DOL vs. SPY

Last updated Jun 23, 2026

DOL (WisdomTree International LargeCap Dividend Fund) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - DOL is a Foreign Large Cap Equities fund tracking the WisdomTree International LargeCap Dividend Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, DOL returned 10.54%/yr vs 15.70%/yr for SPY. A 0.79 correlation means they provide meaningful diversification when combined. DOL charges 0.48%/yr vs 0.09%/yr for SPY.

Performance

DOL vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree International LargeCap Dividend Fund (DOL) 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, DOL achieves a 15.82% return, which is significantly higher than SPY's 9.74% return. Over the past 10 years, DOL has underperformed SPY with an annualized return of 10.54%, while SPY has yielded a comparatively higher 15.70% annualized return.

DOL

• 1D: -0.33%
• 1M: 2.69%
• YTD: 15.82%
• 6M: 17.03%
• 1Y: 33.04%
• 3Y*: 21.33%
• 5Y*: 12.90%
• 10Y*: 10.54%

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)

DOL vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DOL WisdomTree International LargeCap Dividend Fund	15.82%	37.35%	4.08%	16.77%	-6.72%	11.54%	-3.22%	19.47%	-12.93%	22.25%
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 DOL and SPY is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jun 16, 2006	0.79

The correlation between DOL and SPY shifts across timeframes, from 0.64 (3 years) to 0.79 (all time), reflecting how their relationship changes across market environments.

DOL vs. SPY - Sectors Allocation Comparison

Sectors	DOL	SPY
Financial Services	20.9%	11.1%
Technology	14.3%	39.0%
Industrials	13.9%	7.8%
Healthcare	7.9%	8.3%
Consumer Defensive	7.2%	4.5%
Consumer Cyclical	6.9%	9.9%
Utilities	5.6%	2.1%
Basic Materials	5.3%	1.7%
Communication Services	5.0%	10.6%
Energy	4.3%	3.1%
Real Estate	1.1%	1.8%

Return for Risk

DOL vs. SPY — Risk / Return Rank

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

DOL

DOL Risk / Return Rank: 64
DOL Sharpe Ratio Rank: 67
DOL Sortino Ratio Rank: 64
DOL Omega Ratio Rank: 67
DOL Calmar Ratio Rank: 61
DOL Martin Ratio Rank: 63

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.

DOL vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree International LargeCap Dividend Fund (DOL) 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.

	DOL	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.16	-0.03
Sortino ratio: Return per unit of downside risk	2.87	2.91	-0.04
Omega ratio: Gain probability vs. loss probability	1.39	1.39	-0.01
Calmar ratio: Return relative to maximum drawdown	2.93	3.01	-0.08
Martin ratio: Return relative to average drawdown	10.98	13.54	-2.55

DOL vs. SPY - Sharpe Ratio Comparison

The current DOL Sharpe Ratio is 2.13, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of DOL 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

DOL vs. SPY - Drawdown Comparison

The maximum DOL drawdown since its inception was -60.79%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DOL and SPY.

Drawdown Indicators

	DOL	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-60.79%	-55.19%	-5.60%
Max Drawdown (1Y) Largest decline over 1 year	-11.33%	-8.88%	-2.45%
Max Drawdown (3Y) Largest decline over 3 years	-12.44%	-18.76%	+6.32%
Max Drawdown (5Y) Largest decline over 5 years	-24.57%	-24.50%	-0.07%
Max Drawdown (10Y) Largest decline over 10 years	-35.99%	-33.72%	-2.27%
Current Drawdown Current decline from peak	-0.33%	-1.75%	+1.42%
Average Drawdown Average peak-to-trough decline	-13.60%	-9.04%	-4.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	1.97%	+1.05%

Volatility

DOL vs. SPY - Volatility Comparison

WisdomTree International LargeCap Dividend Fund (DOL) has a higher volatility of 5.31% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that DOL's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DOL	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.31%	4.64%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	13.49%	9.75%	+3.74%
Volatility (1Y) Calculated over the trailing 1-year period	15.64%	12.43%	+3.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.50%	17.14%	-1.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.69%	17.99%	-1.30%

DOL vs. SPY - Expense Ratio Comparison

DOL has a 0.48% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

DOL vs. SPY - Dividend Comparison

DOL'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
DOL WisdomTree International LargeCap Dividend Fund	2.41%	2.83%	3.78%	4.02%	4.47%	3.58%	2.82%	3.50%	4.03%	3.17%	3.58%	3.66%
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 DOL and SPY in my portfolio?

DOL and SPY have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DOL or SPY?

DOL has higher volatility (5.31%) compared to SPY (4.64%). In terms of maximum drawdown, DOL dropped -60.79% vs SPY's -55.19%.

Which ETF is better, DOL or SPY?

On 10-year performance, SPY leads with 15.70% vs 10.54% for DOL. 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, DOL or SPY?

Over the 10-year period, SPY has performed better with a 15.70% return vs 10.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DOL or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.48% for DOL.

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

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

What is the main difference between DOL and SPY?

DOL is categorized as Foreign Large Cap Equities, while SPY is S&P 500. DOL tracks WisdomTree International LargeCap Dividend Index, while SPY tracks S&P 500 Index. They also come from different issuers: WisdomTree and State Street. Their fees differ too: 0.48% for DOL and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 2.13), 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.