DLN vs SPY
WisdomTree US LargeCap Dividend Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, DLN or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. DLN led over the full window, SPY over 1Y, 3Y and 5Y. The two have moved almost in lockstep, correlation 0.94. DLN is less concentrated, with 26.7% of the fund in its ten largest positions against 38.2%.
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 | DLN | SPY |
|---|---|---|
| Expense Ratio | 0.28% | 0.09%Best |
| AUM | $6.3B | $823.2B |
| Dividend Yield | 1.79% | 0.99% |
| Holdings | 310 | 1,515 |
| YTD Return | +13.68%Best | +13.53% |
| 1Y Return | +17.05% | +17.47%Best |
| 3Y Return (annualized) | +19.42% | +22.36%Best |
| 5Y Return (annualized) | +12.52% | +13.21%Best |
| Volatility (annualized) | 14.2%Best | 15.2% |
| Max Drawdown | -57.8% | -56.5%Best |
| $10,000 over 5 years | $18,036 | $18,596Best |
| Top 10 Weight | 26.7%Best | 38.2% |
| Fund Family | WisdomTree Investments | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Jun 16, 2006 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jun 16, 2006 to Oct 14, 2026 (20.3 years).
DLN vs SPY 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 20.3 years both funds cover.
DLN vs SPY Performance
WisdomTree US LargeCap Dividend Fund (DLN) is an ETF from WisdomTree Investments and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year DLN returned +17.05% while SPY returned +17.47%. Year to date, DLN is up 13.68% versus a gain of 13.53% for SPY.
Over three years, DLN compounded at +19.42% per year against +22.36% for SPY; over five years the annualized figures are +12.52% and +13.21% respectively. Across the full 20-year window we track, DLN has the edge at +9.79% annualized vs +9.78%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.2% compared with 14.2% for DLN. 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 -57.8% for DLN and -56.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.94. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
DLN charges 0.28% per year while SPY charges 0.09%. On a $10,000 position that is $28 vs $9 annually, a gap of $19 per year that compounds over a long holding period. On income, DLN currently yields 1.79% against 0.99% for SPY.
Holdings Overlap
98.9% of DLN's money is in holdings SPY also owns. 77.0% of SPY's money is in holdings DLN also owns.
Most of DLN is already inside SPY. Owning both mostly buys the same companies twice.
290 positions in common, counted across the 310 positions we hold weights for in DLN and 504 in SPY, against full books of 310 and 1,515.
What only one of them owns
Measured across the 310 and 504 positions we hold weights for.
SPY holds 206 positions DLN does not, 22.1% of the fund.
Largest: AMZN 3.78%, TSLA 1.54%, BRK.B 1.44%, AMD 1.22%, INTC 0.73%
Top Shared Holdings
| Stock | Weight in DLN | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 4.13% | 7.78% | 3.65% |
| MSFTMicrosoft Corp | 5.04% | 5.71% | 0.67% |
| AAPLApple, Inc | 2.48% | 7.45% | 4.97% |
| METAMeta Platforms Inc | 2.28% | 2.22% | 0.06% |
| AVGOBroadcom Inc | 2.02% | 2.48% | 0.46% |
| GOOGLAlphabet Inc | 1.37% | 3.12% | 1.75% |
| JPMJpmorgan Chase | 2.89% | 1.43% | 1.46% |
| GOOGAlphabet Inc. C | 1.26% | 2.49% | 1.23% |
| XOMExxonmobil Corp. | 2.19% | 1.04% | 1.15% |
| JNJJohnson & Johnson - Common | 2.02% | 0.98% | 1.04% |
98.9% of DLN is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, DLN or SPY?
DLN has an expense ratio of 0.28% while SPY charges 0.09%. SPY is the cheaper option, by $19 a year on a $10,000 investment.
Which performed better, DLN or SPY?
Over the past year DLN returned +17.05% vs +17.47% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (20 years), DLN annualized +9.79% vs +9.78% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DLN or SPY?
SPY has been the more volatile fund at 15.2% annualized versus 14.2% for DLN. Worst drawdown: DLN -57.8% vs SPY -56.5%.
Should I hold both DLN and SPY?
DLN and SPY have a monthly-return correlation of 0.94, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between DLN and SPY?
98.9% of DLN's money is in holdings SPY also owns. 77.0% of SPY's is in holdings DLN also owns. They hold 290 positions in common, counted across the 310 positions we hold weights for in DLN and 504 in SPY.
Which pays a higher dividend, DLN or SPY?
DLN yields 1.79% while SPY yields 0.99%, so DLN currently pays the higher dividend yield.
Is SPY better than DLN?
SPY has a lower expense ratio. DLN led over the full window, SPY over 1Y, 3Y and 5Y. The two have moved almost in lockstep, correlation 0.94. DLN is less concentrated, with 26.7% of the fund in its ten largest positions against 38.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.