DFSU vs. SPY

Last updated Jun 24, 2026

DFSU (Dimensional US Sustainability Core 1 ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - DFSU is a Large Cap Blend Equities fund actively managed by Dimensional, while SPY is a S&P 500 fund tracking the S&P 500 Index. DFSU is actively managed, while SPY is passively managed. Over the past 3 years, DFSU returned 19.04%/yr vs 20.68%/yr for SPY. With a 0.96 correlation, they move nearly in lockstep. DFSU charges 0.18%/yr vs 0.09%/yr for SPY.

Performance

DFSU vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional US Sustainability Core 1 ETF (DFSU) 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, DFSU achieves a 5.63% return, which is significantly lower than SPY's 8.15% return.

DFSU

• 1D: -1.10%
• 1M: -0.69%
• YTD: 5.63%
• 6M: 4.44%
• 1Y: 20.94%
• 3Y*: 19.04%
• 5Y*: —
• 10Y*: —

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

DFSU vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DFSU Dimensional US Sustainability Core 1 ETF	5.63%	15.65%	22.96%	26.27%	0.90%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-0.09%

Correlation

The correlation between DFSU and SPY is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (All Time) Calculated using the full available price history since Nov 2, 2022	0.96

The correlation between DFSU and SPY has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

DFSU vs. SPY - Sectors Allocation Comparison

Sectors	DFSU	SPY
Financial Services	23.0%	11.1%
Technology	18.5%	39.0%
Industrials	14.4%	7.8%
Communication Services	14.0%	10.6%
Healthcare	13.6%	8.3%
Consumer Cyclical	6.9%	9.9%
Consumer Defensive	2.9%	4.5%
Basic Materials	2.3%	1.7%
Energy	2.0%	3.1%
Utilities	1.8%	2.1%
Real Estate	0.3%	1.8%

Return for Risk

DFSU vs. SPY — Risk / Return Rank

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

DFSU

DFSU Risk / Return Rank: 48
DFSU Sharpe Ratio Rank: 48
DFSU Sortino Ratio Rank: 48
DFSU Omega Ratio Rank: 46
DFSU Calmar Ratio Rank: 44
DFSU Martin Ratio Rank: 55

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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.

DFSU vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional US Sustainability Core 1 ETF (DFSU) 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.

	DFSU	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.90	-0.33
Sortino ratio: Return per unit of downside risk	2.23	2.58	-0.35
Omega ratio: Gain probability vs. loss probability	1.28	1.34	-0.06
Calmar ratio: Return relative to maximum drawdown	2.08	2.67	-0.59
Martin ratio: Return relative to average drawdown	8.94	11.92	-2.98

DFSU vs. SPY - Sharpe Ratio Comparison

The current DFSU Sharpe Ratio is 1.57, which is comparable to the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of DFSU 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

DFSU vs. SPY - Drawdown Comparison

The maximum DFSU drawdown since its inception was -19.88%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DFSU and SPY.

Drawdown Indicators

	DFSU	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-19.88%	-55.19%	+35.31%
Max Drawdown (1Y) Largest decline over 1 year	-10.12%	-8.88%	-1.24%
Max Drawdown (3Y) Largest decline over 3 years	-19.88%	-18.76%	-1.12%
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	-2.33%	-3.17%	+0.84%
Average Drawdown Average peak-to-trough decline	-2.64%	-9.04%	+6.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	1.98%	+0.37%

Volatility

DFSU vs. SPY - Volatility Comparison

The current volatility for Dimensional US Sustainability Core 1 ETF (DFSU) is 4.31%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.87%. This indicates that DFSU 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

	DFSU	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	4.87%	-0.56%
Volatility (6M) Calculated over the trailing 6-month period	10.26%	9.85%	+0.41%
Volatility (1Y) Calculated over the trailing 1-year period	13.39%	12.50%	+0.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.26%	17.15%	-0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.26%	17.95%	-1.69%

DFSU vs. SPY - Expense Ratio Comparison

DFSU has a 0.18% 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

DFSU vs. SPY - Dividend Comparison

DFSU's dividend yield for the trailing twelve months is around 0.84%, less than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFSU Dimensional US Sustainability Core 1 ETF	0.84%	0.85%	0.96%	1.03%	0.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.03%	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 DFSU and SPY in my portfolio?

With a correlation of 0.95, DFSU 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, DFSU or SPY?

SPY has higher volatility (4.87%) compared to DFSU (4.31%). In terms of maximum drawdown, DFSU dropped -19.88% vs SPY's -55.19%.

Which ETF is better, DFSU or SPY?

On 3-year performance, SPY leads with 20.68% vs 19.04% for DFSU. On fees, SPY is cheaper at 0.09% per year. On volatility, DFSU has been the lower-risk option at 4.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFSU or SPY?

Over the 3-year period, SPY has performed better with a 20.68% return vs 19.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFSU or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.18% for DFSU.

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

SPY has the higher dividend yield at 1.03%, compared with 0.84% for DFSU.

What is the main difference between DFSU and SPY?

DFSU is categorized as Large Cap Blend Equities, while SPY is S&P 500. They also come from different issuers: Dimensional and State Street. Their fees differ too: 0.18% for DFSU and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 vs 1.57), 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.