ETF Comparison

DIA vs SPY: Which Is the Better Pick in 2026?

A head-to-head comparison of State Street SPDR Dow Jones Industrial Average ETF Trust and SPDR S&P 500 ETF Trust covering yield, cost, risk, and income potential.

Data updated July 4, 2026

State Street

ETFs182

Total AUM$2107B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

State Street Global Advisors (SSGA) is one of the largest ETF providers globally, known for its flagship SPDR suite of exchange-traded products that serve both institutional and retail investors across a broad range of asset classes. Their 88-fund lineup spans diverse strategies including sector exposure (Select Sector SPDR), income generation (Income and Select Sector SPDR Premium Income families), commodities (including the widely-held GLD gold ETF), bonds, ESG-focused investments, and thematic allocations, with popular tickers like DIA (Diamonds Trust), FEZ (Eurozone exposure), and JNK (high-yield bonds) among their most recognized funds. The issuer is characterized by its comprehensive coverage across multiple market segments and its emphasis on both traditional index-based products and specialized strategies like covered call income funds and factor-based investing.

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Side-by-side snapshot

	DIA	SPY
Full name	State Street SPDR Dow Jones Industrial Average ETF Trust	SPDR S&P 500 ETF Trust
Issuer	State Street	State Street
Last Close	$527.88 as of July 4, 2026	$744.78 as of July 4, 2026
Distribution yield	3.19%	1.02%
Distribution Safety Score	72	100
Expense ratio	0.16%	0.10%
AUM	$44.9B	$783B
Distribution frequency	Monthly	Quarterly
Underlying index	Dow Jones Industrial Average	S&P 500 Index
Objective	Provide exposure to the fund's underlying index or strategy per issuer materials.	Track the S&P 500 Index before expenses.
Asset class	Equity	Equity
Inception date	01/14/1998	01/22/1993
Beta	0.85	1.0
Last dividend	$1.4054	$1.9035
Ex-dividend date	07/17/2026	09/18/2026

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Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

DIA has lagged SPY over the trailing twelve months, posting a 20.13% total return against 21.61%. The lead holds up over 10 years too: SPY has compounded at 15.30% a year, against 13.57% for DIA. Figures are total returns: price change plus every distribution reinvested.

Symbol	YTD	1Y	3Y	5Y	10Y	Since Jan 1998	Volatility	Sharpe	Sortino	Max drawdown
DIA	9.67%	20.13%	17.16%	10.65%	13.57%	9.17%	13.5%	0.84	1.24	-16.0%
SPY	9.32%	21.61%	20.24%	13.05%	15.30%	9.25%	15.2%	0.92	1.33	-18.8%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 2, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Jan 1998” measures every fund from January 20, 1998 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Quick verdict

DIA (State Street SPDR Dow Jones Industrial Average ETF Trust) and SPY (SPDR S&P 500 ETF Trust) are both dividend ETFs, but they take different approaches.

DIA offers the higher yield at 3.19% vs 1.02% for SPY. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

SPY is cheaper with an expense ratio of 0.10% compared to 0.16%.

They track different benchmarks: DIA is linked to Dow Jones Industrial Average while SPY tracks S&P 500 Index, which means their performance drivers differ.

SPY is the larger fund by assets ($783B), which generally means tighter spreads and better liquidity.

Deep dive

Yield & income

On a $10,000 investment, DIA would generate roughly $26.58/month, while SPY would produce $8.50/month, at current distribution rates.

DIA yield3.19%

SPY yield1.02%

Monthly diff on $10K$18.08

Cost & efficiency

Over 10 years on $10,000, DIA would cost approximately $160 in fees vs $100 for SPY (simplified, not compounded). The $60.00 difference may be offset by yield or performance.

DIA ER0.16%

SPY ER0.10%

Strategy & risk

DIA tracks Dow Jones Industrial Average with an index approach, while SPY tracks S&P 500 Index with a large cap approach. Beta is 0.85 for DIA and 1.0 for SPY, indicating DIA is less volatile relative to the market.

DIA beta0.85

SPY beta1.0

Fund details

DIA is managed by State Street (launched 01/14/1998) with $44.9B in assets. SPY is managed by State Street (launched 01/22/1993) with $783B in assets.

DIA AUM$44.9B

SPY AUM$783B

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Frequently asked questions

Is DIA or SPY better for dividend income?

It depends on your goals. DIA currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

What is the difference between DIA and SPY?

DIA (State Street SPDR Dow Jones Industrial Average ETF Trust) tracks Dow Jones Industrial Average with an index approach, while SPY (SPDR S&P 500 ETF Trust) tracks S&P 500 Index with a large cap approach. They are issued by State Street and State Street respectively.

Can I hold both DIA and SPY?

Yes. Many income investors hold both to diversify across different strategies and underlying indexes. This can reduce concentration risk while maintaining a strong income stream.

Which has lower fees, DIA or SPY?

DIA has an expense ratio of 0.16% while SPY charges 0.10%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in DIA vs SPY generate?

At current rates, $10,000 in DIA would generate roughly $26.58 per month ($319.00 annually). The same in SPY would produce about $8.50 per month ($102.00 annually).

Which has performed better historically, DIA or SPY?

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DIA vs SPY — at a glance

Generated June 2026 from current fund data.

Overview

DIA and SPY are both flagship index-tracking ETFs from State Street, but they track different equity benchmarks. DIA replicates the 30 large-cap stocks in the Dow Jones Industrial Average, while SPY tracks all 500 constituents of the S&P 500 Index. The core distinction is breadth: DIA gives you a concentrated slice of mega-cap America; SPY gives you the broader large-cap market.

How they differ

DIA's 30-stock mandate creates meaningful structural differences from SPY's 500-name approach. DIA yields 3.26% versus SPY's 1.04%—a spread driven by DIA's heavier weighting to dividend-paying industrials and financial stocks, not higher fees (DIA charges 0.16%, SPY charges 0.10%). DIA also distributes monthly, compared to SPY's quarterly cadence, which matters if you're building a recurring income stream. Performance-wise, DIA's beta of 0.85 reflects lower volatility than the broader market (SPY at 1.0), a consequence of holding only the 30 largest, most stable companies. DIA's $44.9B in assets dwarfs most rivals but remains a tenth of SPY's $783B, so trading liquidity favors SPY slightly.

Who each is best for

DIA: Fits investors drawn to large-cap stability and higher current yield, who want concentrated exposure to America's biggest multinational industrials and are comfortable with monthly income distributions.

SPY: Fits investors seeking broad large-cap diversification with minimal fee drag, who prefer quarterly distributions and are comfortable with a lower yield in exchange for owning a much wider stock universe.

Key risks to know

Concentration in mega-cap, low-volatility sectors. DIA's 30-stock structure means it overweights industrials, financials, and consumer staples while underweighting information technology relative to the S&P 500. In prolonged tech-led bull markets, this creates a meaningful headwind.

Valuation sensitivity and cyclicality. DIA's tilt toward mature, dividend-heavy companies exposes it to interest-rate and valuation compression risk if rates rise or dividend multiples compress—a risk SPY's broader exposure partially buffers.

Tracking error from distribution timing. DIA's monthly distributions and SPY's quarterly schedule mean their after-dividend performance will diverge depending on reinvestment timing and market moves between distribution dates.

Size and momentum bias. Both track the largest companies in their respective universes, so both miss mid-cap and smaller opportunities—though this is by design for index tracking.

Bottom line

If you want monthly income from blue-chip stocks and accept concentrated exposure to 30 mega-caps, DIA's 3.26% yield and lower volatility (beta 0.85) stand out. If you prioritize broad large-cap diversification and minimal fees, SPY's $783B asset base and 500-stock spread offer fewer concentration risks at the cost of a lower current yield. Neither fund carries hidden structural risk—both are vanilla index trackers—so the choice hinges on your preference for yield, diversification breadth, and distribution frequency.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.