DGEIX vs. SPY

Last updated Jun 23, 2026

DGEIX (DFA Global Equity Portfolio Institutional Class) and SPY (State Street SPDR S&P 500 ETF) are both funds - DGEIX is a Global Equities fund actively managed by Dimensional, while SPY is a S&P 500 fund tracking the S&P 500 Index. DGEIX is actively managed, while SPY is passively managed. Over the past 10 years, DGEIX returned 12.54%/yr vs 15.70%/yr for SPY. Their correlation of 0.95 suggests significant overlap in exposure. DGEIX charges 0.25%/yr vs 0.09%/yr for SPY.

Performance

DGEIX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DFA Global Equity Portfolio Institutional Class (DGEIX) 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, DGEIX achieves a 12.58% return, which is significantly higher than SPY's 9.74% return. Over the past 10 years, DGEIX has underperformed SPY with an annualized return of 12.54%, while SPY has yielded a comparatively higher 15.70% annualized return.

DGEIX

• 1D: 0.95%
• 1M: 1.55%
• YTD: 12.58%
• 6M: 12.04%
• 1Y: 29.34%
• 3Y*: 19.20%
• 5Y*: 11.30%
• 10Y*: 12.54%

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)

DGEIX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DGEIX DFA Global Equity Portfolio Institutional Class	12.58%	19.86%	15.71%	20.35%	-14.72%	20.31%	13.51%	26.68%	-11.48%	21.36%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between DGEIX and SPY is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Dec 26, 2003	0.95

The correlation between DGEIX and SPY has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

DGEIX vs. SPY — Risk / Return Rank

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

DGEIX

DGEIX Risk / Return Rank: 77
DGEIX Sharpe Ratio Rank: 78
DGEIX Sortino Ratio Rank: 74
DGEIX Omega Ratio Rank: 73
DGEIX Calmar Ratio Rank: 77
DGEIX Martin Ratio Rank: 82

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.

DGEIX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DFA Global Equity Portfolio Institutional Class (DGEIX) 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.

	DGEIX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.37	2.16	+0.21
Sortino ratio: Return per unit of downside risk	3.26	2.91	+0.35
Omega ratio: Gain probability vs. loss probability	1.43	1.39	+0.04
Calmar ratio: Return relative to maximum drawdown	3.29	3.01	+0.28
Martin ratio: Return relative to average drawdown	14.22	13.54	+0.68

DGEIX vs. SPY - Sharpe Ratio Comparison

The current DGEIX Sharpe Ratio is 2.37, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of DGEIX 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

DGEIX vs. SPY - Drawdown Comparison

The maximum DGEIX drawdown since its inception was -59.77%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DGEIX and SPY.

Drawdown Indicators

	DGEIX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-59.77%	-55.19%	-4.58%
Max Drawdown (1Y) Largest decline over 1 year	-8.85%	-8.88%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-16.97%	-18.76%	+1.79%
Max Drawdown (5Y) Largest decline over 5 years	-25.20%	-24.50%	-0.70%
Max Drawdown (10Y) Largest decline over 10 years	-37.00%	-33.72%	-3.28%
Current Drawdown Current decline from peak	-0.56%	-1.75%	+1.19%
Average Drawdown Average peak-to-trough decline	-7.98%	-9.04%	+1.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	1.97%	+0.08%

Volatility

DGEIX vs. SPY - Volatility Comparison

DFA Global Equity Portfolio Institutional Class (DGEIX) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.58% 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

	DGEIX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.58%	4.64%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	9.87%	9.75%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	12.30%	12.43%	-0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.74%	17.14%	-1.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.90%	17.99%	-1.09%

DGEIX vs. SPY - Expense Ratio Comparison

DGEIX has a 0.25% 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

DGEIX vs. SPY - Dividend Comparison

DGEIX's dividend yield for the trailing twelve months is around 2.70%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGEIX DFA Global Equity Portfolio Institutional Class	2.70%	2.79%	3.64%	3.82%	4.92%	1.94%	2.37%	2.22%	2.62%	1.50%	1.90%	1.98%
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 DGEIX and SPY in my portfolio?

With a correlation of 0.94, DGEIX 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, DGEIX or SPY?

SPY has higher volatility (4.64%) compared to DGEIX (4.58%). In terms of maximum drawdown, DGEIX dropped -59.77% vs SPY's -55.19%.

Which has better risk-adjusted returns?

DGEIX currently has the higher Sharpe Ratio (2.37 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.