SPYG vs. DGRW

Last updated Jun 14, 2026

SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) and DGRW (WisdomTree U.S. Quality Dividend Growth Fund) are both exchange-traded funds - SPYG is a S&P 500 fund tracking the S&P 500 Growth Index, while DGRW is a Dividend fund tracking the WisdomTree U.S. Quality Dividend Growth Index. Both are passively managed. Over the past 10 years, SPYG returned 17.91%/yr vs 14.13%/yr for DGRW. Their correlation of 0.86 suggests significant overlap in exposure. SPYG charges 0.04%/yr vs 0.28%/yr for DGRW.

Performance

SPYG vs. DGRW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) and WisdomTree U.S. Quality Dividend Growth Fund (DGRW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYG achieves a 9.70% return, which is significantly higher than DGRW's 7.88% return. Over the past 10 years, SPYG has outperformed DGRW with an annualized return of 17.91%, while DGRW has yielded a comparatively lower 14.13% annualized return.

SPYG

• 1D: 0.41%
• 1M: -2.81%
• YTD: 9.70%
• 6M: 10.60%
• 1Y: 29.17%
• 3Y*: 25.85%
• 5Y*: 14.92%
• 10Y*: 17.91%

DGRW

• 1D: 0.50%
• 1M: -0.55%
• YTD: 7.88%
• 6M: 7.92%
• 1Y: 18.88%
• 3Y*: 15.58%
• 5Y*: 11.95%
• 10Y*: 14.13%

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

SPYG vs. DGRW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	9.70%	22.09%	35.99%	30.02%	-29.41%	32.01%	33.46%	30.84%	-0.12%	27.24%
DGRW WisdomTree U.S. Quality Dividend Growth Fund	7.88%	12.17%	16.98%	18.66%	-6.33%	24.46%	13.87%	29.54%	-5.38%	26.90%

Correlation

The correlation between SPYG and DGRW is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since May 22, 2013	0.86

The correlation between SPYG and DGRW shifts across timeframes, from 0.76 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

SPYG vs. DGRW - Sectors Allocation Comparison

Sectors	SPYG	DGRW
Technology	53.2%	32.1%
Communication Services	16.1%	10.1%
Consumer Cyclical	8.5%	7.1%
Financial Services	8.4%	11.3%
Healthcare	5.8%	12.8%
Industrials	5.1%	9.9%
Utilities	1.1%	0.2%
Consumer Defensive	0.9%	6.7%
Real Estate	0.5%	-
Basic Materials	0.3%	3.3%
Energy	0.1%	5.0%

Return for Risk

SPYG vs. DGRW — Risk / Return Rank

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

SPYG

SPYG Risk / Return Rank: 52
SPYG Sharpe Ratio Rank: 56
SPYG Sortino Ratio Rank: 53
SPYG Omega Ratio Rank: 53
SPYG Calmar Ratio Rank: 45
SPYG Martin Ratio Rank: 53

DGRW

DGRW Risk / Return Rank: 59
DGRW Sharpe Ratio Rank: 60
DGRW Sortino Ratio Rank: 63
DGRW Omega Ratio Rank: 62
DGRW Calmar Ratio Rank: 49
DGRW Martin Ratio Rank: 60

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.

SPYG vs. DGRW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) and WisdomTree U.S. Quality Dividend Growth Fund (DGRW). 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.

	SPYG	DGRW	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.76	-0.11
Sortino ratio: Return per unit of downside risk	2.26	2.53	-0.27
Omega ratio: Gain probability vs. loss probability	1.29	1.32	-0.03
Calmar ratio: Return relative to maximum drawdown	2.01	2.15	-0.14
Martin ratio: Return relative to average drawdown	8.08	9.28	-1.19

SPYG vs. DGRW - Sharpe Ratio Comparison

The current SPYG Sharpe Ratio is 1.65, which is comparable to the DGRW Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of SPYG and DGRW, 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

SPYG vs. DGRW - Drawdown Comparison

The maximum SPYG drawdown since its inception was -67.63%, which is greater than DGRW's maximum drawdown of -32.04%. Use the drawdown chart below to compare losses from any high point for SPYG and DGRW.

Drawdown Indicators

	SPYG	DGRW	Difference
Max Drawdown Largest peak-to-trough decline	-67.63%	-32.04%	-35.59%
Max Drawdown (1Y) Largest decline over 1 year	-13.76%	-8.30%	-5.46%
Max Drawdown (3Y) Largest decline over 3 years	-22.14%	-16.21%	-5.93%
Max Drawdown (5Y) Largest decline over 5 years	-32.67%	-17.27%	-15.40%
Max Drawdown (10Y) Largest decline over 10 years	-32.67%	-32.04%	-0.63%
Current Drawdown Current decline from peak	-4.65%	-1.93%	-2.72%
Average Drawdown Average peak-to-trough decline	-24.30%	-3.01%	-21.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	1.92%	+1.50%

Volatility

SPYG vs. DGRW - Volatility Comparison

State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) has a higher volatility of 6.33% compared to WisdomTree U.S. Quality Dividend Growth Fund (DGRW) at 3.41%. This indicates that SPYG's price experiences larger fluctuations and is considered to be riskier than DGRW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYG	DGRW	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.33%	3.41%	+2.92%
Volatility (6M) Calculated over the trailing 6-month period	13.48%	8.04%	+5.44%
Volatility (1Y) Calculated over the trailing 1-year period	16.81%	10.16%	+6.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.27%	14.01%	+7.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.70%	16.23%	+4.47%

SPYG vs. DGRW - Expense Ratio Comparison

SPYG has a 0.04% expense ratio, which is lower than DGRW's 0.28% expense ratio.

Dividends

SPYG vs. DGRW - Dividend Comparison

SPYG's dividend yield for the trailing twelve months is around 0.48%, less than DGRW's 1.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRW WisdomTree U.S. Quality Dividend Growth Fund	1.28%	1.43%	1.55%	1.74%	2.15%	1.78%	1.93%	2.20%	2.42%	1.71%	2.13%	2.18%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.48%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%

Frequently Asked Questions

Can I hold both SPYG and DGRW in my portfolio?

SPYG and DGRW have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYG or DGRW?

SPYG has higher volatility (6.33%) compared to DGRW (3.41%). In terms of maximum drawdown, SPYG dropped -67.63% vs DGRW's -32.04%.

Which ETF is better, SPYG or DGRW?

On 10-year performance, SPYG leads with 17.91% vs 14.13% for DGRW. On fees, SPYG is cheaper at 0.04% per year. On volatility, DGRW has been the lower-risk option at 3.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYG or DGRW?

Over the 10-year period, SPYG has performed better with a 17.91% return vs 14.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYG or DGRW?

SPYG is cheaper with a 0.04% expense ratio, compared with 0.28% for DGRW.

Which ETF pays a higher dividend yield, SPYG or DGRW?

DGRW has the higher dividend yield at 1.28%, compared with 0.48% for SPYG.

What is the main difference between SPYG and DGRW?

SPYG is categorized as S&P 500, while DGRW is Dividend. SPYG tracks S&P 500 Growth Index, while DGRW tracks WisdomTree U.S. Quality Dividend Growth Index. They also come from different issuers: State Street and WisdomTree. Their fees differ too: 0.04% for SPYG and 0.28% for DGRW.

Which has better risk-adjusted returns?

DGRW currently has the higher Sharpe Ratio (1.76 vs 1.65), 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.