DSTL vs. SPY

Last updated Jun 23, 2026

DSTL (Distillate U.S. Fundamental Stability & Value ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - DSTL is a Large Cap Value Equities fund actively managed by Distillate Capital, while SPY is a S&P 500 fund tracking the S&P 500 Index. DSTL is actively managed, while SPY is passively managed. Over the past 5 years, DSTL returned 8.69%/yr vs 13.51%/yr for SPY. Their correlation of 0.87 suggests significant overlap in exposure. DSTL charges 0.39%/yr vs 0.09%/yr for SPY.

Performance

DSTL vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Distillate U.S. Fundamental Stability & Value ETF (DSTL) 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, DSTL achieves a -0.34% return, which is significantly lower than SPY's 9.74% return.

DSTL

• 1D: -0.15%
• 1M: -1.55%
• YTD: -0.34%
• 6M: -1.26%
• 1Y: 9.52%
• 3Y*: 11.47%
• 5Y*: 8.69%
• 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)

DSTL vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
DSTL Distillate U.S. Fundamental Stability & Value ETF	-0.34%	8.71%	12.78%	22.71%	-10.64%	28.87%	19.31%	35.49%	-8.42%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-8.12%

Correlation

The correlation between DSTL and SPY is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Oct 24, 2018	0.87

Over the past year, the correlation between DSTL and SPY has dropped to 0.59 - well below their long-term average of 0.87, suggesting their price drivers have been diverging.

DSTL vs. SPY - Sectors Allocation Comparison

Sectors	DSTL	SPY
Technology	31.1%	39.0%
Healthcare	20.3%	8.3%
Industrials	12.9%	7.8%
Consumer Cyclical	11.9%	9.9%
Financial Services	6.8%	11.1%
Communication Services	6.7%	10.6%
Energy	5.4%	3.1%
Consumer Defensive	3.3%	4.5%
Utilities	1.0%	2.1%
Basic Materials	0.7%	1.7%
Real Estate	-	1.8%

Return for Risk

DSTL vs. SPY — Risk / Return Rank

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

DSTL

DSTL Risk / Return Rank: 23
DSTL Sharpe Ratio Rank: 23
DSTL Sortino Ratio Rank: 23
DSTL Omega Ratio Rank: 20
DSTL Calmar Ratio Rank: 25
DSTL Martin Ratio Rank: 26

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.

DSTL vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Distillate U.S. Fundamental Stability & Value ETF (DSTL) 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.

	DSTL	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.79	2.16	-1.37
Sortino ratio: Return per unit of downside risk	1.22	2.91	-1.69
Omega ratio: Gain probability vs. loss probability	1.14	1.39	-0.25
Calmar ratio: Return relative to maximum drawdown	1.15	3.01	-1.86
Martin ratio: Return relative to average drawdown	3.33	13.54	-10.21

DSTL vs. SPY - Sharpe Ratio Comparison

The current DSTL Sharpe Ratio is 0.79, which is lower than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of DSTL 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

DSTL vs. SPY - Drawdown Comparison

The maximum DSTL drawdown since its inception was -33.09%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DSTL and SPY.

Drawdown Indicators

	DSTL	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-33.09%	-55.19%	+22.10%
Max Drawdown (1Y) Largest decline over 1 year	-8.30%	-8.88%	+0.58%
Max Drawdown (3Y) Largest decline over 3 years	-16.92%	-18.76%	+1.84%
Max Drawdown (5Y) Largest decline over 5 years	-20.10%	-24.50%	+4.40%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-5.34%	-1.75%	-3.59%
Average Drawdown Average peak-to-trough decline	-4.15%	-9.04%	+4.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	1.97%	+0.90%

Volatility

DSTL vs. SPY - Volatility Comparison

The current volatility for Distillate U.S. Fundamental Stability & Value ETF (DSTL) is 4.20%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that DSTL 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

	DSTL	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.20%	4.64%	-0.44%
Volatility (6M) Calculated over the trailing 6-month period	8.76%	9.75%	-0.99%
Volatility (1Y) Calculated over the trailing 1-year period	12.12%	12.43%	-0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.79%	17.14%	-1.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.38%	17.99%	+1.39%

DSTL vs. SPY - Expense Ratio Comparison

DSTL has a 0.39% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

DSTL vs. SPY - Dividend Comparison

DSTL's dividend yield for the trailing twelve months is around 1.28%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DSTL Distillate U.S. Fundamental Stability & Value ETF	1.28%	1.31%	1.34%	1.30%	1.35%	1.01%	0.83%	0.97%	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 DSTL and SPY in my portfolio?

DSTL and SPY have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DSTL or SPY?

SPY has higher volatility (4.64%) compared to DSTL (4.20%). In terms of maximum drawdown, DSTL dropped -33.09% vs SPY's -55.19%.

Which ETF is better, DSTL or SPY?

On 5-year performance, SPY leads with 13.51% vs 8.69% for DSTL. On fees, SPY is cheaper at 0.09% per year. On volatility, DSTL has been the lower-risk option at 4.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DSTL or SPY?

Over the 5-year period, SPY has performed better with a 13.51% return vs 8.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DSTL or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.39% for DSTL.

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

DSTL has the higher dividend yield at 1.28%, compared with 1.01% for SPY.

What is the main difference between DSTL and SPY?

DSTL is categorized as Large Cap Value Equities, while SPY is S&P 500. They also come from different issuers: Distillate Capital and State Street. Their fees differ too: 0.39% for DSTL and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 0.79), 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.