DWUS vs. SPY

Last updated Jun 17, 2026

DWUS (AdvisorShares Dorsey Wright FSM US Core ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - DWUS is a Diversified Portfolio fund actively managed by AdvisorShares, while SPY is a S&P 500 fund tracking the S&P 500 Index. DWUS is actively managed, while SPY is passively managed. Over the past 5 years, DWUS returned 10.84%/yr vs 13.74%/yr for SPY. Their correlation of 0.86 suggests significant overlap in exposure. DWUS charges 1.17%/yr vs 0.09%/yr for SPY.

Performance

DWUS vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AdvisorShares Dorsey Wright FSM US Core ETF (DWUS) 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, DWUS achieves a 13.97% return, which is significantly higher than SPY's 10.33% return.

DWUS

• 1D: -1.95%
• 1M: 4.85%
• YTD: 13.97%
• 6M: 14.75%
• 1Y: 24.51%
• 3Y*: 19.39%
• 5Y*: 10.84%
• 10Y*: —

SPY

• 1D: -0.60%
• 1M: 1.51%
• YTD: 10.33%
• 6M: 11.16%
• 1Y: 25.93%
• 3Y*: 20.91%
• 5Y*: 13.74%
• 10Y*: 15.58%

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

DWUS vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
DWUS AdvisorShares Dorsey Wright FSM US Core ETF	13.97%	12.75%	20.26%	20.62%	-17.89%	20.21%	35.99%	9.39%
SPY State Street SPDR S&P 500 ETF	10.33%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	-0.33%

Correlation

The correlation between DWUS and SPY is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Dec 27, 2019	0.86

The correlation between DWUS and SPY has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.

DWUS vs. SPY - Sectors Allocation Comparison

Sectors	DWUS	SPY
Technology	44.3%	39.0%
Industrials	11.2%	7.8%
Financial Services	10.2%	11.1%
Communication Services	8.9%	10.6%
Healthcare	7.6%	8.3%
Consumer Cyclical	6.1%	9.9%
Consumer Defensive	3.7%	4.5%
Energy	3.3%	3.1%
Real Estate	1.6%	1.8%
Basic Materials	1.6%	1.7%
Utilities	1.5%	2.1%

Return for Risk

DWUS vs. SPY — Risk / Return Rank

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

DWUS

DWUS Risk / Return Rank: 42
DWUS Sharpe Ratio Rank: 41
DWUS Sortino Ratio Rank: 39
DWUS Omega Ratio Rank: 40
DWUS Calmar Ratio Rank: 43
DWUS Martin Ratio Rank: 47

SPY

SPY Risk / Return Rank: 66
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 67
SPY Calmar Ratio Rank: 60
SPY Martin Ratio Rank: 73

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.

DWUS vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Dorsey Wright FSM US Core ETF (DWUS) 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.

	DWUS	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.42	2.11	-0.69
Sortino ratio: Return per unit of downside risk	1.95	2.86	-0.91
Omega ratio: Gain probability vs. loss probability	1.26	1.38	-0.13
Calmar ratio: Return relative to maximum drawdown	2.06	2.93	-0.88
Martin ratio: Return relative to average drawdown	7.57	13.24	-5.67

DWUS vs. SPY - Sharpe Ratio Comparison

The current DWUS Sharpe Ratio is 1.42, which is lower than the SPY Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of DWUS 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

DWUS vs. SPY - Drawdown Comparison

The maximum DWUS drawdown since its inception was -30.47%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DWUS and SPY.

Drawdown Indicators

	DWUS	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-30.47%	-55.19%	+24.72%
Max Drawdown (1Y) Largest decline over 1 year	-11.98%	-8.88%	-3.10%
Max Drawdown (3Y) Largest decline over 3 years	-19.63%	-18.76%	-0.87%
Max Drawdown (5Y) Largest decline over 5 years	-26.45%	-24.50%	-1.95%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-1.95%	-1.22%	-0.73%
Average Drawdown Average peak-to-trough decline	-6.84%	-9.04%	+2.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	1.97%	+1.28%

Volatility

DWUS vs. SPY - Volatility Comparison

AdvisorShares Dorsey Wright FSM US Core ETF (DWUS) has a higher volatility of 8.98% compared to State Street SPDR S&P 500 ETF (SPY) at 4.48%. This indicates that DWUS'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

	DWUS	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.98%	4.48%	+4.50%
Volatility (6M) Calculated over the trailing 6-month period	14.68%	9.68%	+5.00%
Volatility (1Y) Calculated over the trailing 1-year period	17.37%	12.36%	+5.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.15%	17.14%	+2.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.36%	17.98%	+4.38%

DWUS vs. SPY - Expense Ratio Comparison

DWUS has a 1.17% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

DWUS vs. SPY - Dividend Comparison

DWUS's dividend yield for the trailing twelve months is around 0.03%, less than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DWUS AdvisorShares Dorsey Wright FSM US Core ETF	0.03%	0.03%	0.18%	0.29%	0.89%	0.35%	0.08%	0.00%	0.00%	0.00%	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 DWUS and SPY in my portfolio?

With a correlation of 0.91, DWUS and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DWUS or SPY?

DWUS has higher volatility (8.98%) compared to SPY (4.48%). In terms of maximum drawdown, DWUS dropped -30.47% vs SPY's -55.19%.

Which ETF is better, DWUS or SPY?

On 5-year performance, SPY leads with 13.74% vs 10.84% for DWUS. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DWUS or SPY?

Over the 5-year period, SPY has performed better with a 13.74% return vs 10.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DWUS or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 1.17% for DWUS.

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

SPY has the higher dividend yield at 0.98%, compared with 0.03% for DWUS.

What is the main difference between DWUS and SPY?

DWUS is categorized as Diversified Portfolio, while SPY is S&P 500. They also come from different issuers: AdvisorShares and State Street. Their fees differ too: 1.17% for DWUS and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.11 vs 1.42), 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.