DFVX vs. SPY

Last updated Jun 24, 2026

DFVX (Dimensional US Large Cap Vector ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - DFVX 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. DFVX is actively managed, while SPY is passively managed. Over the past year, DFVX returned 22.03% vs 23.59% for SPY. Their correlation of 0.91 suggests significant overlap in exposure. DFVX charges 0.22%/yr vs 0.09%/yr for SPY.

Performance

DFVX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional US Large Cap Vector ETF (DFVX) 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, DFVX achieves a 9.66% return, which is significantly higher than SPY's 8.15% return.

DFVX

• 1D: -1.12%
• 1M: -0.60%
• YTD: 9.66%
• 6M: 8.81%
• 1Y: 22.03%
• 3Y*: —
• 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)

DFVX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DFVX Dimensional US Large Cap Vector ETF	9.66%	15.35%	17.72%	10.84%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	12.91%

Correlation

The correlation between DFVX and SPY is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (All Time) Calculated using the full available price history since Nov 2, 2023	0.91

The correlation between DFVX and SPY has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.

DFVX vs. SPY - Sectors Allocation Comparison

Sectors	DFVX	SPY
Technology	20.8%	39.0%
Communication Services	14.3%	10.6%
Industrials	13.7%	7.8%
Financial Services	11.9%	11.1%
Consumer Cyclical	11.3%	9.9%
Healthcare	10.0%	8.3%
Energy	7.2%	3.1%
Consumer Defensive	7.0%	4.5%
Basic Materials	3.2%	1.7%
Utilities	0.4%	2.1%
Real Estate	0.1%	1.8%

Return for Risk

DFVX vs. SPY — Risk / Return Rank

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

DFVX

DFVX Risk / Return Rank: 66
DFVX Sharpe Ratio Rank: 64
DFVX Sortino Ratio Rank: 63
DFVX Omega Ratio Rank: 62
DFVX Calmar Ratio Rank: 66
DFVX Martin Ratio Rank: 74

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.

DFVX vs. SPY - Risk-Adjusted Trends Comparison

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

	DFVX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.90	+0.07
Sortino ratio: Return per unit of downside risk	2.74	2.58	+0.15
Omega ratio: Gain probability vs. loss probability	1.36	1.34	+0.01
Calmar ratio: Return relative to maximum drawdown	3.08	2.67	+0.42
Martin ratio: Return relative to average drawdown	13.19	11.92	+1.27

DFVX vs. SPY - Sharpe Ratio Comparison

The current DFVX Sharpe Ratio is 1.97, which is comparable to the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of DFVX 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

DFVX vs. SPY - Drawdown Comparison

The maximum DFVX drawdown since its inception was -16.71%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DFVX and SPY.

Drawdown Indicators

	DFVX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-16.71%	-55.19%	+38.48%
Max Drawdown (1Y) Largest decline over 1 year	-7.17%	-8.88%	+1.71%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
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	-2.29%	-3.17%	+0.88%
Average Drawdown Average peak-to-trough decline	-1.78%	-9.04%	+7.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.67%	1.98%	-0.31%

Volatility

DFVX vs. SPY - Volatility Comparison

The current volatility for Dimensional US Large Cap Vector ETF (DFVX) is 3.99%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.87%. This indicates that DFVX 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

	DFVX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	4.87%	-0.88%
Volatility (6M) Calculated over the trailing 6-month period	8.67%	9.85%	-1.18%
Volatility (1Y) Calculated over the trailing 1-year period	11.23%	12.50%	-1.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.73%	17.15%	-3.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.73%	17.95%	-4.22%

DFVX vs. SPY - Expense Ratio Comparison

DFVX 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

DFVX vs. SPY - Dividend Comparison

DFVX's dividend yield for the trailing twelve months is around 1.18%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFVX Dimensional US Large Cap Vector ETF	1.18%	1.21%	1.22%	0.32%	0.00%	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 DFVX and SPY in my portfolio?

DFVX and SPY have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFVX or SPY?

SPY has higher volatility (4.87%) compared to DFVX (3.99%). In terms of maximum drawdown, DFVX dropped -16.71% vs SPY's -55.19%.

Which ETF is better, DFVX or SPY?

On 1-year performance, SPY leads with 23.59% vs 22.03% for DFVX. On fees, SPY is cheaper at 0.09% per year. On volatility, DFVX has been the lower-risk option at 3.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFVX or SPY?

Over the 1-year period, SPY has performed better with a 23.59% return vs 22.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFVX or SPY?

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

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

DFVX has the higher dividend yield at 1.18%, compared with 1.03% for SPY.

What is the main difference between DFVX and SPY?

DFVX 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 DFVX and 0.09% for SPY.

Which has better risk-adjusted returns?

DFVX currently has the higher Sharpe Ratio (1.97 vs 1.90), 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.