DUSA vs. SPY

Last updated Jun 4, 2026

DUSA (Davis Select U.S. Equity ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - DUSA is a Large Cap Blend Equities fund actively managed by Davis Advisers, while SPY is a S&P 500 fund tracking the S&P 500 Index. DUSA is actively managed, while SPY is passively managed. Over the past 5 years, DUSA returned 10.68%/yr vs 13.83%/yr for SPY. Their correlation of 0.83 suggests significant overlap in exposure. DUSA charges 0.62%/yr vs 0.09%/yr for SPY.

Performance

DUSA vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Davis Select U.S. Equity ETF (DUSA) 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, DUSA achieves a 7.71% return, which is significantly lower than SPY's 10.91% return.

DUSA

• 1D: -0.45%
• 1M: -0.39%
• YTD: 7.71%
• 6M: 9.63%
• 1Y: 26.21%
• 3Y*: 23.39%
• 5Y*: 10.68%
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DUSA vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DUSA Davis Select U.S. Equity ETF	7.71%	22.57%	20.43%	34.17%	-19.57%	17.71%	14.22%	30.54%	-11.93%	16.91%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	20.09%

Correlation

The correlation between DUSA and SPY is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jan 13, 2017	0.83

The correlation between DUSA and SPY shifts across timeframes, from 0.69 (1 year) to 0.83 (all time), reflecting how their relationship changes across market environments.

DUSA vs. SPY - Sectors Allocation Comparison

Sectors	DUSA	SPY
Financial Services	24.8%	11.8%
Healthcare	17.6%	8.4%
Communication Services	13.3%	11.3%
Consumer Cyclical	12.9%	10.3%
Energy	10.9%	3.6%
Technology	7.9%	35.9%
Consumer Defensive	7.1%	4.8%
Basic Materials	3.1%	1.8%
Industrials	2.4%	7.8%
Real Estate	-	1.9%
Utilities	-	2.4%

Return for Risk

DUSA vs. SPY — Risk / Return Rank

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

DUSA

DUSA Risk / Return Rank: 63
DUSA Sharpe Ratio Rank: 61
DUSA Sortino Ratio Rank: 60
DUSA Omega Ratio Rank: 58
DUSA Calmar Ratio Rank: 70
DUSA Martin Ratio Rank: 65

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

DUSA vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Davis Select U.S. Equity ETF (DUSA) 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.

	DUSA	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.06	2.38	-0.32
Sortino ratio Return per unit of downside risk	2.85	3.24	-0.39
Omega ratio Gain probability vs. loss probability	1.36	1.43	-0.07
Calmar ratio Return relative to maximum drawdown	3.47	3.16	+0.30
Martin ratio Return relative to average drawdown	11.85	14.72	-2.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DUSA vs. SPY - Sharpe Ratio Comparison

The current DUSA Sharpe Ratio is 2.06, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of DUSA 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.

Sharpe Ratios by Period

	DUSA	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	2.38	-0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.82	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.59	+0.06

Drawdowns

DUSA vs. SPY - Drawdown Comparison

The maximum DUSA drawdown since its inception was -36.71%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DUSA and SPY.

Drawdown Indicators

	DUSA	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-36.71%	-55.19%	+18.48%
Max Drawdown (1Y) Largest decline over 1 year	-7.59%	-8.88%	+1.29%
Max Drawdown (3Y) Largest decline over 3 years	-16.82%	-18.76%	+1.94%
Max Drawdown (5Y) Largest decline over 5 years	-30.48%	-24.50%	-5.98%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-2.17%	-0.70%	-1.47%
Average Drawdown Average peak-to-trough decline	-6.73%	-9.05%	+2.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	1.91%	+0.31%

Volatility

DUSA vs. SPY - Volatility Comparison

The current volatility for Davis Select U.S. Equity ETF (DUSA) is 2.19%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.84%. This indicates that DUSA 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

	DUSA	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.19%	2.84%	-0.65%
Volatility (6M) Calculated over the trailing 6-month period	8.35%	8.90%	-0.55%
Volatility (1Y) Calculated over the trailing 1-year period	12.84%	11.83%	+1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.62%	17.05%	+1.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.85%	17.94%	+1.91%

DUSA vs. SPY - Expense Ratio Comparison

DUSA has a 0.62% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

DUSA vs. SPY - Dividend Comparison

DUSA's dividend yield for the trailing twelve months is around 0.89%, less than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DUSA Davis Select U.S. Equity ETF	0.89%	0.96%	0.85%	3.38%	1.21%	1.12%	0.51%	1.12%	2.77%	0.68%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.98%	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 DUSA and SPY in my portfolio?

DUSA and SPY have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DUSA or SPY?

SPY has higher volatility (2.84%) compared to DUSA (2.19%). In terms of maximum drawdown, DUSA dropped -36.71% vs SPY's -55.19%.

Which ETF is better, DUSA or SPY?

On 5-year performance, SPY leads with 13.83% vs 10.68% for DUSA. On fees, SPY is cheaper at 0.09% per year. On volatility, DUSA has been the lower-risk option at 2.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DUSA or SPY?

Over the 5-year period, SPY has performed better with a 13.83% return vs 10.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DUSA or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.62% for DUSA.

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

SPY has the higher dividend yield at 0.98%, compared with 0.89% for DUSA.

What is the main difference between DUSA and SPY?

DUSA is categorized as Large Cap Blend Equities, while SPY is S&P 500. They also come from different issuers: Davis Advisers and State Street. Their fees differ too: 0.62% for DUSA and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 2.06), 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.