PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
SPYD vs. DVY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPYD vs. DVY

Last updated Jun 26, 2026

SPYD (State Street SPDR Portfolio S&P 500 High Dividend ETF) and DVY (iShares Select Dividend ETF) are both exchange-traded funds - SPYD is a S&P 500 fund tracking the S&P 500 High Dividend Index, while DVY is a Large Cap Value Equities fund tracking the Dow Jones U.S. Select Dividend Index. Both are passively managed. Over the past 10 years, SPYD returned 9.19%/yr vs 10.66%/yr for DVY. Their correlation of 0.94 suggests significant overlap in exposure. SPYD charges 0.07%/yr vs 0.39%/yr for DVY.

Performance

SPYD vs. DVY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) and iShares Select Dividend ETF (DVY). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, SPYD achieves a 13.71% return, which is significantly higher than DVY's 12.97% return. Over the past 10 years, SPYD has underperformed DVY with an annualized return of 9.19%, while DVY has yielded a comparatively higher 10.66% annualized return.

SPYD

1D
0.75%
1M
2.24%
YTD
13.71%
6M
13.22%
1Y
20.49%
3Y*
14.90%
5Y*
8.08%
10Y*
9.19%

DVY

1D
0.72%
1M
1.93%
YTD
12.97%
6M
11.84%
1Y
24.49%
3Y*
16.32%
5Y*
9.79%
10Y*
10.66%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPYD vs. DVY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPYD
State Street SPDR Portfolio S&P 500 High Dividend ETF		13.71%4.65%15.34%3.91%-1.17%32.73%-11.64%21.20%-4.89%12.67%
DVY
iShares Select Dividend ETF		12.97%11.60%16.24%1.12%1.80%31.70%-4.91%22.62%-6.36%14.82%

Correlation

The correlation between SPYD and DVY is 0.93, 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

0.93

Correlation (3Y)
Calculated over the trailing 3-year period

0.95

Correlation (5Y)
Calculated over the trailing 5-year period

0.96

Correlation (10Y)
Calculated over the trailing 10-year period

0.95

Correlation (All Time)
Calculated using the full available price history since Oct 22, 2015

0.94

The correlation between SPYD and DVY has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

SPYD vs. DVY - Sectors Allocation Comparison

Sectors
SPYD
DVY

Real Estate

26.5%

-

Consumer Defensive

16.0%
13.4%

Financial Services

11.9%
25.8%

Utilities

11.2%
23.8%

Energy

8.5%
8.2%

Consumer Cyclical

7.3%
10.0%

Healthcare

5.3%
5.1%

Communication Services

4.8%
5.3%

Technology

3.2%
3.8%

Basic Materials

3.0%
2.0%

Industrials

2.3%
2.1%

Real Estate

SPYD
26.5%
DVY

-

Consumer Defensive

SPYD
16.0%
DVY
13.4%

Financial Services

SPYD
11.9%
DVY
25.8%

Utilities

SPYD
11.2%
DVY
23.8%

Energy

SPYD
8.5%
DVY
8.2%

Consumer Cyclical

SPYD
7.3%
DVY
10.0%

Healthcare

SPYD
5.3%
DVY
5.1%

Communication Services

SPYD
4.8%
DVY
5.3%

Technology

SPYD
3.2%
DVY
3.8%

Basic Materials

SPYD
3.0%
DVY
2.0%

Industrials

SPYD
2.3%
DVY
2.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

State Street SPDR Portfolio S&P 500 High Dividend ETF

iShares Select Dividend ETF

Often compared with SPYD:
SPYD vs. SCHDSPYD vs. SPYSPYD vs. VYMSPYD vs. SPYISPYD vs. HDVSPYD vs. JEPISPYD vs. SPHD
Often compared with DVY:
DVY vs. SCHDDVY vs. HDVDVY vs. VYMDVY vs. DGRODVY vs. VIGDVY vs. VOODVY vs. DVYE

Return for Risk

SPYD vs. DVY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPYD
SPYD Risk / Return Rank: 6161
Overall Rank
SPYD Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
SPYD Sortino Ratio Rank: 6666
Sortino Ratio Rank
SPYD Omega Ratio Rank: 5555
Omega Ratio Rank
SPYD Calmar Ratio Rank: 6868
Calmar Ratio Rank
SPYD Martin Ratio Rank: 5555
Martin Ratio Rank
DVY
DVY Risk / Return Rank: 7878
Overall Rank
DVY Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
DVY Sortino Ratio Rank: 8383
Sortino Ratio Rank
DVY Omega Ratio Rank: 7474
Omega Ratio Rank
DVY Calmar Ratio Rank: 7979
Calmar Ratio Rank
DVY Martin Ratio Rank: 7676
Martin Ratio Rank
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.

SPYD vs. DVY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) and iShares Select Dividend ETF (DVY). 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.

SPYDDVYDifference
Sharpe ratioReturn per unit of total volatility
1.75
2.20

-0.45

Sortino ratioReturn per unit of downside risk
2.60
3.19

-0.59

Omega ratioGain probability vs. loss probability

1.30

1.38

-0.08

Calmar ratioReturn relative to maximum drawdown

2.92

3.57

-0.65

Martin ratioReturn relative to average drawdown

8.40

12.47

-4.07

SPYD vs. DVY - Sharpe Ratio Comparison

The current SPYD Sharpe Ratio is 1.75, which is comparable to the DVY Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of SPYD and DVY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

SPYD vs. DVY - Drawdown Comparison

The maximum SPYD drawdown since its inception was -46.42%, smaller than the maximum DVY drawdown of -62.59%. Use the drawdown chart below to compare losses from any high point for SPYD and DVY.

Loading charts...

Drawdown Indicators

SPYDDVYDifference

Max Drawdown

Largest peak-to-trough decline

-46.42%

-62.59%

+16.17%

Max Drawdown (1Y)

Largest decline over 1 year

-7.05%

-6.89%

-0.16%

Max Drawdown (3Y)

Largest decline over 3 years

-16.13%

-16.00%

-0.13%

Max Drawdown (5Y)

Largest decline over 5 years

-22.25%

-17.54%

-4.71%

Max Drawdown (10Y)

Largest decline over 10 years

-46.42%

-41.59%

-4.83%

Current Drawdown

Current decline from peak

-0.88%

-0.38%

-0.50%

Average Drawdown

Average peak-to-trough decline

-6.14%

-8.77%

+2.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.44%

1.97%

+0.47%

Volatility

SPYD vs. DVY - Volatility Comparison

State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) has a higher volatility of 3.62% compared to iShares Select Dividend ETF (DVY) at 3.36%. This indicates that SPYD's price experiences larger fluctuations and is considered to be riskier than DVY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

SPYDDVYDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.62%

3.36%

+0.26%

Volatility (6M)

Calculated over the trailing 6-month period

8.05%

7.80%

+0.25%

Volatility (1Y)

Calculated over the trailing 1-year period

11.87%

11.25%

+0.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.07%

15.14%

+0.93%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.78%

18.01%

+1.77%

SPYD vs. DVY - Expense Ratio Comparison

SPYD has a 0.07% expense ratio, which is lower than DVY's 0.39% expense ratio.

Dividends

SPYD vs. DVY - Dividend Comparison

SPYD's dividend yield for the trailing twelve months is around 4.22%, more than DVY's 3.35% yield.

PositionTTM20252024202320222021202020192018201720162015
DVY
iShares Select Dividend ETF		3.35%3.65%3.65%3.82%3.43%3.12%3.66%3.41%3.58%3.00%3.04%3.45%
SPYD
State Street SPDR Portfolio S&P 500 High Dividend ETF		4.22%4.52%4.31%4.66%5.01%3.68%4.95%4.42%4.75%4.63%4.34%1.13%

Frequently Asked Questions

With a correlation of 0.93, SPYD and DVY 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.

SPYD has higher volatility (3.62%) compared to DVY (3.36%). In terms of maximum drawdown, SPYD dropped -46.42% vs DVY's -62.59%.

On 10-year performance, DVY leads with 10.66% vs 9.19% for SPYD. On fees, SPYD is cheaper at 0.07% per year. On volatility, DVY has been the lower-risk option at 3.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DVY has performed better with a 10.66% return vs 9.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPYD is cheaper with a 0.07% expense ratio, compared with 0.39% for DVY.

SPYD has the higher dividend yield at 4.22%, compared with 3.35% for DVY.

SPYD is categorized as S&P 500, while DVY is Large Cap Value Equities. SPYD tracks S&P 500 High Dividend Index, while DVY tracks Dow Jones U.S. Select Dividend Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.07% for SPYD and 0.39% for DVY.

DVY currently has the higher Sharpe Ratio (2.20 vs 1.75), 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.

Portfolio Optimizer

Find the right allocation for SPYD and DVY

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer