DISV vs. SPY

Last updated Jun 23, 2026

DISV (Dimensional International Small Cap Value ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - DISV is a Foreign Small & Mid Cap Equities fund actively managed by Dimensional, while SPY is a S&P 500 fund tracking the S&P 500 Index. DISV is actively managed, while SPY is passively managed. Over the past 3 years, DISV returned 24.64%/yr vs 21.27%/yr for SPY. A 0.67 correlation means they provide meaningful diversification when combined. DISV charges 0.42%/yr vs 0.09%/yr for SPY.

Performance

DISV vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional International Small Cap Value ETF (DISV) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with DISV having a 9.89% return and SPY slightly lower at 9.74%.

DISV

• 1D: 0.14%
• 1M: -0.77%
• YTD: 9.89%
• 6M: 10.53%
• 1Y: 33.65%
• 3Y*: 24.64%
• 5Y*: —
• 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)

DISV vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DISV Dimensional International Small Cap Value ETF	9.89%	47.42%	5.87%	19.52%	-9.36%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-12.70%

Correlation

The correlation between DISV and SPY is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (All Time) Calculated using the full available price history since Mar 24, 2022	0.67

The correlation between DISV and SPY has been stable across timeframes, ranging from 0.61 to 0.67 - a consistent structural relationship.

DISV vs. SPY - Sectors Allocation Comparison

Sectors	DISV	SPY
Basic Materials	19.9%	1.7%
Financial Services	19.5%	11.1%
Industrials	17.8%	7.8%
Consumer Cyclical	15.4%	9.9%
Energy	7.1%	3.1%
Technology	3.9%	39.0%
Consumer Defensive	3.6%	4.5%
Healthcare	3.6%	8.3%
Real Estate	3.2%	1.8%
Communication Services	2.4%	10.6%
Utilities	1.9%	2.1%

Return for Risk

DISV vs. SPY — Risk / Return Rank

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

DISV

DISV Risk / Return Rank: 66
DISV Sharpe Ratio Rank: 74
DISV Sortino Ratio Rank: 72
DISV Omega Ratio Rank: 71
DISV Calmar Ratio Rank: 55
DISV Martin Ratio Rank: 58

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.

DISV vs. SPY - Risk-Adjusted Trends Comparison

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

	DISV	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.27	2.16	+0.11
Sortino ratio: Return per unit of downside risk	3.10	2.91	+0.19
Omega ratio: Gain probability vs. loss probability	1.40	1.39	+0.01
Calmar ratio: Return relative to maximum drawdown	2.66	3.01	-0.35
Martin ratio: Return relative to average drawdown	9.87	13.54	-3.67

DISV vs. SPY - Sharpe Ratio Comparison

The current DISV Sharpe Ratio is 2.27, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of DISV 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

DISV vs. SPY - Drawdown Comparison

The maximum DISV drawdown since its inception was -26.77%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DISV and SPY.

Drawdown Indicators

	DISV	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-26.77%	-55.19%	+28.42%
Max Drawdown (1Y) Largest decline over 1 year	-12.69%	-8.88%	-3.81%
Max Drawdown (3Y) Largest decline over 3 years	-14.15%	-18.76%	+4.61%
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	-3.32%	-1.75%	-1.57%
Average Drawdown Average peak-to-trough decline	-4.88%	-9.04%	+4.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	1.97%	+1.45%

Volatility

DISV vs. SPY - Volatility Comparison

Dimensional International Small Cap Value ETF (DISV) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.77% 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

	DISV	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.77%	4.64%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	12.32%	9.75%	+2.57%
Volatility (1Y) Calculated over the trailing 1-year period	14.91%	12.43%	+2.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.37%	17.14%	+0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.37%	17.99%	-0.62%

DISV vs. SPY - Expense Ratio Comparison

DISV has a 0.42% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

DISV vs. SPY - Dividend Comparison

DISV's dividend yield for the trailing twelve months is around 2.41%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DISV Dimensional International Small Cap Value ETF	2.41%	2.69%	2.77%	2.73%	1.23%	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 DISV and SPY in my portfolio?

DISV and SPY have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DISV or SPY?

DISV has higher volatility (4.77%) compared to SPY (4.64%). In terms of maximum drawdown, DISV dropped -26.77% vs SPY's -55.19%.

Which ETF is better, DISV or SPY?

On 3-year performance, DISV leads with 24.64% vs 21.27% for SPY. On fees, SPY 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, DISV or SPY?

Over the 3-year period, DISV has performed better with a 24.64% return vs 21.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DISV or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.42% for DISV.

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

DISV has the higher dividend yield at 2.41%, compared with 1.01% for SPY.

What is the main difference between DISV and SPY?

DISV is categorized as Foreign Small & Mid Cap Equities, while SPY is S&P 500. They also come from different issuers: Dimensional and State Street. Their fees differ too: 0.42% for DISV and 0.09% for SPY.

Which has better risk-adjusted returns?

DISV currently has the higher Sharpe Ratio (2.27 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.