DFUS vs. SPY

Last updated Jun 23, 2026

DFUS (Dimensional U.S. Equity Market ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - DFUS 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. DFUS is actively managed, while SPY is passively managed. Over the past 5 years, DFUS returned 13.25%/yr vs 13.51%/yr for SPY. With a 1.00 correlation, they move nearly in lockstep. DFUS charges 0.09%/yr vs 0.09%/yr for SPY.

Performance

DFUS vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional U.S. Equity Market ETF (DFUS) 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, DFUS achieves a 10.45% return, which is significantly higher than SPY's 9.74% return.

DFUS

• 1D: -0.30%
• 1M: 0.75%
• YTD: 10.45%
• 6M: 9.76%
• 1Y: 27.69%
• 3Y*: 21.49%
• 5Y*: 13.25%
• 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)

DFUS vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DFUS Dimensional U.S. Equity Market ETF	10.45%	17.46%	24.34%	26.36%	-18.34%	12.07%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	13.06%

Correlation

The correlation between DFUS and SPY is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jun 14, 2021	1.00

The correlation between DFUS and SPY has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

DFUS vs. SPY - Sectors Allocation Comparison

Sectors	DFUS	SPY
Technology	37.7%	39.0%
Financial Services	11.7%	11.1%
Consumer Cyclical	10.2%	9.9%
Communication Services	10.1%	10.6%
Industrials	9.4%	7.8%
Healthcare	8.6%	8.3%
Consumer Defensive	4.4%	4.5%
Energy	3.5%	3.1%
Utilities	2.2%	2.1%
Basic Materials	2.0%	1.7%
Real Estate	0.1%	1.8%

Return for Risk

DFUS vs. SPY — Risk / Return Rank

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

DFUS

DFUS Risk / Return Rank: 69
DFUS Sharpe Ratio Rank: 69
DFUS Sortino Ratio Rank: 67
DFUS Omega Ratio Rank: 68
DFUS Calmar Ratio Rank: 64
DFUS Martin Ratio Rank: 75

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.

DFUS vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional U.S. Equity Market ETF (DFUS) 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.

	DFUS	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.16	2.16	+0.01
Sortino ratio: Return per unit of downside risk	2.93	2.91	+0.02
Omega ratio: Gain probability vs. loss probability	1.39	1.39	0.00
Calmar ratio: Return relative to maximum drawdown	3.10	3.01	+0.09
Martin ratio: Return relative to average drawdown	13.79	13.54	+0.26

DFUS vs. SPY - Sharpe Ratio Comparison

The current DFUS Sharpe Ratio is 2.16, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of DFUS 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

DFUS vs. SPY - Drawdown Comparison

The maximum DFUS drawdown since its inception was -24.62%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DFUS and SPY.

Drawdown Indicators

	DFUS	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-24.62%	-55.19%	+30.57%
Max Drawdown (1Y) Largest decline over 1 year	-8.96%	-8.88%	-0.08%
Max Drawdown (3Y) Largest decline over 3 years	-19.44%	-18.76%	-0.68%
Max Drawdown (5Y) Largest decline over 5 years	-24.62%	-24.50%	-0.12%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-1.38%	-1.75%	+0.37%
Average Drawdown Average peak-to-trough decline	-5.78%	-9.04%	+3.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	1.97%	+0.04%

Volatility

DFUS vs. SPY - Volatility Comparison

Dimensional U.S. Equity Market ETF (DFUS) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.87% and 4.64%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFUS	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.87%	4.64%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	10.07%	9.75%	+0.32%
Volatility (1Y) Calculated over the trailing 1-year period	12.88%	12.43%	+0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.27%	17.14%	+0.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.24%	17.99%	-0.75%

DFUS vs. SPY - Expense Ratio Comparison

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

Dividends

DFUS vs. SPY - Dividend Comparison

DFUS's dividend yield for the trailing twelve months is around 0.84%, less than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFUS Dimensional U.S. Equity Market ETF	0.84%	0.88%	1.04%	1.33%	1.48%	0.85%	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 DFUS and SPY in my portfolio?

With a correlation of 1.00, DFUS 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, DFUS or SPY?

DFUS has higher volatility (4.87%) compared to SPY (4.64%). In terms of maximum drawdown, DFUS dropped -24.62% vs SPY's -55.19%.

Which ETF is better, DFUS or SPY?

On 5-year performance, SPY leads with 13.51% vs 13.25% for DFUS. On fees, DFUS is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFUS or SPY?

Over the 5-year period, SPY has performed better with a 13.51% return vs 13.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFUS or SPY?

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

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

SPY has the higher dividend yield at 1.01%, compared with 0.84% for DFUS.

What is the main difference between DFUS and SPY?

DFUS 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: 0.09% for DFUS and 0.09% for SPY.

Which has better risk-adjusted returns?

DFUS currently has the higher Sharpe Ratio (2.16 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.