DVY vs SPY
iShares Select Dividend ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, DVY or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. DVY is less concentrated, with 19.7% 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 | DVY | SPY |
|---|---|---|
| Expense Ratio | 0.38% | 0.09%Best |
| AUM | $22.3B | $811.2B |
| Dividend Yield | 3.24% | 0.98% |
| Holdings | 104 | 1,515 |
| YTD Return | +12.01% | +14.77%Best |
| 1Y Return | +15.84% | +18.61%Best |
| 3Y Return (annualized) | +17.27% | +22.83%Best |
| 5Y Return (annualized) | +9.79% | +13.84%Best |
| Volatility (annualized) | 14.8% | 14.6%Best |
| Max Drawdown | -65.2% | -56.5%Best |
| $10,000 over 5 years | $15,952 | $19,119Best |
| Top 10 Weight | 19.7%Best | 38.2% |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Nov 3, 2003 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Nov 7, 2003 to Oct 13, 2026 (22.9 years).
DVY 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 22.9 years both funds cover.
DVY vs SPY Performance
iShares Select Dividend ETF (DVY) is an ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year DVY returned +15.84% while SPY returned +18.61%. Year to date, DVY is up 12.01% versus a gain of 14.77% for SPY.
Over three years, DVY compounded at +17.27% per year against +22.83% for SPY; over five years the annualized figures are +9.79% and +13.84% respectively. Across the full 23-year window we track, SPY has the edge at +9.46% annualized vs +5.98%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DVY has been the more volatile fund, with annualized monthly volatility of 14.8% compared with 14.6% for SPY. 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 -65.2% for DVY 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 0.81. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
DVY charges 0.38% per year while SPY charges 0.09%. On a $10,000 position that is $38 vs $9 annually, a gap of $29 per year that compounds over a long holding period. On income, DVY currently yields 3.24% against 0.98% for SPY.
Holdings Overlap
78.6% of DVY's money is in holdings SPY also owns. 8.7% of SPY's money is in holdings DVY also owns.
Most of DVY is already inside SPY. Owning both mostly buys the same companies twice.
65 positions in common, counted across the 99 positions we hold weights for in DVY and 504 in SPY, against full books of 104 and 1,515.
What only one of them owns
Our book lists 432 positions for SPY that do not appear in our book for DVY (90.6% of the fund), and 33 for DVY that do not appear in SPY (20.0%).
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 DVY | Weight in SPY | Difference |
|---|---|---|---|
| HPQHP Inc | 2.66% | 0.05% | 2.61% |
| PFEPfizer Inc | 2.24% | 0.24% | 2.00% |
| MOAltria Group Inc. | 2.11% | 0.18% | 1.93% |
| PRUPrudential Financial Inc | 2.17% | 0.06% | 2.11% |
| VZVerizon Communications Inc Vz | 1.89% | 0.33% | 1.56% |
| CVXChevron Corp | 1.48% | 0.60% | 0.88% |
| XOMExxonmobil Holdings Corp Common Stock Usd | 1.04% | 1.04% | 0.00% |
| TROWT Rowe Price Grp | 2.03% | 0.03% | 2.00% |
| OKEOneok | 1.86% | 0.09% | 1.77% |
| TGTTARGET CORP | 1.69% | 0.11% | 1.58% |
78.6% of DVY 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, DVY or SPY?
DVY has an expense ratio of 0.38% while SPY charges 0.09%. SPY is the cheaper option, by $29 a year on a $10,000 investment.
Which performed better, DVY or SPY?
Over the past year DVY returned +15.84% vs +18.61% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (23 years), DVY annualized +5.98% vs +9.46% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DVY or SPY?
DVY has been the more volatile fund at 14.8% annualized versus 14.6% for SPY. Worst drawdown: DVY -65.2% vs SPY -56.5%.
Should I hold both DVY and SPY?
DVY and SPY have a monthly-return correlation of 0.81, 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 DVY and SPY?
78.6% of DVY's money is in holdings SPY also owns. 8.7% of SPY's is in holdings DVY also owns. They hold 65 positions in common, counted across the 99 positions we hold weights for in DVY and 504 in SPY.
Which pays a higher dividend, DVY or SPY?
DVY yields 3.24% while SPY yields 0.98%, so DVY currently pays the higher dividend yield.
Is SPY better than DVY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. DVY is less concentrated, with 19.7% 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.