DFSV vs. SPY

Last updated Aug 2, 2026

DFSV (Dimensional US Small Cap Value ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - DFSV is a Small Cap Value Equities fund actively managed by Dimensional, while SPY is a S&P 500 fund tracking the S&P 500 Index. DFSV is actively managed, while SPY is passively managed. Over the past 3 years, DFSV returned 14.56%/yr vs 19.32%/yr for SPY. Their 0.74 correlation means they have sometimes moved together and sometimes differently. DFSV charges 0.31%/yr vs 0.09%/yr for SPY.

Performance

DFSV vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional US Small Cap Value ETF (DFSV) 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, DFSV achieves a 21.42% return, which is significantly higher than SPY's 10.13% return.

DFSV

• 1D: 0.00%
• 1M: 2.56%
• 6M: 13.68%
• YTD: 21.42%
• 1Y: 37.95%
• 3Y*: 14.56%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.17%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DFSV Dimensional US Small Cap Value ETF	$29.48M	$29.48M	$35.45M
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

DFSV vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DFSV Dimensional US Small Cap Value ETF	21.42%	8.59%	7.13%	19.26%	2.68%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-7.90%

Correlation

The correlation between DFSV and SPY is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.59
Correlation (3Y) Balances recent behavior with more history.	0.66
Correlation (All Time) Calculated using the full available price history since Feb 24, 2022	0.74

The correlation between DFSV and SPY shifts across timeframes, from 0.59 (1 year) to 0.74 (all time), reflecting how their relationship changes across market environments.

DFSV vs. SPY - Sectors Allocation Comparison

Sectors	DFSV	SPY
Financial Services	28.5%	12.5%
Industrials	16.1%	7.6%
Consumer Cyclical	14.9%	8.9%
Energy	11.1%	3.4%
Technology	7.8%	36.9%
Healthcare	7.3%	9.4%
Consumer Defensive	5.6%	4.8%
Basic Materials	4.7%	1.9%
Communication Services	2.6%	9.7%
Real Estate	0.9%	2.0%
Utilities	0.6%	2.6%

Return for Risk

DFSV vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DFSV

DFSV Risk / Return Rank: 88
DFSV Sharpe Ratio Rank: 88
DFSV Sortino Ratio Rank: 89
DFSV Omega Ratio Rank: 86
DFSV Calmar Ratio Rank: 90
DFSV Martin Ratio Rank: 87

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DFSV vs. SPY - Risk-Adjusted Trends Comparison

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

	DFSV	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.10	1.52	+0.58
Sortino ratio: Return per unit of downside risk	3.06	2.11	+0.95
Omega ratio: Gain probability vs. loss probability	1.38	1.27	+0.10
Calmar ratio: Return relative to maximum drawdown	3.75	2.20	+1.55
Martin ratio: Return relative to average drawdown	12.62	9.40	+3.22

DFSV vs. SPY - Sharpe Ratio Comparison

The current DFSV Sharpe Ratio is 2.10, which is higher than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of DFSV 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

DFSV vs. SPY - Drawdown Comparison

The maximum DFSV drawdown since its inception was -28.02%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DFSV and SPY.

Drawdown Indicators

	DFSV	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-28.02%	-55.19%	+27.17%
Max Drawdown (1Y) Largest decline over 1 year	-9.39%	-8.88%	-0.51%
Max Drawdown (3Y) Largest decline over 3 years	-28.02%	-18.76%	-9.26%
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	-0.75%	-1.40%	+0.65%
Average Drawdown Average peak-to-trough decline	-6.49%	-9.01%	+2.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	2.08%	+0.71%

Volatility

DFSV vs. SPY - Volatility Comparison

The current volatility for Dimensional US Small Cap Value ETF (DFSV) is 3.40%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 3.58%. This indicates that DFSV 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

	DFSV	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.40%	3.58%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	10.52%	10.14%	+0.38%
Volatility (1Y) Calculated over the trailing 1-year period	16.87%	12.89%	+3.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.98%	17.18%	+4.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.98%	17.95%	+4.03%

DFSV vs. SPY - Expense Ratio Comparison

DFSV has a 0.31% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

DFSV vs. SPY - Dividend Comparison

DFSV's dividend yield for the trailing twelve months is around 1.35%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFSV Dimensional US Small Cap Value ETF	1.35%	1.53%	1.31%	1.29%	0.90%	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 DFSV and SPY in my portfolio?

DFSV and SPY have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFSV or SPY?

SPY has higher volatility (3.58%) compared to DFSV (3.40%). In terms of maximum drawdown, DFSV dropped -28.02% vs SPY's -55.19%.

Which ETF is better, DFSV or SPY?

On 3-year performance, SPY leads with 19.32% vs 14.56% for DFSV. On fees, SPY is cheaper at 0.09% per year. On volatility, DFSV has been the lower-risk option at 3.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFSV or SPY?

Over the 3-year period, SPY has performed better with a 19.32% return vs 14.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFSV or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.31% for DFSV.

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

DFSV has the higher dividend yield at 1.35%, compared with 1.01% for SPY.

What is the main difference between DFSV and SPY?

DFSV is categorized as Small Cap Value Equities, while SPY is S&P 500. They also come from different issuers: Dimensional and State Street. Their fees differ too: 0.31% for DFSV and 0.09% for SPY.

Which has better risk-adjusted returns?

DFSV currently has the higher Sharpe Ratio (2.10 vs 1.52), 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.