus 15.3% for SPY. Worst drawdown: DSL -58.7% vs SPY -56.5%.
Should I hold both DSL and SPY?
DSL and SPY have a monthly-return correlation of 0.67, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between DSL and SPY?
DSL and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 508 unique securities.
Which pays a higher dividend, DSL or SPY?
DSL yields 11.46% while SPY yields 1.01%, so DSL currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.