SPYV vs. DFLVX

Last updated Jun 4, 2026

SPYV (SPDR Portfolio S&P 500 Value ETF) and DFLVX (DFA U.S. Large Cap Value Portfolio) are both funds - SPYV is a S&P 500 fund tracking the S&P 500 Value, while DFLVX is a Large Cap Value Equities fund managed by Dimensional. Over the past 10 years, SPYV returned 11.90%/yr vs 11.94%/yr for DFLVX. Their correlation of 0.89 suggests significant overlap in exposure. SPYV charges 0.04%/yr vs 0.22%/yr for DFLVX.

Performance

SPYV vs. DFLVX - Performance Comparison

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

Returns By Period

In the year-to-date period, SPYV achieves a 7.46% return, which is significantly lower than DFLVX's 16.01% return. Both investments have delivered pretty close results over the past 10 years, with SPYV having a 11.90% annualized return and DFLVX not far ahead at 11.94%.

SPYV

• 1D: -0.36%
• 1M: 2.22%
• YTD: 7.46%
• 6M: 7.77%
• 1Y: 21.26%
• 3Y*: 15.72%
• 5Y*: 10.68%
• 10Y*: 11.90%

DFLVX

• 1D: 1.10%
• 1M: 5.70%
• YTD: 16.01%
• 6M: 17.69%
• 1Y: 33.76%
• 3Y*: 19.38%
• 5Y*: 11.03%
• 10Y*: 11.94%

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

SPYV vs. DFLVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYV SPDR Portfolio S&P 500 Value ETF	7.46%	13.18%	12.24%	22.20%	-5.28%	24.91%	1.38%	31.70%	-9.01%	15.40%
DFLVX DFA U.S. Large Cap Value Portfolio	16.01%	16.36%	12.76%	11.52%	-5.81%	30.40%	-0.58%	25.46%	-11.68%	18.50%

Correlation

The correlation between SPYV and DFLVX is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Oct 3, 2000	0.89

The correlation between SPYV and DFLVX has been stable across timeframes, ranging from 0.88 to 0.95 - a consistent structural relationship.

Return for Risk

SPYV vs. DFLVX — Risk / Return Rank

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

SPYV

SPYV Risk / Return Rank: 66
SPYV Sharpe Ratio Rank: 63
SPYV Sortino Ratio Rank: 64
SPYV Omega Ratio Rank: 63
SPYV Calmar Ratio Rank: 68
SPYV Martin Ratio Rank: 69

DFLVX

DFLVX Risk / Return Rank: 92
DFLVX Sharpe Ratio Rank: 93
DFLVX Sortino Ratio Rank: 91
DFLVX Omega Ratio Rank: 84
DFLVX Calmar Ratio Rank: 95
DFLVX Martin Ratio Rank: 95

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.

SPYV vs. DFLVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio S&P 500 Value ETF (SPYV) and DFA U.S. Large Cap Value Portfolio (DFLVX). 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.

	SPYV	DFLVX	Difference
Sharpe ratio: Return per unit of total volatility	2.17	3.20	-1.03
Sortino ratio: Return per unit of downside risk	3.05	4.51	-1.46
Omega ratio: Gain probability vs. loss probability	1.39	1.56	-0.17
Calmar ratio: Return relative to maximum drawdown	3.43	6.02	-2.59
Martin ratio: Return relative to average drawdown	13.16	22.08	-8.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYV vs. DFLVX - Sharpe Ratio Comparison

The current SPYV Sharpe Ratio is 2.17, which is lower than the DFLVX Sharpe Ratio of 3.20. The chart below compares the historical Sharpe Ratios of SPYV and DFLVX, 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

	SPYV	DFLVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	3.20	-1.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.70	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.65	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.53	-0.11

Drawdowns

SPYV vs. DFLVX - Drawdown Comparison

The maximum SPYV drawdown since its inception was -58.45%, smaller than the maximum DFLVX drawdown of -65.65%. Use the drawdown chart below to compare losses from any high point for SPYV and DFLVX.

Drawdown Indicators

	SPYV	DFLVX	Difference
Max Drawdown Largest peak-to-trough decline	-58.45%	-65.65%	+7.20%
Max Drawdown (1Y) Largest decline over 1 year	-6.22%	-5.86%	-0.36%
Max Drawdown (3Y) Largest decline over 3 years	-17.54%	-16.64%	-0.90%
Max Drawdown (5Y) Largest decline over 5 years	-17.89%	-19.83%	+1.94%
Max Drawdown (10Y) Largest decline over 10 years	-36.89%	-41.79%	+4.90%
Current Drawdown Current decline from peak	-0.57%	0.00%	-0.57%
Average Drawdown Average peak-to-trough decline	-8.72%	-8.48%	-0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	1.59%	+0.03%

Volatility

SPYV vs. DFLVX - Volatility Comparison

The current volatility for SPDR Portfolio S&P 500 Value ETF (SPYV) is 1.98%, while DFA U.S. Large Cap Value Portfolio (DFLVX) has a volatility of 2.86%. This indicates that SPYV experiences smaller price fluctuations and is considered to be less risky than DFLVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYV	DFLVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.98%	2.86%	-0.88%
Volatility (6M) Calculated over the trailing 6-month period	7.04%	8.21%	-1.17%
Volatility (1Y) Calculated over the trailing 1-year period	9.84%	11.02%	-1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.40%	15.88%	-1.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.94%	18.38%	-1.44%

SPYV vs. DFLVX - Expense Ratio Comparison

SPYV has a 0.04% expense ratio, which is lower than DFLVX's 0.22% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPYV vs. DFLVX - Dividend Comparison

SPYV's dividend yield for the trailing twelve months is around 1.70%, more than DFLVX's 1.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFLVX DFA U.S. Large Cap Value Portfolio	1.45%	1.71%	1.87%	3.65%	4.56%	5.90%	1.97%	4.04%	7.83%	6.06%	3.77%	6.52%
SPYV SPDR Portfolio S&P 500 Value ETF	1.70%	1.77%	2.29%	1.75%	2.22%	2.10%	2.38%	2.25%	2.97%	2.77%	2.39%	2.53%

Frequently Asked Questions

Can I hold both SPYV and DFLVX in my portfolio?

SPYV and DFLVX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYV or DFLVX?

DFLVX has higher volatility (2.86%) compared to SPYV (1.98%). In terms of maximum drawdown, SPYV dropped -58.45% vs DFLVX's -65.65%.

Which has better risk-adjusted returns?

DFLVX currently has the higher Sharpe Ratio (3.20 vs 2.17), 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.