Relative Intelligence · US Large-Cap Equity
How State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on DIA alone. It places DIA (State Street SPDR Dow Jones Industrial Average ETF Trust) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where DIA stands in the market, and of the alternatives worth a closer look.
Period covered: DIA's full trading record, from January 1998 through September 2026. All returns include reinvested dividends. Data as of October 22, 2026.
Data as of October 22, 2026. Full tables and charts read best on a larger screen.
This page answers the following questions about DIA
Key findings
Not AI-generatedThese key findings are generated by our proprietary relative intelligence engine, directly from the data on this page.
- Right nowBoth DIA and the S&P 500 are within a few percent of a record high. At a glance ↓
- Fund or market?DIA rose 1.6% over the past 3 months, in line with the S&P 500, which rose 2.5%: a market move, not its own.
- Long termDIA turned $10,000 into $35,100 over the past decade, against $41,600 in the S&P 500. Even so, over the past decade, DIA returned 251%, ahead of 84% of the ETFs with at least $100 million in assets. The S&P 500 returned 316%. Growth of $10,000 ↓
- In a crashDIA fell less than the S&P 500 in five of seven sell-offs, but the Covid crash broke the pattern: it fell 36.4%, more than the S&P 500's 33.7%. Crash tests ↓
- DiversificationDIA is more of the same, not a cushion: a correlation of 0.90 with the S&P 500 over 5 years and 0.91 with the total US market, more closely than 83% of ETFs with at least $100 million in assets. When the S&P 500 had a down month, DIA usually fell with it (20 of 22 months). By year ↓
- Better options
- Popular alternatives
- VYM (Vanguard High Dividend Yield ETF) and DGRW (WisdomTree U.S. Quality Dividend Growth Fund) earned more than DIA with less volatility over the past 5 years. VYM returned 11.6% a year at 13.8% volatility, against 10.0% a year at 14.8%.
- Nearby categories and themes
- SIXA (ETC 6 Meridian Mega Cap Equity ETF, US large-cap equity) and MGV (Vanguard Morningstar Mega Cap Value ETF, US large-cap value) earned more than DIA with less volatility over the past 5 years. SIXA returned 12.9% a year at 12.7% volatility, against 10.0% a year at 14.8%.
- Whole market
- Few investments have done better on both counts: only 22 of the 3,641 stocks and funds worth at least $500 million earned more than DIA with less volatility over the past 5 years, among them VTV (Vanguard Morningstar Value ETF), VYM (Vanguard High Dividend Yield ETF) and DGRO (iShares Core Dividend Growth ETF).
How much would $10,000 in DIA have grown?
This chart tracks a hypothetical $10,000 investment in DIA over the past 25 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of DIA over the same span and DIA's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.
Note: The chart covers the past 25 years rather than DIA's full 28 years, because most of its popular alternatives have not traded that long.
- $10,000 invested in DIA at the end of September 2001 would have grown to $99,014 by September 2026, less than the $114,557 it would have become in SPY, an S&P 500 fund.
- Five of the six other investments on the chart ended ahead of DIA, and RSG finished highest, at $310,830.
Choose a period
From the end of September 2001 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 659 of the 1,326 stocks and funds worth at least $500 million that traded the whole period ended ahead of DIA; the chart shows 5, closest alternatives first. The other 1 line is a popular alternative, shown for context.
- RSG$310,830+3,008% total · +14.7% a year
- QQQ$303,059+2,931% total · +14.6% a year
- SPY (S&P 500)$114,557+1,046% total · +10.2% a year
- SPTM$113,215+1,032% total · +10.2% a year
- OEF$112,019+1,020% total · +10.1% a year
- BRK-A$106,720+967% total · +9.9% a year
- DIA$99,014+890% total · +9.6% a year
- IWM$95,893+859% total · +9.5% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,319 of the 3,630 stocks and funds worth at least $500 million that traded the whole period ended ahead of DIA; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- QQQ$21,295+113% total · +16.3% a year
- OEF$20,494+105% total · +15.4% a year
- FNDX$19,177+91.8% total · +13.9% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- PRF$18,834+88.3% total · +13.5% a year
- VV$18,747+87.5% total · +13.4% a year
- DGRW$17,978+79.8% total · +12.4% a year
- EQWL$17,760+77.6% total · +12.2% a year
- VYM$17,343+73.4% total · +11.6% a year
- DIA$16,393+63.9% total · +10.4% a year
DIA at a glance
This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.
- DIA's deepest decline since it began trading in 1998 was 51.9%, from October 2007 to March 2009. It took about three years from the low to climb back to its old high.
- Over 27 full calendar years, DIA's best was 2013, when it returned 29.6%, and its worst was 2008, when it lost 32.1%. It lost money in six of those years.
- DIA is 2.4% below its all-time high.
The fund
- Issuer
- SPDR
- Began trading
- January 1998
- Expense ratio
- 0.16%per year
- Assets
- $45B
- Category
- Broad Market
Returns
- Past 1 year
- +15.0%total return
- Past 3 years
- +68.1%+18.9% a year
- Past 5 years
- +61.3%+10.0% a year
- Past 10 years
- +251%+13.4% a year
- Best calendar year
- +29.6%2013
- Worst calendar year
- −32.1%2008
- Losing years
- 6 of 27full calendar years
Risk
- Volatility
- 14.8%typical yearly swing, 5 years
- Sharpe ratio
- 0.72return per unit of risk, 5 years
- Worst decline ever
- −51.9%Oct 2007 to Mar 2009
- From its all-time high
- −2.4%below the peak
DIA against the whole market
Where DIA ranks among every stock and fund, and what across the market has done better.
How does DIA rank among all ETFs?
This section ranks DIA on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how DIA stacks up against its peers, these rankings show where it stands in the market as a whole.
- DIA's 10-year return ranks in the top 16% of the 958 ETFs with at least $100 million in assets with 10 years of history.
Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.
| Measure | DIA | Rank | Standing |
|---|---|---|---|
| 1-year return | +15.0% | 869 of 2,488 | top 35% |
| 3-year return | +68.1% | 832 of 1,950 | top 43% |
| 5-year return | +61.3% | 501 of 1,563 | top 32% |
| 10-year return | +251% | 158 of 958 | top 16% |
| Volatility, 5 years | 14.8% | 611 of 1,563 | top 39% |
| Sharpe ratio, 5 years | 0.72 | 470 of 1,563 | top 30% |
| Worst decline, past 10 years | −36.7% | 425 of 951 | top 45% |
What has beaten DIA on both return and risk?
Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). DIA sits where the dashed lines cross. Anything in the green box above and to the left earned more than DIA with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.
- 22 ETFs worth at least $500 million sit in the green region: each earned more than DIA over the past 5 years with smaller price swings. That is fewer than 1% of the 3,641 screened. Few investments beat it on both counts.
- Among those with at least half DIA's swings, LVHI has the best return for its risk: 16.9% a year at 11.1% volatility, 25% less than DIA's 14.8%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.72 for DIA.
- Among DIA's popular alternatives, VYM and DGRW are in the region. VYM earned 11.6% a year against 10.0% a year for DIA, at 13.8% volatility, 7% less than DIA's 14.8%.
Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to DIA; faint dots are 12 more of the 22 in the green region (the strongest, one per fund family). 3,641 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than DIA?
Investments that beat DIA over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among DIA's popular alternatives, VYM and DGRW earned more than DIA with less volatility over the past 5 years. VYM returned 11.6% a year at 13.8% volatility, against 10.0% a year at 14.8%.
- Looking beyond its popular alternatives, SIXA (US large-cap equity) and MGV (US large-cap value) earned more than DIA with less volatility over the past 5 years. SIXA returned 12.9% a year at 12.7% volatility, against 10.0% a year at 14.8%.
- Few investments have done better on both counts: only 22 of the 3,641 stocks and funds worth at least $500 million earned more than DIA with less volatility over the past 5 years, among them VTV, VYM and DGRO.
How this works
The table below lists investments that beat DIA over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks DIA's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than DIA follows the table.
Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than DIA's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× DIA's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than DIA's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with DIA?lower diversifies more | Expenseper year | |||
| DIAState Street SPDR Dow Jones Industrial Average ETF Trust · this page | +10.0% | 14.8% | 0.72 | −36.7% | +251% | 1.00 | 0.16% | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.5% | 17.2% | 0.78 | −33.7% | +316% | 0.90 | 0.09% | ||
| Popular alternativesbest 5 shownThe investments people most often weigh against DIA. 11 of 20 passed at least one test. | |||||||||
OEFiShares S&P 100 ETF · US Large-Cap Equity | Higher Sharpe, smaller worst declineHigher return in most periods | +14.1% | 17.8% | 0.83 | −31.4% | +360% | 0.84 | 0.20% | |
FNDXSchwab Fundamental U.S. Large Company ETF · US Large-Cap Value | Higher return, similar volatilityHigher return in most periods | +13.6% | 14.9% | 0.93 | −37.7% | +292% | 0.96 | 0.25% | |
 VYMVanguard High Dividend Yield ETF · High Dividend Yield | Higher return, lower volatility | +11.6% | 13.8% | 0.87 | −35.2% | +209% | 0.93 | 0.04% | |
DGRWWisdomTree U.S. Quality Dividend Growth Fund · US Dividend Equity | Higher return, lower volatility | +11.7% | 14.0% | 0.87 | −32.0% | +271% | 0.95 | 0.28% | |
EQWLInvesco S&P 100 Equal Weight ETF · US Large-Cap Equity | Higher return in most periods | +11.7% | 15.0% | 0.82 | −34.3% | +294% | 0.96 | 0.30% | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in US Large-Cap Equity and the categories next to it (US Total Market, US Large-Cap Value, US Large-Cap Growth, US Quality Equity), plus DIA's specific themes. 43 of 128 passed at least one test. | |||||||||
SIXAETC 6 Meridian Mega Cap Equity ETF · US Large-Cap Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.9% | 12.7% | 1.02 | −18.4% | — | 0.90 | 0.31% | |
MGVVanguard Morningstar Mega Cap Value ETF · US Large-Cap Value | Higher return, lower volatilityHigher return in most periods | +12.8% | 13.4% | 0.96 | −35.4% | +247% | 0.95 | 0.05% | |
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Higher return, similar volatilityHigher return in most periods | +13.5% | 15.7% | 0.89 | −32.9% | — | 0.92 | 0.12% | |
PWVInvesco Large Cap Value ETF · US Large-Cap Value | Higher return, similar volatilityHigher return in most periods | +13.7% | 14.2% | 0.98 | −37.6% | +226% | 0.89 | 0.55% | |
IUSInvesco RAFI Strategic US ETF · US Total Market | Higher return, similar volatilityHigher return in most periods | +14.7% | 14.9% | 1.00 | −34.7% | — | 0.95 | 0.19% | |
FFLCFidelity Fundamental Large Cap Core ETF · Active Core Equity | Higher Sharpe, smaller worst decline | +15.5% | 16.8% | 0.94 | −19.7% | — | 0.89 | 0.38% | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 134 of 3,513 passed at least one test. | |||||||||
LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity | On the frontierHigher return, lower volatilityHigher return in most periods | +16.9% | 11.1% | 1.48 | −32.4% | +194% | 0.66 | 0.40% | |
 BRK-ABerkshire Hathaway Inc. · Insurance | Higher Sharpe, smaller worst declineHigher return in most periods | +13.5% | 17.2% | 0.83 | −30.4% | +281% | 0.58 | — | |
HDViShares Core High Dividend ETF · High Dividend Yield | Higher return, lower volatilityHigher return in most periods | +13.3% | 13.0% | 1.03 | −37.0% | +177% | 0.76 | 0.08% | |
 NVSNovartis AG · Pharmaceuticals | Higher Sharpe, smaller worst declineHigher return in most periods | +17.4% | 20.7% | 0.89 | −26.8% | +234% | 0.50 | — | |
DHSWisdomTree U.S. High Dividend Fund · High Dividend Yield | Higher return, lower volatilityHigher return in most periods | +12.4% | 13.9% | 0.91 | −37.4% | +159% | 0.80 | 0.38% | |
 RSGRepublic Services, Inc. · Waste Management | Higher return in most periodsSmaller losses in recent crashes | +14.1% | 18.6% | 0.80 | −34.0% | +461% | 0.38 | — | |
PJULInnovator U.S. Equity Power Buffer ETF · US Equity Buffer | On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline | +10.4% | 8.6% | 1.20 | −18.2% | — | 0.87 | 0.79% | |
FDLFirst Trust Morningstar Dividend Leaders Index Fund · High Dividend Yield | Higher return, similar volatilityHigher return in most periods | +14.6% | 14.5% | 1.02 | −41.4% | +207% | 0.74 | 0.43% | |
What these numbers mean for DIA
- Annual return
- DIA returned 10.0% a year over the past 5 years with dividends reinvested, against 12.5% a year for the S&P 500. At that pace, $10,000 became about $16,100. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
- Volatility
- DIA's volatility over the past 5 years was 14.8%, 86% of the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, DIA's return lands within 14.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
- Sharpe ratio
- DIA's Sharpe ratio over the past 5 years was 0.72, against 0.78 for the S&P 500, so DIA earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
- Worst decline
- DIA's worst fall from a peak to a low over the past 10 years was 36.7%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 36.7% fall takes a 58.0% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, DIA's monthly returns had a correlation of 0.90 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against DIA instead: the lower it is, the more that option would diversify a DIA holding. Guide: Correlation and diversification →
Show all 22 stocks and funds worth at least $500 million that earned more than DIA with less volatility
Out of 3,641 tested over 5 years. The strongest 16 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with DIA | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 |  DGROiShares Core Dividend Growth ETF · Dividend Growth | Whole market | +11.1% | 13.7% | 0.84 | −35.1% | +270% | 0.96 | 0.08% |
| 2 | SIXAETC 6 Meridian Mega Cap Equity ETF · US Large-Cap Equity | Same or nearby category | +12.9% | 12.7% | 1.02 | −18.4% | — | 0.90 | 0.31% |
| 3 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity | Whole market | +16.9% | 11.1% | 1.48 | −32.4% | +194% | 0.66 | 0.40% |
| 4 | HDViShares Core High Dividend ETF · High Dividend Yield | Whole market | +13.3% | 13.0% | 1.03 | −37.0% | +177% | 0.76 | 0.08% |
| 5 |  VTVVanguard Morningstar Value ETF · US Large-Cap Value | Same or nearby category | +12.2% | 13.7% | 0.91 | −36.8% | +237% | 0.95 | 0.03% |
| 6 | FJULFT Vest U.S. Equity Buffer ETF - July · US Equity Buffer | Whole market | +11.4% | 10.9% | 1.04 | −13.1% | — | 0.89 | 0.85% |
| 7 | IWXiShares Russell Top 200 Value ETF · US Large-Cap Value | Same or nearby category | +12.7% | 13.8% | 0.94 | −35.8% | +223% | 0.95 | 0.20% |
| 8 | DHSWisdomTree U.S. High Dividend Fund · High Dividend Yield | Whole market | +12.4% | 13.9% | 0.91 | −37.4% | +159% | 0.80 | 0.38% |
| 9 | AUSFGlobal X - Adaptive U.S. Factor ETF · US Multifactor Equity | Whole market | +13.6% | 13.6% | 1.01 | −44.2% | — | 0.86 | 0.27% |
| 10 | QDEFNorthern Trust Quality Dividend Defensive ETF · US Dividend Equity | Whole market | +12.6% | 13.7% | 0.94 | −35.7% | +228% | 0.94 | 0.40% |
| 11 | DJDInvesco Dow Jones Industrial Average Dividend ETF · High Dividend Yield | Whole market | +12.5% | 13.3% | 0.95 | −34.7% | +233% | 0.90 | 0.07% |
| 12 | QMARFT Vest Nasdaq-100 Buffer ETF - March · Nasdaq-100 Buffer | Whole market | +11.3% | 14.1% | 0.83 | −19.8% | — | 0.69 | 0.90% |
| 13 | DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Whole market | +12.9% | 13.8% | 0.95 | −32.5% | +204% | 0.82 | 0.35% |
| 14 | GCOWPacer Global Cash Cows Dividend ETF · Global Equity | Whole market | +14.4% | 13.6% | 1.06 | −37.6% | +170% | 0.63 | 0.60% |
| 15 | DDWMWisdomTree Dynamic International Equity Fund · International Dividend Equity | Whole market | +12.2% | 13.4% | 0.93 | −35.0% | +148% | 0.76 | 0.40% |
| 16 | EDIVState Street SPDR S&P Emerging Markets Dividend ETF · International Equity | Whole market | +11.1% | 13.8% | 0.83 | −40.7% | +117% | 0.52 | 0.49% |
See everything that outperformed DIA →
DIA against its popular alternatives
The investments people most often weigh against DIA, compared period by period and year by year.
How do DIA's risk and return compare with its alternatives?
This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at DIA, which divides the map into what did better or worse on each measure.
- Only DGRW and VYM were both more rewarding and calmer than DIA over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, DIA returned 10.0% a year, less than the S&P 500's 12.5%, with lower volatility (14.8% against 17.2%).
Green points earned more than DIA with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| QQQ Invesco QQQ Trust, Series 1 | +14.2% | 23.0% |
| OEF iShares S&P 100 ETF | +14.1% | 17.8% |
| FNDX Schwab Fundamental U.S. Large Company ETF | +13.6% | 14.9% |
| PRF Invesco RAFI US 1000 ETF | +13.1% | 15.0% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.5% | 17.2% |
| VV Vanguard Morningstar Large-Cap ETF | +12.2% | 17.3% |
| SPTM State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF | +12.1% | 16.9% |
| SCHX Schwab U.S. Large-Cap ETF | +11.9% | 17.2% |
| DGRW WisdomTree U.S. Quality Dividend Growth Fund | +11.7% | 14.0% |
| EQWL Invesco S&P 100 Equal Weight ETF | +11.7% | 15.0% |
| VYM Vanguard High Dividend Yield ETF | +11.6% | 13.8% |
| DUSA Davis Select U.S. Equity ETF | +11.5% | 18.4% |
| DIA This pageState Street SPDR Dow Jones Industrial Average ETF Trust | +10.0% | 14.8% |
| RSP Invesco S&P 500 Equal Weight ETF | +8.4% | 16.1% |
| VXUS Vanguard Total International Stock ETF | +8.0% | 16.4% |
| IWM iShares Russell 2000 ETF | +5.3% | 22.4% |
| AGG iShares Core U.S. Aggregate Bond ETF | −0.1% | 6.2% |
Has DIA consistently beaten its popular alternatives?
This section compares DIA with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than DIA helps separate lasting outperformance from a single strong stretch.
- Ten of the 20 popular alternatives, led by SPYM, VOO and IVV, outperformed DIA in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- SPYM, VOO and IVV outperformed DIA in every long-term period and in all but one short-term period, the most consistent record in the group.
- VYM, DGRW and OEF earned more for the risk they took than DIA (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
A green cell means the alternative earned more than DIA over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| DIA State Street SPDR Dow Jones Industrial Average ETF Trust (this page) | — | +1.9% | +1.6% | +7.4% | +10.4% | +15.0% | +68.1% | +61.3% | +251% | 14.8% | 0.72 | −36.7% | 0.16% | $45B | — |
| SPYM QualifiedState Street SPDR Portfolio S&P 500 ETF | 4/5 short3/3 longAll-weather | −1.2% | +2.5% | +8.0% | +12.8% | +15.7% | +88.8% | +80.9% | +320% | 16.9% | 0.79 | −33.9% | 0.02% | $184B | 70% |
| VOO QualifiedVanguard S&P 500 ETF | 4/5 short3/3 longAll-weather | −1.2% | +2.5% | +8.0% | +12.7% | +15.7% | +88.8% | +80.8% | +319% | 16.9% | 0.79 | −34.0% | 0.03% | $1.7T | 71% |
| IVV QualifiediShares Core S&P 500 ETF | 4/5 short3/3 longAll-weather | −1.2% | +2.5% | +8.0% | +12.8% | +15.7% | +88.8% | +80.8% | +319% | 17.0% | 0.79 | −33.9% | 0.03% | $880B | 70% |
| SPY QualifiedState Street SPDR S&P 500 ETF | 4/5 short3/3 longAll-weather | −1.2% | +2.5% | +8.0% | +12.7% | +15.6% | +88.4% | +80.3% | +316% | 17.2% | 0.78 | −33.7% | 0.09% | $823B | 70% |
| EQWL QualifiedInvesco S&P 100 Equal Weight ETF | 4/5 short3/3 longAll-weather | +0.9% | +3.1% | +10.2% | +13.4% | +16.1% | +83.1% | +73.9% | +294% | 15.0% | 0.82 | −34.3% | 0.30% | $2.8B | 80% |
| FNDX QualifiedSchwab Fundamental U.S. Large Company ETF | 4/5 short3/3 longAll-weather | +2.3% | +4.2% | +12.3% | +21.0% | +26.2% | +90.0% | +89.3% | +292% | 14.9% | 0.93 | −37.7% | 0.25% | $28B | 80% |
| PRF QualifiedInvesco RAFI US 1000 ETF | 4/5 short3/3 longAll-weather | +1.6% | +3.7% | +12.1% | +20.5% | +26.1% | +91.8% | +84.6% | +270% | 15.0% | 0.90 | −38.1% | 0.34% | $10B | 80% |
| OEF QualifiediShares S&P 100 ETF | 3/5 short3/3 long | −1.9% | +3.1% | +8.7% | +11.6% | +14.5% | +96.8% | +93.5% | +360% | 17.8% | 0.83 | −31.4% | 0.20% | $20B | — |
| VV QualifiedVanguard Morningstar Large-Cap ETF | 3/5 short3/3 long | −1.4% | +2.6% | +8.1% | +12.6% | +15.3% | +89.8% | +77.4% | +319% | 17.3% | 0.75 | −34.3% | 0.03% | $76B | 70% |
| VYM QualifiedVanguard High Dividend Yield ETF | 3/5 short2/3 long | +2.5% | +1.2% | +6.3% | +14.3% | +18.5% | +75.9% | +72.8% | +209% | 13.8% | 0.87 | −35.2% | 0.04% | $96B | 83% |
| QQQ Broad MarketInvesco QQQ Trust, Series 1 | 2/5 short3/3 long | −5.8% | 0.0% | +7.8% | +15.3% | +16.9% | +101% | +94.0% | +531% | 23.0% | 0.69 | −35.1% | 0.18% | $492B | 49% |
| SCHX Broad MarketSchwab U.S. Large-Cap ETF | 2/5 short3/3 long | −1.4% | +2.3% | +7.6% | +12.3% | +15.0% | +88.3% | +75.1% | +313% | 17.2% | 0.74 | −34.3% | 0.03% | $74B | 71% |
| SPTM Broad MarketState Street SPDR Portfolio S&P 1500 Composite Stock Market ETF | 2/5 short3/3 long | −1.2% | +2.0% | +7.5% | +12.6% | +15.6% | +86.6% | +77.1% | +306% | 16.9% | 0.76 | −34.7% | 0.03% | $14B | 72% |
| IWB Broad MarketiShares Russell 1000 ETF | 2/5 short3/3 long | −1.2% | +2.3% | +7.6% | +12.2% | +15.0% | +87.1% | +73.6% | +305% | 17.2% | 0.73 | −34.6% | 0.15% | $49B | 72% |
| DGRW Dividend & IncomeWisdomTree U.S. Quality Dividend Growth Fund | 2/5 short2/3 long | +0.3% | +3.5% | +6.0% | +11.4% | +12.7% | +65.3% | +74.0% | +271% | 14.0% | 0.87 | −32.0% | 0.28% | $17B | 72% |
| DUSA Broad MarketDavis Select U.S. Equity ETF | 2/5 short2/3 long | +2.0% | −0.5% | +5.4% | +11.5% | +19.5% | +94.7% | +72.5% | — | 18.4% | 0.69 | −36.7% | 0.59% | $1.3B | 71% |
| IWM Broad MarketiShares Russell 2000 ETF | 1/5 short1/3 long | −3.7% | −5.6% | +0.6% | +12.0% | +14.8% | +73.3% | +29.4% | +157% | 22.4% | 0.34 | −41.1% | 0.19% | $75B | 80% |
| VXUS InternationalVanguard Total International Stock ETF | 0/5 short1/3 long | −5.4% | −1.9% | +0.8% | +8.9% | +14.3% | +75.1% | +47.2% | +137% | 16.4% | 0.56 | −36.0% | 0.05% | $666B | 83% |
| RSP Broad MarketInvesco S&P 500 Equal Weight ETF | 5/5 short0/3 long | +2.5% | +3.0% | +8.6% | +14.5% | +16.8% | +68.3% | +49.6% | +214% | 16.1% | 0.58 | −39.0% | 0.20% | $98B | 83% |
| AGG BondsiShares Core U.S. Aggregate Bond ETF | 0/5 short0/3 long | +0.2% | −0.5% | −1.5% | −0.8% | −1.2% | +16.8% | −0.6% | +14.4% | 6.2% | 0.01 | −18.4% | 0.03% | $139B | — |
How did DIA do year by year?
This table shows each investment's total return in every full calendar year since 1999, along with where DIA ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with DIA and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- DIA finished ahead of the S&P 500 in 12 of its 27 full calendar years, and behind it in each of the last three.
- Ranked against its popular alternatives each year, DIA finished in the top quarter in ten of 25 years and in the bottom quarter in three. In 2025, it ranked 12 of 16.
- Among its popular alternatives, SCHX came out ahead of DIA most often, in 11 of the 16 years both traded.
Newest year first. Green marks a year in which the fund came out ahead of DIA; gray means the two finished within a fraction of a point. The rank row places DIA among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of DIA | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DIA This pageState Street SPDR Dow Jones Industrial Average ETF Trust | — | +14.7% | +14.8% | +16.0% | −7.0% | +20.8% | +9.6% | +25.0% | −3.7% | +28.1% | +16.4% | +0.1% | +9.8% | +29.6% | +9.9% | +8.1% | +14.0% | +22.7% | −32.1% | +8.8% | +18.9% | +1.6% | +4.8% | +27.9% | −14.7% | −5.0% | −6.0% | +27.7% |
| Rank among alternatives | Top quarter in 10 of 25 | 12 of 16 | 12 of 16 | 11 of 16 | 4 of 16 | 12 of 16 | 12 of 16 | 13 of 16 | 3 of 16 | 2 of 15 | 4 of 15 | 8 of 15 | 12 of 15 | 11 of 13 | 12 of 13 | 2 of 12 | 9 of 12 | 7 of 11 | 3 of 11 | 3 of 11 | 2 of 9 | 6 of 8 | 6 of 7 | 3 of 5 | 1 of 5 | 2 of 5 | — | — |
| SPY S&P 500State Street SPDR S&P 500 ETF | 14 of 27 | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% | +18.3% | +31.2% | −4.6% | +21.7% | +12.0% | +1.2% | +13.5% | +32.3% | +16.0% | +1.9% | +15.1% | +26.4% | −36.8% | +5.1% | +15.9% | +4.8% | +10.7% | +28.2% | −21.6% | −11.7% | −9.8% | +20.4% |
| EQWL Invesco S&P 100 Equal Weight ETF | 9 of 19 | +17.6% | +19.1% | +19.5% | −11.5% | +28.3% | +13.9% | +29.5% | −6.3% | +24.4% | +13.3% | −2.3% | +15.1% | +37.3% | +11.8% | +3.0% | +13.8% | +20.1% | −33.3% | +9.2% | — | — | — | — | — | — | — | — |
| FNDX Schwab Fundamental U.S. Large Company ETF | 6 of 12 | +16.9% | +16.7% | +18.3% | −7.0% | +31.7% | +9.2% | +28.7% | −7.3% | +16.5% | +16.4% | −3.0% | +12.6% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| PRF Invesco RAFI US 1000 ETF | 10 of 20 | +18.4% | +16.7% | +15.7% | −7.8% | +31.2% | +7.8% | +27.4% | −8.7% | +16.0% | +17.3% | −2.9% | +12.2% | +35.0% | +16.9% | −0.5% | +19.8% | +41.6% | −40.1% | +1.8% | +19.0% | — | — | — | — | — | — | — |
| OEF iShares S&P 100 ETF | 10 of 25 | +19.8% | +30.8% | +32.7% | −21.0% | +29.2% | +21.2% | +31.9% | −4.2% | +21.8% | +11.3% | +2.4% | +12.6% | +30.1% | +16.0% | +2.8% | +12.5% | +22.1% | −35.5% | +6.1% | +18.1% | +0.5% | +6.4% | +26.0% | −23.3% | −13.8% | — | — |
| VV Vanguard Morningstar Large-Cap ETF | 13 of 21 | +18.1% | +25.3% | +27.2% | −19.9% | +27.4% | +21.0% | +31.3% | −4.5% | +22.0% | +11.8% | +1.0% | +13.4% | +32.7% | +16.2% | +1.4% | +15.9% | +27.3% | −36.7% | +6.2% | +15.5% | +6.0% | — | — | — | — | — | — |
| VYM Vanguard High Dividend Yield ETF | 8 of 19 | +15.4% | +17.6% | +6.6% | −0.4% | +26.2% | +1.1% | +24.1% | −5.9% | +16.4% | +17.0% | +0.3% | +13.6% | +30.1% | +12.7% | +10.5% | +14.2% | +17.1% | −31.9% | +1.4% | — | — | — | — | — | — | — | — |
| QQQ Invesco QQQ Trust, Series 1 | 17 of 26 | +20.8% | +25.6% | +54.9% | −32.6% | +27.4% | +48.6% | +39.0% | −0.1% | +32.7% | +7.1% | +9.4% | +19.2% | +36.6% | +18.1% | +3.4% | +19.9% | +54.7% | −41.7% | +19.0% | +7.2% | +1.6% | +10.5% | +49.7% | −37.4% | −33.4% | −36.1% | — |
| SCHX Schwab U.S. Large-Cap ETF | 11 of 16 | +17.5% | +24.9% | +26.8% | −19.4% | +26.8% | +21.0% | +31.2% | −4.5% | +21.6% | +12.1% | +1.0% | +13.3% | +32.6% | +16.4% | +1.6% | +15.9% | — | — | — | — | — | — | — | — | — | — | — |
| SPTM State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF | 13 of 25 | +16.9% | +23.9% | +25.6% | −17.8% | +28.5% | +18.0% | +31.4% | −5.3% | +21.1% | +12.3% | +0.2% | +13.4% | +33.6% | +15.8% | +0.8% | +17.3% | +28.1% | −36.6% | +5.2% | +14.8% | +6.7% | +10.5% | +27.0% | −21.6% | −10.1% | — | — |
| DGRW WisdomTree U.S. Quality Dividend Growth Fund | 7 of 12 | +12.2% | +16.8% | +18.7% | −6.3% | +24.5% | +13.8% | +29.5% | −5.4% | +25.7% | +12.2% | −0.3% | +13.8% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| DUSA Davis Select U.S. Equity ETF | 5 of 8 | +22.6% | +20.4% | +34.2% | −19.5% | +17.7% | +14.2% | +30.6% | −11.9% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| IWM iShares Russell 2000 ETF | 11 of 25 | +12.7% | +11.4% | +16.8% | −20.5% | +14.5% | +20.0% | +25.4% | −11.1% | +14.6% | +21.6% | −4.5% | +5.0% | +38.7% | +16.7% | −4.4% | +26.9% | +28.5% | −34.2% | −1.8% | +18.3% | +4.5% | +18.0% | +47.4% | −20.3% | +1.8% | — | — |
| VXUS Vanguard Total International Stock ETF | 3 of 14 | +32.3% | +5.1% | +15.9% | −16.1% | +9.0% | +10.7% | +21.7% | −14.4% | +27.5% | +4.8% | −4.2% | −4.7% | +14.6% | +18.6% | — | — | — | — | — | — | — | — | — | — | — | — | — |
| RSP Invesco S&P 500 Equal Weight ETF | 10 of 22 | +11.2% | +12.8% | +13.7% | −11.6% | +29.4% | +12.7% | +28.9% | −7.8% | +18.5% | +14.5% | −1.7% | +15.1% | +36.7% | +18.6% | +0.2% | +21.5% | +44.7% | −40.0% | +0.9% | +15.5% | +7.4% | +16.5% | — | — | — | — | — |
| AGG iShares Core U.S. Aggregate Bond ETF | 3 of 22 | +7.2% | +1.3% | +5.7% | −13.0% | −1.8% | +7.5% | +8.5% | +0.1% | +3.6% | +2.4% | +0.5% | +6.0% | −2.0% | +3.8% | +7.7% | +6.3% | +3.0% | +7.9% | +6.6% | +3.9% | +2.3% | +3.8% | — | — | — | — | — |
Risk and diversification
How DIA has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.
What were DIA's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents DIA's five deepest drawdowns since it began trading in 1998, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.
- The slowest recovery came after DIA fell 51.9% from October 2007 to March 2009; it did not regain that peak until January 2012, three years later.
- In three of DIA's five worst declines, it fell less than the S&P 500 did over the same dates.
Green means DIA fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | DIA fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2008 financial crisis | −51.9% | −55.2% | Oct 2007 | Mar 2009 | 17 months | Jan 2012 | 2.8 years |
| Covid crash | −36.7% | −33.5% | Feb 2020 | Mar 2020 | 1 month | Nov 2020 | 8 months |
| Dot-com bust | −35.0% | −45.0% | Jan 2000 | Oct 2002 | 2.8 years | Dec 2004 | 2.2 years |
| 2022 bear market | −20.8% | −24.3% | Jan 2022 | Sep 2022 | 8 months | Nov 2023 | 14 months |
| No named crash | −19.6% | −19.0% | Jul 1998 | Aug 1998 | 1 month | Nov 1998 | 3 months |
How did DIA do in stock market crashes?
This section measures how far DIA, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.
- Among its popular alternatives, AGG held up best, falling less than DIA in all nine crashes they both traded through.
- DIA fell less than the S&P 500 in six of the ten crashes it has traded through. The clearest case was the dot-com bust, when DIA fell 33.9% and the S&P 500 fell 47.5%.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than DIA.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DIA This pageState Street SPDR Dow Jones Industrial Average ETF Trust | — | −2.9% | −20.8% | −36.4% | −18.1% | −6.4% | −12.1% | −15.5% | −1.4% | −51.9% | −33.9% |
| SPY S&P 500State Street SPDR S&P 500 ETF | 1 of 10 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| EQWL Invesco S&P 100 Equal Weight ETF | 2 of 9 | −4.0% | −23.0% | −34.2% | −18.1% | −5.9% | −15.0% | −15.2% | −2.3% | −49.3% | — |
| FNDX Schwab Fundamental U.S. Large Company ETF | 1 of 6 | −4.2% | −19.1% | −37.4% | −19.6% | −6.2% | −12.4% | — | — | — | — |
| PRF Invesco RAFI US 1000 ETF | 1 of 9 | −4.6% | −19.7% | −38.0% | −19.7% | −6.4% | −13.6% | −19.4% | −1.5% | −60.1% | — |
| OEF iShares S&P 100 ETF | 1 of 9 | −2.9% | −26.2% | −31.4% | −19.6% | −6.6% | −12.3% | −16.6% | −1.5% | −54.1% | — |
| VV Vanguard Morningstar Large-Cap ETF | 1 of 9 | −3.5% | −25.5% | −34.3% | −19.3% | −6.4% | −13.3% | −18.6% | −1.7% | −54.8% | — |
| VYM Vanguard High Dividend Yield ETF | 5 of 9 | −3.9% | −15.8% | −34.6% | −16.1% | −6.3% | −10.9% | −14.3% | −1.1% | −57.0% | — |
| QQQ Invesco QQQ Trust, Series 1 | 1 of 10 | −3.1% | −33.4% | −28.6% | −22.7% | −6.8% | −16.1% | −16.1% | −2.5% | −53.4% | −83.0% |
| SCHX Schwab U.S. Large-Cap ETF | 1 of 8 | −3.7% | −25.2% | −34.3% | −19.4% | −6.4% | −13.4% | −18.5% | −1.2% | — | — |
| SPTM State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF | 1 of 9 | −3.8% | −24.1% | −34.7% | −20.2% | −6.3% | −13.5% | −18.8% | −2.0% | −54.7% | — |
| DGRW WisdomTree U.S. Quality Dividend Growth Fund | 2 of 6 | −3.2% | −17.3% | −31.9% | −18.6% | −6.6% | −11.8% | — | — | — | — |
| DUSA Davis Select U.S. Equity ETF | 0 of 5 | −5.9% | −30.5% | −36.7% | −24.3% | −6.4% | — | — | — | — | — |
| IWM iShares Russell 2000 ETF | 1 of 9 | −7.1% | −26.8% | −40.8% | −25.7% | −5.5% | −21.5% | −27.2% | −2.9% | −58.4% | — |
| VXUS Vanguard Total International Stock ETF | 2 of 7 | −2.5% | −28.4% | −33.4% | −15.1% | −6.1% | −20.2% | −24.2% | — | — | — |
| RSP Invesco S&P 500 Equal Weight ETF | 0 of 9 | −5.4% | −21.4% | −39.0% | −19.8% | −6.1% | −14.8% | −21.3% | −1.6% | −59.1% | — |
| AGG iShares Core U.S. Aggregate Bond ETF | 9 of 9 | 0.0% | −14.5% | −9.6% | −1.1% | −0.8% | −1.5% | −1.3% | −0.4% | −12.8% | — |
How closely does DIA move with the S&P 500?
Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares DIA with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- Nine of the 14 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than DIA's 0.93, led by QQQ, OEF and VV.
- VYM took just 88% of the S&P 500's losses, against 99% for DIA, while still keeping 81% of its gains.
- Over the past 10 years, DIA captured 92% of the S&P 500's gains in rising months and 99% of its losses in falling months, with a beta of 0.93. Its share of the market's losses was slightly larger than its share of the gains.
Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than DIA's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| DIA This pageState Street SPDR Dow Jones Industrial Average ETF Trust | 92% | 99% | 0.93 | 0.93 |
| QQQ Invesco QQQ Trust, Series 1 | 118% | 102% | 1.16 | 1.13 |
| OEF iShares S&P 100 ETF | 104% | 100% | 1.04 | 1.00 |
| VV Vanguard Morningstar Large-Cap ETF | 101% | 101% | 1.00 | 1.01 |
| SCHX Schwab U.S. Large-Cap ETF | 100% | 101% | 0.99 | 1.01 |
| DGRW WisdomTree U.S. Quality Dividend Growth Fund | 91% | 93% | 0.99 | 0.88 |
| EQWL Invesco S&P 100 Equal Weight ETF | 95% | 97% | 0.98 | 0.95 |
| SPTM State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF | 99% | 101% | 0.98 | 1.01 |
| FNDX Schwab Fundamental U.S. Large Company ETF | 95% | 98% | 0.97 | 0.97 |
| PRF Invesco RAFI US 1000 ETF | 93% | 98% | 0.95 | 0.97 |
| VYM Vanguard High Dividend Yield ETF | 81% | 88% | 0.93 | 0.82 |
| RSP Invesco S&P 500 Equal Weight ETF | 92% | 107% | 0.86 | 1.01 |
| VXUS Vanguard Total International Stock ETF | 76% | 91% | 0.84 | 0.82 |
| IWM iShares Russell 2000 ETF | 98% | 129% | 0.76 | 1.17 |
| AGG iShares Core U.S. Aggregate Bond ETF | 12% | 17% | 0.71 | 0.14 |
What diversifies DIA?
Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with DIA's. Because such investments tend not to fall at the same time, pairing DIA with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in DIA into DBMF would have cut the portfolio's volatility by 22% over the past 5 years and raised its annual return (+10.4% for DIA alone, +10.7% for the mix).
- Among large ETFs, DXJ, XLE and GLD have moved largely independently of DIA over the past 5 years, with correlations of 0.46 or lower, and each still earned a positive 5-year return.
- Among large stocks, CAH, CLS and MCK have moved largely independently of DIA over the past 5 years, with correlations of 0.45 or lower, and each still earned a positive 5-year return.
Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which DIA lost money. The last two columns show a portfolio that is 80% DIA and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2008 | 2002 | 2001 | 2000 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DIA State Street SPDR Dow Jones Industrial Average ETF Trust (this page) | 1.00 | +61.3% | 0.72 | −7.0% | −3.7% | −32.1% | −14.7% | −5.0% | −6.0% | 15.0% | +10.4% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.46 | +225% | 1.34 | +6.0% | −19.8% | −20.8% | — | — | — | 13.4% | +13.7% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.45 | +178% | 0.94 | +64.4% | −18.2% | −39.0% | −14.8% | −18.2% | +24.4% | 15.0% | +13.3% |
| GLD CommoditiesSPDR Gold Shares | 0.17 | +120% | 0.93 | −0.8% | −1.9% | +4.9% | — | — | — | 13.0% | +12.3% |
| DBA AlternativesInvesco DB Agriculture Fund | 0.19 | +66.7% | 0.81 | +2.5% | −8.7% | −19.1% | — | — | — | 12.6% | +10.7% |
| DBMF AlternativesiMGP DBi Managed Futures Strategy ETF | -0.24 | +57.5% | 0.80 | +21.6% | — | — | — | — | — | 11.7% | +10.7% |
| USO CommoditiesUnited States Oil Fund, LP | 0.02 | +180% | 0.74 | +29.0% | −19.6% | −56.3% | — | — | — | 14.3% | +14.0% |
| GDX MaterialsVanEck Gold Miners ETF | 0.30 | +165% | 0.70 | −9.0% | −8.8% | −26.1% | — | — | — | 16.0% | +14.5% |
| FLSP AlternativesFranklin Systematic Style Premia ETF | 0.07 | +51.1% | 0.69 | +0.5% | — | — | — | — | — | 12.2% | +10.3% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2008 | 2002 | 2001 | 2000 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DIA State Street SPDR Dow Jones Industrial Average ETF Trust (this page) | 1.00 | +61.3% | 0.72 | −7.0% | −3.7% | −32.1% | −14.7% | −5.0% | −6.0% | 15.0% | +10.4% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.44 | +471% | 1.54 | +54.1% | −24.5% | −39.6% | −8.3% | −2.5% | +108% | 15.0% | +15.9% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.45 | +2,780% | 1.43 | +1.3% | −16.3% | −20.5% | −65.1% | −25.6% | −2.3% | 20.1% | +28.3% |
| MCK Medical - DistributionMcKesson Corporation | 0.30 | +397% | 1.41 | +51.8% | −28.4% | −40.4% | −27.2% | +4.9% | +61.2% | 14.3% | +15.4% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.31 | +660% | 1.39 | +86.6% | −8.2% | — | — | — | — | 15.3% | +18.0% |
| PBR Oil & Gas IntegratedPetróleo Brasileiro S.A. - Petrobras | 0.13 | +721% | 1.32 | +55.4% | +27.7% | −55.6% | −32.0% | −1.9% | — | 14.9% | +17.9% |
Common questions
What was DIA's worst drawdown?
DIA's deepest decline since it began trading in 1998 was 51.9%, from October 2007 to March 2009. It took about three years from the low to climb back to its old high.
What were DIA's best and worst years?
Over 27 full calendar years, DIA's best year was 2013, when it returned 29.6%. Its worst was 2008, with a return of -32.1%.
Is there a better investment than DIA?
Among DIA's popular alternatives, VYM and DGRW earned more than DIA with less volatility over the past 5 years. VYM returned 11.6% a year at 13.8% volatility, against 10.0% a year at 14.8%. Looking beyond its popular alternatives, SIXA (US large-cap equity) and MGV (US large-cap value) earned more than DIA with less volatility over the past 5 years. SIXA returned 12.9% a year at 12.7% volatility, against 10.0% a year at 14.8%.
Is DIA more volatile than the S&P 500?
No. DIA's volatility over the past 5 years was 14.8%, 86% of the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, DIA's return lands within 14.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.
What is DIA's Sharpe ratio?
DIA's Sharpe ratio over the past 5 years was 0.72, against 0.78 for the S&P 500, so DIA earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.
How correlated is DIA with the S&P 500?
Over the past 5 years, DIA's monthly returns had a correlation of 0.90 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against DIA instead: the lower it is, the more that option would diversify a DIA holding.
What are the best alternatives to DIA?
Of the 20 popular alternatives we compared, ten outperformed DIA in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: SPYM, VOO and IVV.
Did DIA outperform the S&P 500?
DIA finished ahead of the S&P 500 (SPY) in 12 of 27 full calendar years. In 2025, it returned +14.7%, against +17.7% for the index.
How did DIA do in stock market crashes?
DIA fell less than the S&P 500 (SPY) in six of the ten major crashes it has traded through, and further in one. The clearest case was the dot-com bust, when DIA fell 33.9% and the S&P 500 fell 47.5%.
What diversifies DIA?
These had a low correlation with DIA over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.46), XLE (correlation 0.45) and GLD (correlation 0.17); among large stocks, CAH (correlation 0.44), CLS (correlation 0.45) and MCK (correlation 0.30). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than DIA's. Returns within 0.5 points or 3% of DIA's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
More research
Popular alternatives to DIA
SPYMState Street SPDR Portfolio S&P 500 ETF
VOOVanguard S&P 500 ETF
IVViShares Core S&P 500 ETF- SPYState Street SPDR S&P 500 ETF
VVVanguard Morningstar Large-Cap ETF- VYMVanguard High Dividend Yield ETF
QQQInvesco QQQ Trust, Series 1
SCHXSchwab U.S. Large-Cap ETF
IWBiShares Russell 1000 ETF
IWMiShares Russell 2000 ETF
VXUSVanguard Total International Stock ETF
RSPInvesco S&P 500 Equal Weight ETF