DVY vs SPYD

Portfolio characteristics

Net assets are dated Nov 10, 2026 for DVY and Nov 10, 2026 for SPYD (DVY $23.68B; SPYD $7.79B). Figures an issuer page does not show are left out or marked Not captured, not estimated.

Gaps are marked Not captured. Number of holdings and top-ten weights carry the date shown, which differs by issuer.

What you actually own

All rows come from the issuer pages and are dated Sep 30, 2026 for both funds, so they compare like for like. NAV returns include fees. “Since inception” starts in different years (DVY 2003, SPYD 2015). Past performance does not guarantee future results.

Growth of a hypothetical $10,000 · NAV total return, to Sep 30, 2026

Derived from issuer NAV total returns (compounded). Fund expenses are already in NAV. Illustration, not a forecast.

DVY trades on NASDAQ and SPYD on NYSE Arca. Spreads on the issuer pages were 0.03% for DVY and 0.02% for SPYD, and a spread of 0.02% is about $20 between the buy and sell price on $100,000. Larger funds usually trade with tighter spreads, which matters more for frequent traders than for long-term holders. Use limit orders for large trades and avoid the first and last minutes of the session. See creation, redemption and trading for how NAV, premiums and spreads arise.

The expense ratio is taken from fund assets, not billed to you. Fees exclude the bid/ask spread, any premium or discount to NAV, brokerage commissions and taxes.

Custody, valuation and fee terms sit in each prospectus; read them before relying on this summary.

Both funds are built around high dividend yield stocks and track an index, so they sit close in purpose. They differ in how the index picks and weights stocks, how much they cost and how concentrated they are.

Dividend ETFs differ mainly in how the index picks stocks: by current yield, by dividend quality or by dividend growth. That choice drives the sector mix and the yield you receive, which is why the sector weights and the comparison with each fund’s own index matter more than any single yield figure.

Start with what separates them: Both funds are built around high dividend yield stocks and track an index, so they sit close in purpose. They differ in how the index picks and weights stocks, how much they cost and how concentrated they are.

• Step 1 · Market: DVY follows high dividend yield and SPYD follows high dividend yield, so decide which exposure you want to own.
• Step 2 · Cost: DVY 0.38% vs SPYD 0.07%, or $38 vs $7 a year per $10,000.
• Step 3 · Yield and total return: compare the trailing yield with the NAV return, not the yield alone.
• Step 4 · What you own: check whether you already hold these stocks through another fund with the Diversification Calculator.

Size the position against your whole portfolio. Dividend funds can lag growth-led rallies and still fall in selloffs, so they usually play a defined role.

DVY and SPYD are U.S.-listed and trade in U.S. dollars, so buying them from a Canadian account usually involves converting Canadian dollars, which adds a cost on entry and exit. A move in the U.S. dollar also changes your return in Canadian dollars.

Quarterly distributions from U.S. funds can face U.S. withholding tax depending on the account type, and the split between income types varies. Confirm the rules for your account with a tax professional. This is general education, not tax advice.

Distributions from dividend funds can include qualified dividends, ordinary dividends and sometimes return of capital, and the mix changes from year to year. Whether a dividend is qualified depends on the stock and on how long you held the fund shares. Each issuer publishes a tax breakdown after year end, which is the figure to use.

For Canadian account types, see the Canadian section above. Confirm the rules for your account with a tax professional, and read how to build an ETF portfolio. This is general education, not tax advice.

Investors comparing DVY and SPYD often also look at the other funds in this group: DVY, SPYD, SCHD, VYM, HDV and VIG. See the high-yield dividend ETF comparisons, the dividend ETFs and the ETF research hub.

Is DVY or SPYD better?

In the DVY vs SPYD question, neither is better for everyone. DVY and SPYD are both U.S. dividend ETFs that track an index and pay distributions quarterly. Both funds are built around high dividend yield stocks and track an index, so they sit close in purpose. They differ in how the index picks and weights stocks, how much they cost and how concentrated they are.

Expense ratios are 0.38% and 0.07%, which is $38 and $7 a year per $10,000. NAV total returns, annualized (both to Sep 30, 2026): 1 year 10.80% vs 7.83%; 3 years 16.35% vs 13.99%; 5 years 9.68% vs 7.70%. Their top ten holdings overlap by 4.5% and their sector weights overlap by about 69%. Neither is better for everyone; the choice turns on cost, yield, concentration and which sectors you want to own.

DVY vs SPYD, what are the expense ratios?

DVY charges 0.38% and SPYD charges 0.07%, which is $38 and $7 a year per $10,000.

DVY vs SPYD, how much do the funds overlap?

On DVY vs SPYD, the top ten holdings overlap by 4.5% on the issuer data, with 3 shared names. This counts only the ten largest holdings of each fund, so the full portfolio overlap may differ.

DVY vs SPYD, what does each ETF hold?

DVY Tracks the Dow Jones U.S. Select Dividend Index, relatively high dividend yielding U.S. stocks. SPYD Tracks the S&P 500 High Dividend Index, the 80 highest dividend-yielding companies in the S&P 500.

DVY vs SPYD, which has performed better?

NAV total returns, annualized (both to Sep 30, 2026): 1 year 10.80% vs 7.83%; 3 years 16.35% vs 13.99%; 5 years 9.68% vs 7.70%. Past performance does not guarantee future results.

DVY vs SPYD, which pays more income?

DVY reports 3.51% (Sep 30, 2026) and SPYD reports 4.12% (Nov 9, 2026). The measures are defined differently, so compare them with the NAV return before choosing.

DVY vs SPYD, can I own both?

On DVY vs SPYD, you can. Both hold U.S. dividend stocks, so owning both adds a second fee, and shared holdings repeat the same stocks (top-10 overlap 4.5%, sector overlap about 69%).

DVY vs SPYD, do the funds pay dividends?

On DVY vs SPYD, both pay distributions quarterly, funded by the dividends of the stocks they hold. The amount changes when companies change what they pay.

DVY vs SPYD, how are distributions taxed?

On DVY vs SPYD, distributions can include ordinary income, dividends, capital gains and return of capital, and the mix changes each year. Each issuer publishes a year-end tax breakdown. Confirm with a tax professional. This is general education, not tax advice.

DVY vs SPYD, are they suitable for Canadian investors?

On DVY vs SPYD, both are U.S.-listed and trade in U.S. dollars, so Canadians face currency conversion costs, and withholding tax on distributions depends on the account. Confirm with a tax professional. This is general education, not tax advice.

Third-party sources

BlackRock (iShares) DVY fund page · State Street SPYD fund page.

Methodology and limits

• DVY figures come from the BlackRock (iShares) fund page and SPYD figures from the State Street fund page.
• Dates are shown beside each figure; the issuer documents are linked below.
• Overlap is the sum of the smaller weight of each shared holding among the ten largest holdings published for each fund.
• Comparison index returns come from the issuer page; funds without one on the page are left out of the table.
• Figures an issuer page does not show are marked Not captured, and nothing was filled from memory or from another fund.
• Returns are dated Sep 30, 2026 for both funds on this page. Growth of $10,000 is derived from annualized NAV total returns; dollar values are approximate.

Pathways, not rankings or recommendations.