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ETF Comparison

SPY vs DIA: The Whole S&P 500, or the Price-Weighted Dow Thirty?

A head-to-head of SPDR S&P 500 ETF Trust and SPDR Dow Jones Industrial Average ETF Trust covering index weighting, payout cadence, and cost.

Updated October 9, 2026

How these figures are calculated: methodology.

Best for

  • DIAInvestors who want the price-weighted Dow thirty rather than the cap-weighted S&P 500.
  • SPYInvestors who want the cap-weighted S&P 500 rather than the price-weighted Dow thirty.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

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

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

DIA has lagged SPY over the trailing twelve months, posting a 12.37% total return against 16.92%. The lead holds up over 10 years too: SPY has compounded at 15.49% a year, against 13.08% for DIA. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD cumulative1Y cumulative3Y annualized5Y annualized10Y annualizedSince Jan 1998Volatility Sharpe Sortino Max drawdown
DIA7.88%12.37%17.23%10.12%13.08%9.02%13.7%0.841.23-16.0%
SPY14.85%16.92%23.14%13.71%15.49%9.35%15.2%1.081.58-18.8%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 9, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Jan 1998” measures every fund from January 20, 1998 — the start of shared available history — 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.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricDIASPY
Full nameState Street SPDR Dow Jones Industrial Average ETF TrustSPDR S&P 500 ETF Trust
IssuerState StreetState Street
Underlying indexDow Jones Industrial AverageS&P 500 Index
Last Close$516.11 as of October 9, 2026$778.57 as of October 9, 2026
Distribution rate1.40%0.97%
Trailing 12-month yield1.40%0.97%
Distribution Safety Score™ 72100
Safety-Adjusted Yield 1.01%0.97%
Expense ratio0.16%0.0945%
AUM$45.2B$815B
Distribution frequencyMonthlyQuarterly
ObjectiveProvide exposure to the fund's underlying index or strategy per issuer materials.Track the S&P 500 Index before expenses.
Asset classEquityEquity
Inception date01/14/199801/22/1993
Beta0.861.0
Last dividend$1.19242$1.88883
Ex-dividend date09/18/202609/18/2026

Bottom lineChoose DIA if you want the price-weighted Dow thirty rather than the cap-weighted S&P 500. Choose SPY if you want the cap-weighted S&P 500 rather than the price-weighted Dow thirty.

A price-weighted thirty versus the cap-weighted five hundred

SPY tracks the S&P 500 by market capitalisation. DIA tracks the Dow Jones Industrial Average, where a higher share price — not a bigger company — earns a bigger weight. Construction is the split.

DIASPY
IndexDow Jones Industrial AverageS&P 500
WeightingPrice-weightedMarket-cap weighted
Payout cadenceMonthlyQuarterly
Expense ratio0.16%0.0945%
Distribution rate1.40%0.97%
Fund size$45.2B$815B
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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

State Street
ETFs179
Total AUM$2144B

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.

See our curated list of related YouTube videos on DIA and SPY.

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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 1.40% vs 0.97% 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 0.0945% compared to 0.16%.

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

SPY is the larger fund by assets ($815B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose DIA

State Street SPDR Dow Jones Industrial Average ETF Trust

  • Want the price-weighted Dow thirty — a higher share price, not a bigger company, earns a bigger weight.
  • Want broad equity exposure.

Choose SPY

SPDR S&P 500 ETF Trust

  • Want the cap-weighted S&P 500 — five hundred names, weighted by company size.
  • Want simple, diversified core exposure as a portfolio building block.
  • Want to keep costs low — a 0.0945% expense ratio vs 0.16% for DIA.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

Deep dive

Yield & income

On a $10,000 investment, DIA would generate roughly $11.67 cash per distribution, while SPY would produce $24.25 cash per distribution, at current distribution rates.

DIA yield1.40%
SPY yield0.97%
Cash diff on $10K$12.58

Cost & efficiency

Over 10 years on $10,000, DIA would cost approximately $160 in fees vs $95 for SPY (simplified, not compounded). The $65.50 difference may be offset by yield or performance.

DIA ER0.16%
SPY ER0.0945%

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 0.86 for DIA and 1.0 for SPY, making DIA the less volatile of the two by this measure.

DIA beta0.86
SPY beta1.0

Fund details

DIA is managed by State Street (launched 01/14/1998) with $45.2B in assets. SPY is managed by State Street (launched 01/22/1993) with $815B in assets.

DIA AUM$45.2B
SPY AUM$815B
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Frequently asked questions

How often do SPY and DIA pay dividends?

SPY (SPDR S&P 500 ETF Trust) distributes Quarterly and DIA (State Street SPDR Dow Jones Industrial Average ETF Trust) Monthly, so the payout cadence differs even though both track large US companies. Distribution rates are 0.97% and 1.40% as of October 2026, and cost is 0.0945% versus 0.16%. Cadence and index construction, not a one-date yield, are the real split.

What is the current distribution rate for DIA and SPY?

DIA currently distributes 1.40% and SPY 0.97%, based on fund data updated October 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

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.

Can I hold both DIA and SPY?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is DIA or SPY safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — SPY scores 100, DIA scores 72, so SPY's payout currently looks the more resilient of the two. No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, DIA or SPY?

DIA has an expense ratio of 0.16% while SPY charges 0.0945%. 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 $11.67 cash per distribution ($140.00 annually). The same in SPY would produce about $24.25 cash per distribution ($97.00 annually).

Which has performed better historically, DIA or SPY?

DIA has lagged SPY over the trailing twelve months, posting a 12.37% total return against 16.92%. The lead holds up over 10 years too: SPY has compounded at 15.49% a year, against 13.08% for DIA. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

DIA vs SPY — at a glance

Generated October 10, 2026.

Overview

DIA and SPY are both broad-market equity index ETFs from State Street that provide liquid exposure to large-cap U.S. stocks. The fundamental difference is breadth: DIA concentrates on 30 mega-cap names, whereas SPY captures the broader large-cap universe.

How they differ

DIA's 30-stock composition makes it far more concentrated than SPY's 500 holdings. This concentration often shows up in volatility: DIA's beta of 0.86 is notably lower than SPY's beta of 1.0, suggesting the Dow's largest names move less dramatically than the broader market.

Who each is best for

  • DIA: Fits investors who believe the largest, most established U.S. industrial and financial franchises (which dominate the Dow's composition) will outpace the broader market, and who prefer monthly income over quarterly distributions.
  • SPY: Designed for investors seeking exposure to the full breadth of large-cap U.S. equities with minimal overlap in a single mega-cap names, lower costs, and the deepest possible liquidity for frequent trading.

Key risks to know

  • Concentration in 30 names. DIA's exposure to just 30 stocks means idiosyncratic moves in Apple, Microsoft, JPMorgan, or Boeing will move the fund noticeably more than sector rotations within the broader economy. SPY's 500 holdings dilute that single-name risk.
  • Sector tilts differ. The Dow skews toward industrials and financials (reflecting historical membership rules), whereas the S&P 500 includes a larger weighting in healthcare, technology, and consumer discretionary. If those sectors diverge, the funds' returns will diverge.
  • Lower volatility may reflect lower growth. DIA's 0.86 beta is not necessarily safer—it suggests the Dow's largest names have smaller price swings relative to the broader market. If large-cap momentum accelerates, DIA may lag SPY, and if it decelerates, DIA may lag less but with fewer constituent headwinds to offset losses.
  • Dividend yield gap. DIA's 1.40% yield exceeds SPY's 0.97%, but both yields are low relative to historical equity averages. Neither fund distributes at a rate that suggests material return-of-capital treatment.

Bottom line

If you want maximum breadth and the tightest cost structure for buy-and-hold large-cap exposure, SPY's $815B asset base and 0.0945% expense ratio make it the clearer economic fit. If you prefer monthly income, believe the 30 largest industrials and financials merit overweight positioning, or trade frequently and appreciate the lower volatility profile, DIA's monthly distributions and more concentrated mandate may align better. Past performance doesn't predict future results, and the funds' divergence over time will hinge on whether the Dow's 30 names outpace or underperform the broader 500-stock universe.

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

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The metrics behind this comparison, explained in the Academy.

How to read a fund's stats How expense ratios eat returns Correlation between two funds

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These comparisons follow the Dividend Vision methodology.