DFLV vs. SPY

Last updated Jun 23, 2026

DFLV (Dimensional US Large Cap Value ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - DFLV is a Large Cap Value Equities fund actively managed by Dimensional, while SPY is a S&P 500 fund tracking the S&P 500 Index. DFLV is actively managed, while SPY is passively managed. Over the past 3 years, DFLV returned 19.27%/yr vs 21.27%/yr for SPY. A 0.74 correlation means they provide meaningful diversification when combined. DFLV charges 0.22%/yr vs 0.09%/yr for SPY.

Performance

DFLV vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional US Large Cap Value ETF (DFLV) 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, DFLV achieves a 16.77% return, which is significantly higher than SPY's 9.74% return.

DFLV

• 1D: 0.91%
• 1M: 2.68%
• YTD: 16.77%
• 6M: 16.02%
• 1Y: 32.57%
• 3Y*: 19.27%
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

DFLV vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DFLV Dimensional US Large Cap Value ETF	16.77%	15.90%	12.88%	12.31%	-0.94%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-2.45%

Correlation

The correlation between DFLV and SPY is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (All Time) Calculated using the full available price history since Dec 7, 2022	0.74

The correlation between DFLV and SPY has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.

DFLV vs. SPY - Sectors Allocation Comparison

Sectors	DFLV	SPY
Financial Services	20.2%	11.1%
Technology	16.2%	39.0%
Energy	13.8%	3.1%
Healthcare	13.4%	8.3%
Industrials	13.0%	7.8%
Consumer Cyclical	7.7%	9.9%
Basic Materials	6.8%	1.7%
Consumer Defensive	4.5%	4.5%
Communication Services	4.2%	10.6%
Real Estate	0.3%	1.8%
Utilities	-	2.1%

Return for Risk

DFLV vs. SPY — Risk / Return Rank

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

DFLV

DFLV Risk / Return Rank: 90
DFLV Sharpe Ratio Rank: 89
DFLV Sortino Ratio Rank: 89
DFLV Omega Ratio Rank: 86
DFLV Calmar Ratio Rank: 92
DFLV Martin Ratio Rank: 91

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
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.

DFLV vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional US Large Cap Value ETF (DFLV) 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.

	DFLV	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.85	2.16	+0.69
Sortino ratio: Return per unit of downside risk	3.92	2.91	+1.01
Omega ratio: Gain probability vs. loss probability	1.51	1.39	+0.12
Calmar ratio: Return relative to maximum drawdown	5.97	3.01	+2.96
Martin ratio: Return relative to average drawdown	20.75	13.54	+7.22

DFLV vs. SPY - Sharpe Ratio Comparison

The current DFLV Sharpe Ratio is 2.85, which is higher than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of DFLV 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

DFLV vs. SPY - Drawdown Comparison

The maximum DFLV drawdown since its inception was -16.80%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DFLV and SPY.

Drawdown Indicators

	DFLV	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-16.80%	-55.19%	+38.39%
Max Drawdown (1Y) Largest decline over 1 year	-5.48%	-8.88%	+3.40%
Max Drawdown (3Y) Largest decline over 3 years	-16.80%	-18.76%	+1.96%
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	-0.45%	-1.75%	+1.30%
Average Drawdown Average peak-to-trough decline	-3.04%	-9.04%	+6.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.57%	1.97%	-0.40%

Volatility

DFLV vs. SPY - Volatility Comparison

The current volatility for Dimensional US Large Cap Value ETF (DFLV) is 3.61%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that DFLV 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

	DFLV	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.61%	4.64%	-1.03%
Volatility (6M) Calculated over the trailing 6-month period	8.35%	9.75%	-1.40%
Volatility (1Y) Calculated over the trailing 1-year period	11.51%	12.43%	-0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.21%	17.14%	-2.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.21%	17.99%	-3.78%

DFLV vs. SPY - Expense Ratio Comparison

DFLV has a 0.22% 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

DFLV vs. SPY - Dividend Comparison

DFLV's dividend yield for the trailing twelve months is around 1.39%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFLV Dimensional US Large Cap Value ETF	1.39%	1.61%	1.65%	1.72%	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	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 DFLV and SPY in my portfolio?

DFLV and SPY have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFLV or SPY?

SPY has higher volatility (4.64%) compared to DFLV (3.61%). In terms of maximum drawdown, DFLV dropped -16.80% vs SPY's -55.19%.

Which ETF is better, DFLV or SPY?

On 3-year performance, SPY leads with 21.27% vs 19.27% for DFLV. On fees, SPY is cheaper at 0.09% per year. On volatility, DFLV has been the lower-risk option at 3.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFLV or SPY?

Over the 3-year period, SPY has performed better with a 21.27% return vs 19.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFLV or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.22% for DFLV.

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

DFLV has the higher dividend yield at 1.39%, compared with 1.01% for SPY.

What is the main difference between DFLV and SPY?

DFLV is categorized as Large Cap Value Equities, while SPY is S&P 500. They also come from different issuers: Dimensional and State Street. Their fees differ too: 0.22% for DFLV and 0.09% for SPY.

Which has better risk-adjusted returns?

DFLV currently has the higher Sharpe Ratio (2.85 vs 2.16), 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.