DFNL vs SSPY
Davis Select Financial ETF vs Stratified LargeCap Index ETF
Which is better, DFNL or SSPY?
Each has led over a different period.
SSPY has a lower expense ratio. DFNL led over 3Y and 5Y, SSPY over 1Y and the full window. SSPY is less concentrated, with 8.9% of the fund in its ten largest positions against 56.4%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | DFNL | SSPY |
|---|---|---|
| Expense Ratio | 0.61% | 0.45%Best |
| AUM | $443M | $127M |
| Dividend Yield | 1.28% | 1.20% |
| Holdings | 90 | 1,013 |
| YTD Return | +0.24% | +12.99%Best |
| 1Y Return | +10.66% | +16.87%Best |
| 3Y Return (annualized) | +23.17%Best | +15.85% |
| 5Y Return (annualized) | +11.26%Best | +9.35% |
| Volatility (annualized) | 21.2% | 16.9%Best |
| Max Drawdown | -44.5% | -36.7%Best |
| $10,000 over 5 years | $17,049Best | $15,635 |
| Top 10 Weight | 56.4% | 8.9%Best |
| Fund Family | Davis ETFs | Syntax Stratified |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Value |
| Inception | Jan 11, 2017 | Jan 2, 2019 |
Volatility and max drawdown are measured over the window both funds cover: Jan 4, 2019 to Oct 13, 2026 (7.8 years).
DFNL vs SSPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 7.8 years both funds cover.
DFNL vs SSPY Performance
Davis Select Financial ETF (DFNL) is an ETF from Davis ETFs and Stratified LargeCap Index ETF (SSPY) is an ETF from Syntax Stratified. Over the past year DFNL returned +10.66% while SSPY returned +16.87%. Year to date, DFNL is up 0.24% versus a gain of 12.99% for SSPY.
Over three years, DFNL compounded at +23.17% per year against +15.85% for SSPY; over five years the annualized figures are +11.26% and +9.35% respectively. Across the full 8-year window we track, SSPY has the edge at +13.41% annualized vs +13.21%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DFNL has been the more volatile fund, with annualized monthly volatility of 21.2% compared with 16.9% for SSPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -44.5% for DFNL and -36.7% for SSPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.88. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
DFNL charges 0.61% per year while SSPY charges 0.45%. On a $10,000 position that is $61 vs $45 annually, a gap of $16 per year that compounds over a long holding period. On income, DFNL currently yields 1.28% against 1.20% for SSPY.
Holdings Overlap
68.0% of DFNL's money is in holdings SSPY also owns. 3.8% of SSPY's money is in holdings DFNL also owns.
The two portfolios partly overlap.
18 positions in common, counted across the 30 positions we hold weights for in DFNL and 504 in SSPY, against full books of 90 and 1,013.
What only one of them owns
Our book lists 479 positions for SSPY that do not appear in our book for DFNL (94.8% of the fund), and 5 for DFNL that do not appear in SSPY (15.9%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in DFNL | Weight in SSPY | Difference |
|---|---|---|---|
| COFCapital One Financial Corp. | 10.58% | 1.15% | 9.43% |
| USBUS Bancorp | 6.35% | 0.06% | 6.29% |
| FITBFifth Third Bancorp | 5.82% | 0.07% | 5.75% |
| BRK.BBerkshire Hathaway Inc Brk/B Us Equity | 5.27% | 0.53% | 4.74% |
| WFCWells Fargo & Co. | 4.99% | 0.14% | 4.85% |
| PNCPnc Financial Services Group Inc. | 4.56% | 0.06% | 4.50% |
| JPMJpmorgan Chase | 4.45% | 0.15% | 4.30% |
| CBChubb Ltd. | 4.35% | 0.14% | 4.21% |
| LLoews Corp | 2.93% | 0.51% | 2.42% |
| AXPAmerican Express Co. | 3.25% | 0.04% | 3.21% |
68.0% of DFNL is already inside SSPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
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Frequently Asked Questions
Which is cheaper, DFNL or SSPY?
DFNL has an expense ratio of 0.61% while SSPY charges 0.45%. SSPY is the cheaper option, by $16 a year on a $10,000 investment.
Which performed better, DFNL or SSPY?
Over the past year DFNL returned +10.66% vs +16.87% for SSPY, so SSPY leads on 1-year performance. Over the longest common window we track (8 years), DFNL annualized +13.21% vs +13.41% for SSPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DFNL or SSPY?
DFNL has been the more volatile fund at 21.2% annualized versus 16.9% for SSPY. Worst drawdown: DFNL -44.5% vs SSPY -36.7%.
Should I hold both DFNL and SSPY?
DFNL and SSPY have a monthly-return correlation of 0.88, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between DFNL and SSPY?
68.0% of DFNL's money is in holdings SSPY also owns. 3.8% of SSPY's is in holdings DFNL also owns. They hold 18 positions in common, counted across the 30 positions we hold weights for in DFNL and 504 in SSPY.
Which pays a higher dividend, DFNL or SSPY?
DFNL yields 1.28% while SSPY yields 1.20%, so DFNL currently pays the higher dividend yield.
Is SSPY better than DFNL?
SSPY has a lower expense ratio. DFNL led over 3Y and 5Y, SSPY over 1Y and the full window. SSPY is less concentrated, with 8.9% of the fund in its ten largest positions against 56.4%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.