DFGEX vs. SPY

Last updated Jun 13, 2026

DFGEX (DFA Global Real Estate Securities Portfolio) and SPY (State Street SPDR S&P 500 ETF) are both funds - DFGEX is a REIT fund managed by Dimensional, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, DFGEX returned 4.11%/yr vs 15.42%/yr for SPY. A 0.62 correlation means they provide meaningful diversification when combined. DFGEX charges 0.14%/yr vs 0.09%/yr for SPY.

Performance

DFGEX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Global Real Estate Securities Portfolio (DFGEX) 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, DFGEX achieves a 10.89% return, which is significantly higher than SPY's 9.07% return. Over the past 10 years, DFGEX has underperformed SPY with an annualized return of 4.11%, while SPY has yielded a comparatively higher 15.42% annualized return.

DFGEX

• 1D: 0.35%
• 1M: 3.29%
• YTD: 10.89%
• 6M: 11.70%
• 1Y: 13.17%
• 3Y*: 10.06%
• 5Y*: 2.03%
• 10Y*: 4.11%

SPY

• 1D: 0.54%
• 1M: -0.86%
• YTD: 9.07%
• 6M: 9.42%
• 1Y: 25.67%
• 3Y*: 20.86%
• 5Y*: 13.36%
• 10Y*: 15.42%

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

DFGEX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFGEX DFA Global Real Estate Securities Portfolio	10.89%	7.92%	1.92%	9.54%	-23.84%	31.03%	-6.71%	26.32%	-4.12%	5.95%
SPY State Street SPDR S&P 500 ETF	9.07%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between DFGEX and SPY is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012	0.62

Over the past year, the correlation between DFGEX and SPY has dropped to 0.38 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.

Return for Risk

DFGEX vs. SPY — Risk / Return Rank

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

DFGEX

DFGEX Risk / Return Rank: 23
DFGEX Sharpe Ratio Rank: 23
DFGEX Sortino Ratio Rank: 22
DFGEX Omega Ratio Rank: 22
DFGEX Calmar Ratio Rank: 24
DFGEX Martin Ratio Rank: 26

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 71
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 76

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.

DFGEX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Global Real Estate Securities Portfolio (DFGEX) 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.

	DFGEX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.08	1.98	-0.90
Sortino ratio: Return per unit of downside risk	1.54	2.68	-1.14
Omega ratio: Gain probability vs. loss probability	1.19	1.36	-0.17
Calmar ratio: Return relative to maximum drawdown	1.42	2.74	-1.32
Martin ratio: Return relative to average drawdown	4.97	12.39	-7.42

DFGEX vs. SPY - Sharpe Ratio Comparison

The current DFGEX Sharpe Ratio is 1.08, which is lower than the SPY Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of DFGEX 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

DFGEX vs. SPY - Drawdown Comparison

The maximum DFGEX drawdown since its inception was -42.67%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DFGEX and SPY.

Drawdown Indicators

	DFGEX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-42.67%	-55.19%	+12.52%
Max Drawdown (1Y) Largest decline over 1 year	-9.04%	-8.88%	-0.16%
Max Drawdown (3Y) Largest decline over 3 years	-17.37%	-18.76%	+1.39%
Max Drawdown (5Y) Largest decline over 5 years	-32.78%	-24.50%	-8.28%
Max Drawdown (10Y) Largest decline over 10 years	-42.67%	-33.72%	-8.95%
Current Drawdown Current decline from peak	0.00%	-2.35%	+2.35%
Average Drawdown Average peak-to-trough decline	-9.63%	-9.04%	-0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	1.97%	+0.61%

Volatility

DFGEX vs. SPY - Volatility Comparison

The current volatility for DFA Global Real Estate Securities Portfolio (DFGEX) is 3.97%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.34%. This indicates that DFGEX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFGEX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.97%	4.34%	-0.37%
Volatility (6M) Calculated over the trailing 6-month period	8.87%	9.58%	-0.71%
Volatility (1Y) Calculated over the trailing 1-year period	11.92%	12.29%	-0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.29%	17.12%	-0.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.72%	17.96%	-0.24%

DFGEX vs. SPY - Expense Ratio Comparison

DFGEX has a 0.14% expense ratio, which is higher than SPY's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

DFGEX vs. SPY - Dividend Comparison

DFGEX's dividend yield for the trailing twelve months is around 3.67%, more than SPY's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFGEX DFA Global Real Estate Securities Portfolio	3.67%	4.07%	3.78%	3.36%	5.70%	4.50%	2.29%	6.95%	5.09%	0.64%	0.32%	2.45%
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 DFGEX and SPY in my portfolio?

DFGEX and SPY have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFGEX or SPY?

SPY has higher volatility (4.34%) compared to DFGEX (3.97%). In terms of maximum drawdown, DFGEX dropped -42.67% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.98 vs 1.08), 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.