SPY vs. DFUSX

Last updated Jun 14, 2026

SPY (State Street SPDR S&P 500 ETF) and DFUSX (DFA U.S. Large Company Portfolio) are both funds - SPY is a S&P 500 fund tracking the S&P 500 Index, while DFUSX is a Large Cap Blend Equities fund managed by Dimensional. Over the past 10 years, SPY returned 15.42%/yr vs 15.30%/yr for DFUSX. With a 0.98 correlation, they move nearly in lockstep. SPY charges 0.09%/yr vs 0.08%/yr for DFUSX.

Performance

SPY vs. DFUSX - 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. Large Company Portfolio (DFUSX). 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 higher than DFUSX's 8.57% return. Both investments have delivered pretty close results over the past 10 years, with SPY having a 15.42% annualized return and DFUSX not far behind at 15.30%.

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%

DFUSX

• 1D: 1.80%
• 1M: -0.12%
• YTD: 8.57%
• 6M: 8.90%
• 1Y: 25.09%
• 3Y*: 20.99%
• 5Y*: 13.26%
• 10Y*: 15.30%

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

SPY vs. DFUSX - 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%
DFUSX DFA U.S. Large Company Portfolio	8.57%	17.76%	24.91%	26.28%	-18.14%	28.53%	18.41%	32.08%	-4.45%	21.04%

Correlation

The correlation between SPY and DFUSX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Sep 23, 1999	0.98

The correlation between SPY and DFUSX has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

Return for Risk

SPY vs. DFUSX — 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

DFUSX

DFUSX Risk / Return Rank: 74
DFUSX Sharpe Ratio Rank: 74
DFUSX Sortino Ratio Rank: 71
DFUSX Omega Ratio Rank: 70
DFUSX Calmar Ratio Rank: 74
DFUSX Martin Ratio Rank: 84

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. DFUSX - 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. Large Company Portfolio (DFUSX). 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	DFUSX	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.03	-0.04
Sortino ratio: Return per unit of downside risk	2.68	2.79	-0.10
Omega ratio: Gain probability vs. loss probability	1.36	1.36	0.00
Calmar ratio: Return relative to maximum drawdown	2.74	2.76	-0.01
Martin ratio: Return relative to average drawdown	12.39	12.54	-0.15

SPY vs. DFUSX - Sharpe Ratio Comparison

The current SPY Sharpe Ratio is 1.98, which is comparable to the DFUSX Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of SPY and DFUSX, 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. DFUSX - Drawdown Comparison

The maximum SPY drawdown since its inception was -55.19%, roughly equal to the maximum DFUSX drawdown of -54.96%. Use the drawdown chart below to compare losses from any high point for SPY and DFUSX.

Drawdown Indicators

	SPY	DFUSX	Difference
Max Drawdown Largest peak-to-trough decline	-55.19%	-54.96%	-0.23%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-8.88%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	-18.76%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	-24.58%	+0.08%
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	-33.79%	+0.07%
Current Drawdown Current decline from peak	-2.35%	-2.81%	+0.46%
Average Drawdown Average peak-to-trough decline	-9.04%	-10.59%	+1.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	1.94%	+0.03%

Volatility

SPY vs. DFUSX - Volatility Comparison

State Street SPDR S&P 500 ETF (SPY) and DFA U.S. Large Company Portfolio (DFUSX) have volatilities of 4.34% and 4.46%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPY	DFUSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	4.46%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	9.58%	9.73%	-0.15%
Volatility (1Y) Calculated over the trailing 1-year period	12.29%	12.09%	+0.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.12%	16.95%	+0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.96%	18.10%	-0.14%

SPY vs. DFUSX - Expense Ratio Comparison

SPY has a 0.09% expense ratio, which is higher than DFUSX's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPY vs. DFUSX - Dividend Comparison

SPY's dividend yield for the trailing twelve months is around 1.00%, more than DFUSX's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFUSX DFA U.S. Large Company Portfolio	0.98%	1.04%	1.24%	4.17%	6.24%	6.57%	3.82%	2.74%	2.64%	1.56%	1.95%	2.87%
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 DFUSX in my portfolio?

With a correlation of 0.97, SPY and DFUSX 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, SPY or DFUSX?

DFUSX has higher volatility (4.46%) compared to SPY (4.34%). In terms of maximum drawdown, SPY dropped -55.19% vs DFUSX's -54.96%.

Which has better risk-adjusted returns?

DFUSX currently has the higher Sharpe Ratio (2.03 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.