Data as of Nov 4, 2026.
DLNV vs SPY: Differences, Returns & Fees
DLNV and SPY are measured over different days, and SPY charges 0.09% to DLNV's 0.85%.
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Net assets on Nov 3, 2026: $20m for FT Vest U.S. Equity Dual Directional Buffer ETF - November and $804.8bn for SPDR S&P 500 ETF Trust.
Pair scorecard
SPY costs 0.76 points a year less; SPY is far larger, $804.8bn against $20m.
| Measure | DLNV | SPY |
|---|---|---|
| Return | ||
| Total return, 1 year | not published | +14.8% |
| Drawdown | ||
| Index fall to the buffer | 14.0% | |
| Fund price fall to the buffer | 11.8% | |
| Benchmark | ||
| What it tracks | SPY | S&P 500 Index |
| The outcome period | ||
| Buffer left, in index points | 10.0% of 10.0% | |
| Days left in the period | 16 | |
| Period ends | Nov 20, 2026 | |
| Cost and size | ||
| Expense ratio | 0.85% | 0.09% |
| Net assets, as of Nov 3, 2026 | $20m | $804.8bn |
| Holdings | ||
| Holdings in common | not published | |
| In the S&P 500, by weight | 100% | |
| Top ten holdings, share of the fund | 37.3% | |
Risk and return
Dec 5, 2025 to Oct 30, 2026 · 47 weekly returnsFrom Dec 2025 to Oct 2026, SPY returned more: +11.4% to +9.0%. DLNV fell less at its worst: −4.4% to −8.4%.
Full scorecard
3 measures, with how each is measured Open ↓
| Measure | DLNV | SPY | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +9.0% | +11.4% | SPY | Price change plus distributions, reinvested. |
| Price return | +9.0% | +10.2% | SPY | Price change alone, distributions left out. |
| Risk | ||||
| Max drawdown | −4.4% | −8.4% | DLNV | Deepest fall from a high to the low after it. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 47 weekly returns. Cash rate: the 13-week Treasury bill.
Side by side
DLNV and SPY on the fields both publish, as of Nov 4, 2026. Source: ETFIQ.
No client brief for this pair: ETFIQ prints no one-year total return for DLNV.
SPY had already risen past this fund's cap of +14.0% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.6% as the period runs out.
The fund's price can fall 11.8% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 14.0% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 16 days remained on Nov 4, 2026. On Nov 20, 2026 the period ends and a new cap is set.
SPY
SPY tracks the S&P 500. Over the year to Nov 4, 2026 it returned +14.8% with distributions reinvested, against +14.8% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Nov 3, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 37.3%.
Questions people ask
- Are DLNV and SPY in the same category?
- DLNV is a buffer ETF and SPY is a stock ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which is cheaper, DLNV or SPY?
- SPY is cheaper, by 0.76 percentage points a year. That is about $76 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
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ETFIQ, DLNV against SPY, data as of Nov 4, 2026. https://etfiq.com/compare/any/dlnv-vs-spy
ETFIQ. (Nov 4, 2026). DLNV against SPY. Retrieved from https://etfiq.com/compare/any/dlnv-vs-spy
[DLNV against SPY (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/any/dlnv-vs-spy)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.