SDY vs. DON

Last updated Jun 4, 2026

SDY (SPDR S&P Dividend ETF) and DON (WisdomTree US MidCap Dividend ETF) are both Mid Cap Value Equities funds - SDY tracks the S&P High Yield Dividend Aristocrats Index while DON tracks the WisdomTree U.S. MidCap Dividend Index. Both are passively managed. Over the past 10 years, SDY returned 9.29%/yr vs 9.16%/yr for DON. Their correlation of 0.92 suggests significant overlap in exposure. SDY charges 0.35%/yr vs 0.38%/yr for DON.

Performance

SDY vs. DON - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Dividend ETF (SDY) and WisdomTree US MidCap Dividend ETF (DON). 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 SDY having a 7.49% return and DON slightly lower at 7.24%. Both investments have delivered pretty close results over the past 10 years, with SDY having a 9.29% annualized return and DON not far behind at 9.16%.

SDY

• 1D: -0.15%
• 1M: 0.81%
• YTD: 7.49%
• 6M: 7.45%
• 1Y: 12.80%
• 3Y*: 9.83%
• 5Y*: 5.97%
• 10Y*: 9.29%

DON

• 1D: -0.45%
• 1M: 0.47%
• YTD: 7.24%
• 6M: 6.89%
• 1Y: 14.24%
• 3Y*: 13.37%
• 5Y*: 7.54%
• 10Y*: 9.16%

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

SDY vs. DON - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SDY SPDR S&P Dividend ETF	7.49%	8.18%	8.45%	2.61%	-0.54%	25.32%	1.71%	23.29%	-2.74%	15.82%
DON WisdomTree US MidCap Dividend ETF	7.24%	3.86%	14.20%	14.04%	-4.72%	30.29%	-5.40%	23.31%	-8.26%	14.86%

Correlation

The correlation between SDY and DON is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jun 19, 2006	0.92

The correlation between SDY and DON has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

SDY vs. DON - Sectors Allocation Comparison

Sectors	SDY	DON
Industrials	17.5%	17.1%
Consumer Defensive	17.1%	3.6%
Utilities	14.8%	6.9%
Financial Services	11.5%	21.1%
Technology	8.7%	4.5%
Basic Materials	6.4%	6.4%
Healthcare	6.2%	2.4%
Consumer Cyclical	5.2%	11.5%
Real Estate	4.6%	9.3%
Energy	4.6%	7.9%
Communication Services	3.5%	3.9%

Return for Risk

SDY vs. DON — Risk / Return Rank

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

SDY

SDY Risk / Return Rank: 33
SDY Sharpe Ratio Rank: 33
SDY Sortino Ratio Rank: 36
SDY Omega Ratio Rank: 31
SDY Calmar Ratio Rank: 33
SDY Martin Ratio Rank: 31

DON

DON Risk / Return Rank: 31
DON Sharpe Ratio Rank: 30
DON Sortino Ratio Rank: 31
DON Omega Ratio Rank: 27
DON Calmar Ratio Rank: 31
DON Martin Ratio Rank: 32

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.

SDY vs. DON - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Dividend ETF (SDY) and WisdomTree US MidCap Dividend ETF (DON). 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.

	SDY	DON	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.10	+0.14
Sortino ratio: Return per unit of downside risk	1.92	1.71	+0.21
Omega ratio: Gain probability vs. loss probability	1.22	1.19	+0.02
Calmar ratio: Return relative to maximum drawdown	1.68	1.58	+0.10
Martin ratio: Return relative to average drawdown	4.60	4.93	-0.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SDY vs. DON - Sharpe Ratio Comparison

The current SDY Sharpe Ratio is 1.25, which is comparable to the DON Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of SDY and DON, 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

	SDY	DON	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.25	1.10	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.43	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.45	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.42	+0.05

Drawdowns

SDY vs. DON - Drawdown Comparison

The maximum SDY drawdown since its inception was -54.75%, smaller than the maximum DON drawdown of -61.94%. Use the drawdown chart below to compare losses from any high point for SDY and DON.

Drawdown Indicators

	SDY	DON	Difference
Max Drawdown Largest peak-to-trough decline	-54.75%	-61.94%	+7.19%
Max Drawdown (1Y) Largest decline over 1 year	-7.67%	-9.05%	+1.38%
Max Drawdown (3Y) Largest decline over 3 years	-14.39%	-21.46%	+7.07%
Max Drawdown (5Y) Largest decline over 5 years	-15.21%	-21.46%	+6.25%
Max Drawdown (10Y) Largest decline over 10 years	-36.70%	-46.80%	+10.10%
Current Drawdown Current decline from peak	-4.07%	-1.93%	-2.14%
Average Drawdown Average peak-to-trough decline	-6.21%	-7.90%	+1.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	2.90%	-0.11%

Volatility

SDY vs. DON - Volatility Comparison

The current volatility for SPDR S&P Dividend ETF (SDY) is 2.47%, while WisdomTree US MidCap Dividend ETF (DON) has a volatility of 3.06%. This indicates that SDY experiences smaller price fluctuations and is considered to be less risky than DON based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDY	DON	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.47%	3.06%	-0.59%
Volatility (6M) Calculated over the trailing 6-month period	7.43%	8.87%	-1.44%
Volatility (1Y) Calculated over the trailing 1-year period	10.33%	12.97%	-2.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.03%	17.77%	-3.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.08%	20.26%	-3.18%

SDY vs. DON - Expense Ratio Comparison

SDY has a 0.35% expense ratio, which is lower than DON's 0.38% expense ratio.

Dividends

SDY vs. DON - Dividend Comparison

SDY's dividend yield for the trailing twelve months is around 2.48%, more than DON's 2.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DON WisdomTree US MidCap Dividend ETF	2.36%	2.53%	2.27%	2.41%	2.71%	2.12%	2.77%	2.38%	2.55%	2.25%	2.48%	2.89%
SDY SPDR S&P Dividend ETF	2.48%	2.61%	2.56%	2.64%	2.55%	2.63%	2.85%	2.45%	2.73%	4.69%	3.30%	6.20%

Frequently Asked Questions

Can I hold both SDY and DON in my portfolio?

SDY and DON have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SDY or DON?

DON has higher volatility (3.06%) compared to SDY (2.47%). In terms of maximum drawdown, SDY dropped -54.75% vs DON's -61.94%.

Which ETF is better, SDY or DON?

On 10-year performance, SDY leads with 9.29% vs 9.16% for DON. On fees, SDY is cheaper at 0.35% per year. On volatility, SDY has been the lower-risk option at 2.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SDY or DON?

Over the 10-year period, SDY has performed better with a 9.29% return vs 9.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDY or DON?

SDY is cheaper with a 0.35% expense ratio, compared with 0.38% for DON.

Which ETF pays a higher dividend yield, SDY or DON?

SDY has the higher dividend yield at 2.48%, compared with 2.36% for DON.

What is the main difference between SDY and DON?

SDY tracks S&P High Yield Dividend Aristocrats Index, while DON tracks WisdomTree U.S. MidCap Dividend Index. They also come from different issuers: State Street and WisdomTree. Their fees differ too: 0.35% for SDY and 0.38% for DON.

Which has better risk-adjusted returns?

SDY currently has the higher Sharpe Ratio (1.25 vs 1.10), 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.