SPY vs DIA Stock Comparison: AI Score, Valuation, Performance and Upside
SPY (SPDR S&P 500 ETF) and DIA (SPDR Dow Jones Industrial Average ETF) both track major U.S. stock market indices, but the S&P 500 is widely considered the superior benchmark — 500 companies versus 30, market-cap weighting versus price-weighting, and a track record of higher long-term returns. SPY is the world's most-traded ETF and the standard for U.S. equity exposure; DIA is primarily useful for investors who specifically want 'the Dow' exposure or prefer its lower tech concentration.
SPY vs DIA is the standard U.S. equity benchmark with 500 diversified companies and market-cap methodology (SPY's S&P 500 capturing 80% of U.S. market cap in a self-rebalancing market-cap-weighted index with extraordinary liquidity for trading and the definitive U.S. large-cap exposure) versus the oldest, most media-quoted index with 30 blue-chip stocks selected by editorial judgment (DIA's Dow Jones Industrial Average with price-weighting that reduces tech concentration but creates arbitrary index mechanics) — broad market standard versus iconic but limited blue-chip index.
SPY holds the edge across 4 of 5 key metrics in this comparison. SPY has delivered stronger 1-year price return (+17.28% vs +14.30% for DIA).
- Want the definitive U.S. large-cap equity index with 500 companies and market-cap weighting as the standard benchmark for institutional and retail investors globally
- Need maximum liquidity for active trading, options hedging, or large institutional position management — SPY's bid-ask spreads and options market depth are unmatched by any equity ETF
- Want passive exposure to U.S. equities with automatic rebalancing toward successful companies and away from failing ones through the market-cap methodology
- Want specifically 'the Dow' exposure — tracking the most quoted market index in media and financial news for alignment with popular market discussions
- Prefer DIA's lower technology sector concentration versus the S&P 500 — the Dow's price-weighting reduces the dominance of Apple, Microsoft, and Nvidia that represents 25%+ of the S&P 500
- Hold DIA for trading or expressing a view specifically tied to the Dow Jones performance, understanding that for long-term buy-and-hold investing, SPY or VOO are generally considered superior alternatives
| Metric | SPY | DIA |
|---|---|---|
| ETF scorei | 27.1 | 26.9 |
| Latest closei | $771.79 | $521.18 |
| 1M returni | +2.15% | +0.22% |
| 3M returni | +3.06% | -0.36% |
| 6M returni | +10.55% | +8.09% |
| 1Y returni | +17.28% | +14.30% |
The ETF score weights long-term returns and risk-adjusted performance most heavily, but still rewards low expense ratios, larger fund size, and broader diversification — so it can favor low-cost, broad, mega-cap funds over smaller thematic or actively-managed funds even when the latter have delivered stronger returns.
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | SPY | DIA |
|---|---|---|
| 1Y ago | $11.85K (+18.5%) started 2025-10-15 | $11.6K (+16.0%) started 2025-10-15 |
| 5Y ago | $19.83K (+98.3%) started 2021-10-15 | $17.63K (+76.3%) started 2021-10-15 |
| 10Y ago | $50.5K (+405.0%) started 2016-10-17 | $43.22K (+332.2%) started 2016-10-17 |
Hypothetical — past performance does not guarantee future results.
| Metric | SPY | DIA |
|---|---|---|
| Expense ratioi | 0.09% | 0.16% |
| Total assets (AUM)i | $809.22B | $43.86B |
| Dividend yieldi | 0.99% | 1.42% |
| Trailing P/Ei | 24.50 | 21.21 |
| Betai | 1.02 | 0.87 |
| 52-week change | 17.28% | 14.30% |
| Metric | SPY | DIA |
|---|---|---|
| 1Y returni | +17.28% | +14.30% |
| 6M returni | +10.55% | +8.09% |
| 3M returni | +3.06% | -0.36% |
| 1M returni | +2.15% | +0.22% |
| 1Y Sharpe ratio | 0.97 | 0.77 |
| Betai | 1.02 | 0.87 |
| Dividend yieldi | 0.99% | 1.42% |
| 5Y CAGR | +13.10% | +10.00% |
Over the past year, SPY and DIA have moved strongly in the same direction (correlation of 0.83), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | SPY | DIA |
|---|---|---|---|
| 1Y | Growthi | +17.28% | +14.30% |
| CAGRi | +17.29% | +14.31% | |
| Volatilityi | 12.67% | 12.58% | |
| Sharpe ratioi | 0.97 | 0.77 | |
| Sortino ratioi | 1.43 | 1.14 | |
| Max drawdowni | 8.88% | 9.76% | |
| Current drawdowni | 0.94% | 3.68% | |
| Avg drawdowni | 1.44% | 2.04% | |
| Ulcer Indexi | 2.13% | 2.98% | |
| Max daily dropi | 2.58% | 2.18% | |
| Max wkly dropi | 3.82% | 4.35% | |
| 5Y | Growthi | +85.07% | +61.01% |
| CAGRi | +13.10% | +10.00% | |
| Volatilityi | 17.13% | 14.79% | |
| Sharpe ratioi | 0.55 | 0.42 | |
| Sortino ratioi | 0.78 | 0.60 | |
| Max drawdowni | 24.50% | 20.76% | |
| Current drawdowni | 0.94% | 3.68% | |
| Avg drawdowni | 5.56% | 4.27% | |
| Ulcer Indexi | 8.45% | 6.04% | |
| Max daily dropi | 5.85% | 5.43% | |
| Max wkly dropi | 11.50% | 10.27% | |
| 10Y | Growthi | +325.53% | +249.59% |
| CAGRi | +15.59% | +13.34% | |
| Volatilityi | 17.95% | 17.54% | |
| Sharpe ratioi | 0.65 | 0.55 | |
| Sortino ratioi | 0.91 | 0.76 | |
| Max drawdowni | 33.72% | 36.70% | |
| Current drawdowni | 0.94% | 3.68% | |
| Avg drawdowni | 4.30% | 3.90% | |
| Ulcer Indexi | 7.16% | 6.16% | |
| Max daily dropi | 10.94% | 12.76% | |
| Max wkly dropi | 17.97% | 18.87% |
| Category | SPY | DIA |
|---|---|---|
| Fund name | State Street SPDR S&P 500 ETF Trust | State Street SPDR Dow Jones Industrial Average ETF Trust |
| Type | ETF | ETF |
| Expense ratioi | 0.09% | 0.16% |
| Total assets (AUM)i | $809.22B | $43.86B |
| Dividend yieldi | 0.99% | 1.42% |
- Market-cap weighting naturally emphasizes the largest, most successful companies — the S&P 500's market-cap weighting means that as companies grow and succeed (Apple, Microsoft, Nvidia), they occupy larger index weights; this creates a natural momentum-quality tilt toward proven winners
- 500-company diversification across all major sectors — the S&P 500 includes 500 of the largest U.S. companies across all 11 GICS sectors; no single company failure can materially harm the index (Enron's collapse barely registered in the S&P 500)
- Extraordinary liquidity for active trading and hedging — SPY trades hundreds of billions of dollars daily with the tightest bid-ask spreads; for institutional traders, hedge funds, and options users, SPY's liquidity is unmatched by any equity ETF
- 30 hand-selected blue-chip companies providing quality filter — the DJIA's 30 components are chosen by editorial judgment rather than pure market cap; this creates a quality-filtered portfolio of America's most prominent companies
- Price-weighted methodology reduces mega-cap tech concentration versus S&P 500 — because weighting is based on share price (not market cap), UnitedHealth Group (high share price) has more influence than Apple in the Dow despite Apple's much larger market cap; this reduces tech concentration
- Lower expense ratio than SPY at 0.16% — DIA's 0.16% expense ratio is competitive but still higher than VOO/IVV for pure market exposure
- Technology concentration at historical highs — the S&P 500's market-cap weighting has led to the 'Magnificent 7' (Apple, Microsoft, Nvidia, Amazon, Alphabet, Meta, Tesla) representing 30%+ of total index weight; this concentration means S&P 500 returns are heavily influenced by a handful of mega-cap tech companies
- Expense ratio higher than Vanguard VOO and iShares IVV — SPY's 0.0945% expense ratio is 3x higher than VOO/IVV's 0.03%; for long-term investors, the compounding cost difference becomes meaningful over 20-30 years
- S&P 500 backward-looking inclusion criteria may miss fast-growing small caps — the S&P 500 selects from already-large companies; investors miss early-stage growth opportunities in small and mid-cap companies that haven't yet reached S&P 500 inclusion size
- Price-weighting is arbitrary and economically irrational — a company's index weight should reflect its economic importance (market cap), not its arbitrary share price; a company can double its market cap by announcing a 10-for-1 stock split while reducing its DJIA weight, which makes no economic sense
- Only 30 companies provides very limited diversification — 30 companies cannot represent the full U.S. economy; significant sectors (small-cap, many technology companies, REITs) are underrepresented
- The Dow has historically underperformed the S&P 500 — the S&P 500's broader diversification and market-cap weighting has generally produced higher returns than the Dow's narrow, price-weighted structure; long-term buy-and-hold investors are better served by the S&P 500
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