CGDV vs. SPY

Last updated Jun 18, 2026

CGDV (Capital Group Dividend Value ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - CGDV is a Large Cap Value Equities fund actively managed by Capital Group, while SPY is a S&P 500 fund tracking the S&P 500 Index. CGDV is actively managed, while SPY is passively managed. Over the past 3 years, CGDV returned 23.66%/yr vs 20.41%/yr for SPY. Their correlation of 0.92 suggests significant overlap in exposure. CGDV charges 0.33%/yr vs 0.09%/yr for SPY.

Performance

CGDV vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Capital Group Dividend Value ETF (CGDV) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CGDV achieves a 11.41% return, which is significantly higher than SPY's 8.95% return.

CGDV

• 1D: -1.08%
• 1M: 1.66%
• YTD: 11.41%
• 6M: 13.80%
• 1Y: 28.44%
• 3Y*: 23.66%
• 5Y*: —
• 10Y*: —

SPY

• 1D: -1.25%
• 1M: 0.31%
• YTD: 8.95%
• 6M: 10.99%
• 1Y: 25.43%
• 3Y*: 20.41%
• 5Y*: 13.77%
• 10Y*: 15.43%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CGDV vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CGDV Capital Group Dividend Value ETF	11.41%	25.50%	20.10%	28.81%	-0.44%
SPY State Street SPDR S&P 500 ETF	8.95%	17.72%	24.89%	26.18%	-7.90%

Correlation

The correlation between CGDV and SPY is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (All Time) Calculated using the full available price history since Feb 24, 2022	0.92

The correlation between CGDV and SPY has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

CGDV vs. SPY - Sectors Allocation Comparison

Sectors	CGDV	SPY
Technology	34.1%	39.0%
Industrials	13.2%	7.8%
Healthcare	11.5%	8.3%
Consumer Cyclical	10.6%	9.9%
Communication Services	8.4%	10.6%
Financial Services	6.8%	11.1%
Consumer Defensive	5.5%	4.5%
Energy	3.8%	3.1%
Basic Materials	2.9%	1.7%
Utilities	2.1%	2.1%
Real Estate	1.1%	1.8%

Return for Risk

CGDV vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CGDV

CGDV Risk / Return Rank: 76
CGDV Sharpe Ratio Rank: 80
CGDV Sortino Ratio Rank: 78
CGDV Omega Ratio Rank: 80
CGDV Calmar Ratio Rank: 63
CGDV Martin Ratio Rank: 77

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 68
SPY Sortino Ratio Rank: 65
SPY Omega Ratio Rank: 69
SPY Calmar Ratio Rank: 61
SPY Martin Ratio Rank: 74

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CGDV vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Capital Group Dividend Value ETF (CGDV) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CGDV	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.34	2.06	+0.28
Sortino ratio: Return per unit of downside risk	3.20	2.80	+0.41
Omega ratio: Gain probability vs. loss probability	1.44	1.38	+0.06
Calmar ratio: Return relative to maximum drawdown	2.93	2.87	+0.05
Martin ratio: Return relative to average drawdown	13.67	12.95	+0.72

CGDV vs. SPY - Sharpe Ratio Comparison

The current CGDV Sharpe Ratio is 2.34, which is comparable to the SPY Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of CGDV and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CGDV vs. SPY - Drawdown Comparison

The maximum CGDV drawdown since its inception was -21.82%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for CGDV and SPY.

Drawdown Indicators

	CGDV	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-21.82%	-55.19%	+33.37%
Max Drawdown (1Y) Largest decline over 1 year	-9.75%	-8.88%	-0.87%
Max Drawdown (3Y) Largest decline over 3 years	-14.28%	-18.76%	+4.48%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-1.48%	-2.45%	+0.97%
Average Drawdown Average peak-to-trough decline	-3.59%	-9.04%	+5.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	1.97%	+0.12%

Volatility

CGDV vs. SPY - Volatility Comparison

Capital Group Dividend Value ETF (CGDV) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.56% and 4.68%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGDV	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.56%	4.68%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	9.90%	9.77%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	12.23%	12.41%	-0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.58%	17.15%	-1.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.58%	17.98%	-2.40%

CGDV vs. SPY - Expense Ratio Comparison

CGDV has a 0.33% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

CGDV vs. SPY - Dividend Comparison

CGDV's dividend yield for the trailing twelve months is around 1.17%, more than SPY's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CGDV Capital Group Dividend Value ETF	1.17%	1.29%	1.60%	1.65%	1.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both CGDV and SPY in my portfolio?

With a correlation of 0.90, CGDV and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CGDV or SPY?

SPY has higher volatility (4.68%) compared to CGDV (4.56%). In terms of maximum drawdown, CGDV dropped -21.82% vs SPY's -55.19%.

Which ETF is better, CGDV or SPY?

On 3-year performance, CGDV leads with 23.66% vs 20.41% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, CGDV has been the lower-risk option at 4.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CGDV or SPY?

Over the 3-year period, CGDV has performed better with a 23.66% return vs 20.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CGDV or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.33% for CGDV.

Which ETF pays a higher dividend yield, CGDV or SPY?

CGDV has the higher dividend yield at 1.17%, compared with 1.00% for SPY.

What is the main difference between CGDV and SPY?

CGDV is categorized as Large Cap Value Equities, while SPY is S&P 500. They also come from different issuers: Capital Group and State Street. Their fees differ too: 0.33% for CGDV and 0.09% for SPY.

Which has better risk-adjusted returns?

CGDV currently has the higher Sharpe Ratio (2.34 vs 2.06), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.