DGIFX vs. SPY

Last updated Aug 1, 2026

DGIFX (Disciplined Growth Investors Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - DGIFX is a Diversified Portfolio fund managed by DGI, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, DGIFX returned 11.75%/yr vs 15.07%/yr for SPY. Their correlation of 0.85 means they have usually moved in the same direction. DGIFX charges 0.78%/yr vs 0.09%/yr for SPY.

Performance

DGIFX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Disciplined Growth Investors Fund (DGIFX) 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, DGIFX achieves a 14.46% return, which is significantly higher than SPY's 10.13% return. Over the past 10 years, DGIFX has underperformed SPY with an annualized return of 11.75%, while SPY has yielded a comparatively higher 15.07% annualized return.

DGIFX

• 1D: 1.54%
• 1M: -0.22%
• 6M: 9.96%
• YTD: 14.46%
• 1Y: 16.75%
• 3Y*: 12.95%
• 5Y*: 9.08%
• 10Y*: 11.75%
• ALL TIME*: 11.53%

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)
DGIFX Disciplined Growth Investors Fund	$0.00	$0.00	$0.00
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

DGIFX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DGIFX Disciplined Growth Investors Fund	14.46%	3.54%	21.13%	33.10%	-18.35%	9.59%	24.07%	23.97%	-2.39%	14.86%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between DGIFX and SPY is 0.79, 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.	0.79
Correlation (3Y) Balances recent behavior with more history.	0.80
Correlation (5Y) Shows whether the relationship held over a longer period.	0.84
Correlation (10Y) Provides a long-term view across more market conditions.	0.84
Correlation (All Time) Calculated using the full available price history since Aug 12, 2011	0.85

The correlation between DGIFX and SPY has been stable across timeframes, ranging from 0.79 to 0.85 - a consistent structural relationship.

Return for Risk

DGIFX vs. SPY — Risk / Return Rank

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

DGIFX

DGIFX Risk / Return Rank: 27
DGIFX Sharpe Ratio Rank: 26
DGIFX Sortino Ratio Rank: 26
DGIFX Omega Ratio Rank: 25
DGIFX Calmar Ratio Rank: 29
DGIFX Martin Ratio Rank: 27

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.

DGIFX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Disciplined Growth Investors Fund (DGIFX) 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.

	DGIFX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.89	1.52	-0.63
Sortino ratio: Return per unit of downside risk	1.33	2.11	-0.78
Omega ratio: Gain probability vs. loss probability	1.16	1.27	-0.11
Calmar ratio: Return relative to maximum drawdown	1.32	2.20	-0.89
Martin ratio: Return relative to average drawdown	3.86	9.40	-5.54

DGIFX vs. SPY - Sharpe Ratio Comparison

The current DGIFX Sharpe Ratio is 0.89, which is lower than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of DGIFX 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

DGIFX vs. SPY - Drawdown Comparison

The maximum DGIFX drawdown since its inception was -30.93%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DGIFX and SPY.

Drawdown Indicators

	DGIFX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-30.93%	-55.19%	+24.26%
Max Drawdown (1Y) Largest decline over 1 year	-10.91%	-8.88%	-2.03%
Max Drawdown (3Y) Largest decline over 3 years	-30.93%	-18.76%	-12.17%
Max Drawdown (5Y) Largest decline over 5 years	-30.93%	-24.50%	-6.43%
Max Drawdown (10Y) Largest decline over 10 years	-30.93%	-33.72%	+2.79%
Current Drawdown Current decline from peak	-2.55%	-1.40%	-1.15%
Average Drawdown Average peak-to-trough decline	-5.87%	-9.01%	+3.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.72%	2.08%	+1.64%

Volatility

DGIFX vs. SPY - Volatility Comparison

Disciplined Growth Investors Fund (DGIFX) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 3.66% and 3.58%, 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

	DGIFX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.66%	3.58%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	12.07%	10.14%	+1.93%
Volatility (1Y) Calculated over the trailing 1-year period	16.23%	12.89%	+3.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.22%	17.18%	+4.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.70%	17.95%	+0.75%

DGIFX vs. SPY - Expense Ratio Comparison

DGIFX has a 0.78% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

DGIFX vs. SPY - Dividend Comparison

DGIFX's dividend yield for the trailing twelve months is around 7.22%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGIFX Disciplined Growth Investors Fund	7.22%	8.29%	20.95%	2.78%	2.21%	11.12%	10.09%	3.53%	3.74%	4.29%	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 DGIFX and SPY in my portfolio?

DGIFX and SPY have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DGIFX or SPY?

DGIFX has higher volatility (3.66%) compared to SPY (3.58%). In terms of maximum drawdown, DGIFX dropped -30.93% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 vs 0.89), 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.