Dividend comparison
SDY vs DLN: Which Is Better for Income?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for State Street SPDR S&P Dividend ETF and WisdomTree U.S. LargeCap Dividend Fund, side by side. Updated October 21, 2026.
SDY vs DLN: key differences
The short answer, from the latest data on this page.
- Fees. DLN is cheaper at 0.28% a year versus 0.35% for SDY. On $10,000 that is $7 a year less in fees.
- Income. SDY pays more income, yielding 2.42% over the last twelve months versus 1.73% for DLN. That is about $69 more a year on $10,000. SDY pays quarterly, DLN pays monthly.
- Performance. Over the last 5 years, DLN returned 77.7% versus 40.4% for SDY, with dividends reinvested. $10,000 would have grown to $17,769 in DLN and $14,037 in SDY.
- Risk. Their worst declines over the last 5 years were similar: -15.2% for SDY and -16.3% for DLN from peak to trough.
- Diversification. DLN holds 305 positions and SDY holds 155.
- Dividend growth. DLN grew its yearly payout 5.6% a year over the last 4 years, versus 1.7% for SDY.
- Size. SDY is the larger fund with $21.5 billion in assets, against $6.3 billion for DLN.
Bottom line: SDY fits better if you care most about more income today. DLN fits better if you care most about lower fees, stronger 5-year returns, faster dividend growth and broader diversification.
Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
| Metric | SDY State Street SPDR S&P Dividend ETF | DLN WisdomTree U.S. LargeCap Dividend Fund |
|---|---|---|
| Dividend yield (TTM) | 2.42% | 1.73% |
| Dividend / share (TTM) | $3.78 | $1.74 |
| Payout frequency | Quarterly | Monthly |
| Last dividend | $0.9168 on Sep 23, 2026 | $0.1950 on Sep 29, 2026 |
| Ex-dividend date | Sep 21, 2026 | Sep 25, 2026 |
| Dividend growth (CAGR) | 1.7% over 4 yrs | 5.6% over 4 yrs |
| Price | $156.10 | $100.11 |
| Dividend growth streak | 3 years | — |
| Beta | 0.58 | 0.75 |
| Max drawdown (5Y) | -15.2% | -16.3% |
| Market cap | $21.52B | $6.31B |
| Exchange | AMEX | AMEX |
| Expense ratio | 0.35% | 0.28% |
| Assets under management | $21.52B | $6.29B |
| Number of holdings | 155 | 305 |
| Top 10 concentration | 20.7% | — |
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.
SDY
$20.16/mo
$242 /yr at 2.42% yield
DLN
$14.44/mo
$173 /yr at 1.73% yield
Dividend history
Total dividends paid per share in each calendar year. SDY pays quarterly; DLN pays monthly.
| Year | SDY | DLN |
|---|---|---|
| 2025 | $3.6342 | $1.6805 |
| 2024 | $3.3824 | $1.5534 |
| 2023 | $3.2981 | $1.6150 |
| 2022 | $3.1952 | $1.5650 |
| 2021 | $3.3913 | $1.3531 |
Strategy: Dividend equity
Rules-based equity funds that screen for companies paying sustainable or rising dividends, aiming at income plus long-term share-price participation. The screen is what defines the fund: yield-ranked indexes deliver more cash now, dividend-growth indexes deliberately exclude the highest payers in favor of durability. Both approaches produce a sector mix that looks nothing like the broad market, typically heavier in financials, healthcare, staples and industrials.
Expect stretches of underperformance versus the broad market whenever leadership comes from the high-growth, low-yield companies these screens exclude.
Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $14,037 in SDY and $17,769 in DLN.
| Period | SDY | DLN |
|---|---|---|
| 1 month | 4.16% | 1.54% |
| 3 months | 0.83% | 3.27% |
| Year to date | 12.17% | 15.16% |
| 1 year | 11.40% | 16.87% |
| 3 years | 47.14% | 74.65% |
| 5 years | 40.37% | 77.69% |
- SDY
- DLN
Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.
Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
- SDY
- DLN
Top 10 holdings
Largest positions by portfolio weight.
Quick verdict
SDY fits better if you care most about more income today. DLN fits better if you care most about lower fees, stronger 5-year returns, faster dividend growth and broader diversification. Model the holding inside your real portfolio before deciding.
Still deciding? Compare them in your portfolio
Forecast dividend income, track payouts, and see how SDY vs DLN fits with the rest of your holdings. Free to start — no credit card required for the trial.
Frequently asked questions
Is SDY or DLN better for dividend income?
It depends on your goals. SDY currently yields 2.42% Trailing Twelve Months (TTM) while DLN yields 1.73%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between SDY and DLN?
State Street SPDR S&P Dividend ETF (SDY) is an ETF listed on AMEX. WisdomTree U.S. LargeCap Dividend Fund (DLN) is an ETF listed on AMEX. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, SDY or DLN?
DLN has the lower expense ratio. SDY charges 0.35% a year and DLN charges 0.28%, a difference of $7 a year on a $10,000 investment.
Which has performed better, SDY or DLN?
Over the last 5 years, DLN has the higher total return with dividends reinvested: SDY returned 40.4% and DLN returned 77.7%. Past performance does not predict future returns.
Which is riskier, SDY or DLN?
Measured by the worst peak-to-trough decline over the last five years, DLN has been riskier: SDY fell as much as 15.2% and DLN as much as 16.3%. Their betas are 0.58 and 0.75.
How often do SDY and DLN pay dividends?
SDY pays quarterly and DLN pays monthly.
How much income does $10,000 in SDY vs DLN generate?
At current TTM yields, $10,000 in SDY would generate roughly $20.16 per month ($242 annually). The same amount in DLN would produce about $14.44 per month ($173 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both SDY and DLN?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare SDY vs DLN with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how SDY and DLN fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.
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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.