SPY vs. DFSCX

Last updated Jun 14, 2026

SPY (State Street SPDR S&P 500 ETF) and DFSCX (DFA U.S. Micro Cap Portfolio) are both funds - SPY is a S&P 500 fund tracking the S&P 500 Index, while DFSCX is a Small Cap Blend Equities fund managed by Dimensional. Over the past 10 years, SPY returned 15.42%/yr vs 11.53%/yr for DFSCX. A 0.75 correlation means they provide meaningful diversification when combined. SPY charges 0.09%/yr vs 0.41%/yr for DFSCX.

Performance

SPY vs. DFSCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 ETF (SPY) and DFA U.S. Micro Cap Portfolio (DFSCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPY achieves a 9.07% return, which is significantly lower than DFSCX's 19.26% return. Over the past 10 years, SPY has outperformed DFSCX with an annualized return of 15.42%, while DFSCX has yielded a comparatively lower 11.53% annualized return.

SPY

• 1D: 0.54%
• 1M: -0.86%
• YTD: 9.07%
• 6M: 9.42%
• 1Y: 25.67%
• 3Y*: 20.86%
• 5Y*: 13.36%
• 10Y*: 15.42%

DFSCX

• 1D: 2.35%
• 1M: 6.42%
• YTD: 19.26%
• 6M: 16.19%
• 1Y: 38.65%
• 3Y*: 17.49%
• 5Y*: 9.29%
• 10Y*: 11.53%

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

SPY vs. DFSCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPY State Street SPDR S&P 500 ETF	9.07%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%
DFSCX DFA U.S. Micro Cap Portfolio	19.26%	9.65%	11.43%	17.93%	-12.49%	33.70%	6.61%	20.68%	-11.60%	10.92%

Correlation

The correlation between SPY and DFSCX is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jan 29, 1993	0.75

The correlation between SPY and DFSCX has been stable across timeframes, ranging from 0.74 to 0.79 - a consistent structural relationship.

Return for Risk

SPY vs. DFSCX — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 71
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 76

DFSCX

DFSCX Risk / Return Rank: 79
DFSCX Sharpe Ratio Rank: 72
DFSCX Sortino Ratio Rank: 75
DFSCX Omega Ratio Rank: 63
DFSCX Calmar Ratio Rank: 93
DFSCX Martin Ratio Rank: 89

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.

SPY vs. DFSCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) and DFA U.S. Micro Cap Portfolio (DFSCX). 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.

	SPY	DFSCX	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.01	-0.02
Sortino ratio: Return per unit of downside risk	2.68	2.92	-0.23
Omega ratio: Gain probability vs. loss probability	1.36	1.34	+0.02
Calmar ratio: Return relative to maximum drawdown	2.74	4.37	-1.63
Martin ratio: Return relative to average drawdown	12.39	14.12	-1.73

SPY vs. DFSCX - Sharpe Ratio Comparison

The current SPY Sharpe Ratio is 1.98, which is comparable to the DFSCX Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of SPY and DFSCX, 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

SPY vs. DFSCX - Drawdown Comparison

The maximum SPY drawdown since its inception was -55.19%, smaller than the maximum DFSCX drawdown of -63.07%. Use the drawdown chart below to compare losses from any high point for SPY and DFSCX.

Drawdown Indicators

	SPY	DFSCX	Difference
Max Drawdown Largest peak-to-trough decline	-55.19%	-63.07%	+7.88%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-8.17%	-0.71%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	-27.01%	+8.25%
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	-27.01%	+2.51%
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	-46.88%	+13.16%
Current Drawdown Current decline from peak	-2.35%	0.00%	-2.35%
Average Drawdown Average peak-to-trough decline	-9.04%	-9.90%	+0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	2.53%	-0.56%

Volatility

SPY vs. DFSCX - Volatility Comparison

The current volatility for State Street SPDR S&P 500 ETF (SPY) is 4.34%, while DFA U.S. Micro Cap Portfolio (DFSCX) has a volatility of 5.02%. This indicates that SPY experiences smaller price fluctuations and is considered to be less risky than DFSCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPY	DFSCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	5.02%	-0.68%
Volatility (6M) Calculated over the trailing 6-month period	9.58%	11.99%	-2.41%
Volatility (1Y) Calculated over the trailing 1-year period	12.29%	17.79%	-5.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.12%	21.05%	-3.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.96%	22.65%	-4.69%

SPY vs. DFSCX - Expense Ratio Comparison

SPY has a 0.09% expense ratio, which is lower than DFSCX's 0.41% expense ratio.

Dividends

SPY vs. DFSCX - Dividend Comparison

SPY's dividend yield for the trailing twelve months is around 1.00%, more than DFSCX's 0.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFSCX DFA U.S. Micro Cap Portfolio	0.80%	1.03%	0.97%	2.48%	5.16%	10.77%	0.87%	2.80%	5.50%	5.05%	0.90%	6.33%
SPY State Street SPDR S&P 500 ETF	1.00%	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 SPY and DFSCX in my portfolio?

SPY and DFSCX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPY or DFSCX?

DFSCX has higher volatility (5.02%) compared to SPY (4.34%). In terms of maximum drawdown, SPY dropped -55.19% vs DFSCX's -63.07%.

Which has better risk-adjusted returns?

DFSCX currently has the higher Sharpe Ratio (2.01 vs 1.98), 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.