DIA vs SPY
State Street SPDR Dow Jones Industrial Average ETF Trust vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | DIA | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.16% | 0.09% | |
| AUM | $46.9B | $821.1B | |
| Dividend Yield | 1.37% | 1.01% | |
| Holdings | 31 | 505 | |
| YTD Return | +11.86% | +14.24% | |
| 1Y Return | +21.31% | +21.71% | |
| 3Y Return (annualized) | +17.28% | +22.10% | |
| 5Y Return (annualized) | +10.45% | +13.21% | |
| Volatility (annualized) | 15.0% | 15.3% | |
| Max Drawdown | -53.8% | -56.5% | |
| Fund Family | SPDR State Street Global Advisors | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jan 14, 1998 | Jan 22, 1993 |
DIA vs SPY Performance
State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) is a ETF from SPDR State Street Global Advisors and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year DIA returned +21.31% while SPY returned +21.71%. Year to date, DIA is up 11.86% versus a gain of 14.24% for SPY.
Over three years, DIA compounded at +17.28% per year against +22.10% for SPY; over five years the annualized figures are +10.45% and +13.21% respectively. Across the full 29-year window we track, SPY has the edge at +8.86% annualized vs +7.31%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 15.0% for DIA. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -53.8% for DIA and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.94. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
DIA charges 0.16% per year while SPY charges 0.09%. On a $10,000 position that is $16 vs $9 annually, a gap of $7 per year that compounds over a long holding period. On income, DIA currently yields 1.37% against 1.01% for SPY.
Holdings Overlap
DIA and SPY share 30 holdings out of 504 unique holdings combined, representing a 29.2% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, DIA or SPY?
DIA has an expense ratio of 0.16% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $7 per year of difference.
Which performed better, DIA or SPY?
Over the past year DIA returned +21.31% vs +21.71% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (29 years), DIA annualized +7.31% vs +8.86% for SPY. Past performance does not guarantee future results.
Which is riskier, DIA or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 15.0% for DIA. Worst drawdown: DIA -53.8% vs SPY -56.5%.
Should I hold both DIA and SPY?
DIA and SPY have a monthly-return correlation of 0.94, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between DIA and SPY?
DIA and SPY share 30 common holdings with a 29.2% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, DIA or SPY?
DIA yields 1.37% while SPY yields 1.01%, so DIA currently pays the higher dividend yield.
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