DALI vs. SPY
DALI (First Trust Dorsey Wright DALI 1 ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - DALI is a Tactical Allocation fund tracking the Dorsey Wright DALI 1 Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, DALI returned 5.55%/yr vs 14.00%/yr for SPY. A 0.69 correlation means they provide meaningful diversification when combined. DALI charges 0.90%/yr vs 0.09%/yr for SPY.
Performance
DALI vs. SPY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DALI achieves a 6.75% return, which is significantly lower than SPY's 10.09% return.
DALI
- 1D
- 0.44%
- 1M
- 2.84%
- YTD
- 6.75%
- 6M
- 7.82%
- 1Y
- 21.16%
- 3Y*
- 6.10%
- 5Y*
- 5.55%
- 10Y*
- —
SPY
- 1D
- 1.04%
- 1M
- 2.04%
- YTD
- 10.09%
- 6M
- 11.30%
- 1Y
- 26.75%
- 3Y*
- 20.82%
- 5Y*
- 14.00%
- 10Y*
- 15.48%
DALI vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
DALI First Trust Dorsey Wright DALI 1 ETF | 6.75% | 11.89% | 19.93% | -8.48% | -8.10% | 22.28% | 4.51% | 25.39% | -14.98% |
SPY State Street SPDR S&P 500 ETF | 10.09% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -7.08% |
Correlation
The correlation between DALI and SPY is 0.87, 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 | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since May 15, 2018 | 0.69 |
The correlation between DALI and SPY shifts across timeframes, from 0.67 (5 years) to 0.87 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
DALI vs. SPY — Risk / Return Rank
DALI
SPY
DALI vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Dorsey Wright DALI 1 ETF (DALI) 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.
| DALI | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.00 | ||
| Sortino ratioReturn per unit of downside risk | -1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.39 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | 3.02 | -1.33 |
| Martin ratioReturn relative to average drawdown | 6.12 | 13.61 | -7.49 |
Loading charts...
Drawdowns
DALI vs. SPY - Drawdown Comparison
The maximum DALI drawdown since its inception was -36.06%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DALI and SPY.
Loading charts...
Drawdown Indicators
| DALI | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.06% | -55.19% | +19.13% |
Max Drawdown (1Y)Largest decline over 1 year | -12.54% | -8.88% | -3.66% |
Max Drawdown (3Y)Largest decline over 3 years | -23.30% | -18.76% | -4.54% |
Max Drawdown (5Y)Largest decline over 5 years | -26.26% | -24.50% | -1.76% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -2.29% | -1.44% | -0.85% |
Average DrawdownAverage peak-to-trough decline | -10.10% | -9.04% | -1.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.47% | 1.97% | +1.50% |
Volatility
DALI vs. SPY - Volatility Comparison
First Trust Dorsey Wright DALI 1 ETF (DALI) has a higher volatility of 7.07% compared to State Street SPDR S&P 500 ETF (SPY) at 4.73%. This indicates that DALI's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| DALI | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.07% | 4.73% | +2.34% |
Volatility (6M)Calculated over the trailing 6-month period | 15.42% | 9.81% | +5.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.18% | 12.41% | +5.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.82% | 17.15% | +2.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.97% | 17.98% | +2.99% |
DALI vs. SPY - Expense Ratio Comparison
DALI has a 0.90% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
DALI vs. SPY - Dividend Comparison
DALI's dividend yield for the trailing twelve months is around 0.38%, less than SPY's 1.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DALI First Trust Dorsey Wright DALI 1 ETF | 0.38% | 0.38% | 0.18% | 3.42% | 0.50% | 0.11% | 1.25% | 0.45% | 0.17% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.24% | 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
DALI and SPY have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DALI has higher volatility (7.07%) compared to SPY (4.73%). In terms of maximum drawdown, DALI dropped -36.06% vs SPY's -55.19%.
On 5-year performance, SPY leads with 14.00% vs 5.55% for DALI. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPY has performed better with a 14.00% return vs 5.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.90% for DALI.
SPY has the higher dividend yield at 1.24%, compared with 0.38% for DALI.
DALI is categorized as Tactical Allocation, while SPY is S&P 500. DALI tracks Dorsey Wright DALI 1 Index, while SPY tracks S&P 500 Index. They also come from different issuers: First Trust and State Street. Their fees differ too: 0.90% for DALI and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.17 vs 1.17), 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.
Find the right allocation for DALI and SPY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer