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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 9, 2026

State Street
ETFs182
Total AUM$2113B

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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Side-by-side snapshot

DIASPY
Full nameState Street SPDR Dow Jones Industrial Average ETF TrustSPDR S&P 500 ETF Trust
IssuerState StreetState Street
Last Close$524.19 as of July 9, 2026$751.71 as of July 9, 2026
Distribution yield3.22%1.01%
Distribution Safety Score 72100
Expense ratio0.16%0.10%
AUM$44.9B$783B
Distribution frequencyMonthlyQuarterly
Underlying indexDow Jones Industrial AverageS&P 500 Index
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
Beta0.851.0
Last dividend$1.4054$1.9035
Ex-dividend date07/17/202609/18/2026

Bottom lineChoose DIA if you want higher current income (3.22% vs 1.01% for SPY). Choose SPY if you want simple, diversified core exposure in one low-cost fund.

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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 20.29% total return against 22.52%. The lead holds up over 10 years too: SPY has compounded at 15.29% a year, against 13.39% for DIA. Figures are total returns: price change plus every distribution reinvested.

SymbolYTD1Y3Y5Y10YSince Jan 1998Volatility Sharpe Sortino Max drawdown
DIA9.20%20.29%17.51%10.68%13.39%9.15%13.5%0.871.27-16.0%
SPY10.62%22.52%21.09%13.29%15.29%9.29%15.2%0.971.40-18.8%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 9, 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 3.22% vs 1.01% 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.

Who should choose each?

Choose DIA

State Street SPDR Dow Jones Industrial Average ETF Trust

  • Want higher current income — DIA yields 3.22% vs 1.01% for SPY.
  • Want broad equity exposure.
  • Prefer lower volatility — a beta of 0.8 vs 1.0 for SPY.

Choose SPY

SPDR S&P 500 ETF Trust

  • Want simple, diversified core exposure as a portfolio building block.
  • Want to keep costs low — a 0.10% 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 $26.83/month, while SPY would produce $8.42/month, at current distribution rates.

DIA yield3.22%
SPY yield1.01%
Monthly diff on $10K$18.42

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 $26.83 per month ($322.00 annually). The same in SPY would produce about $8.42 per month ($101.00 annually).

Which has performed better historically, DIA or SPY?

DIA has lagged SPY over the trailing twelve months, posting a 20.29% total return against 22.52%. The lead holds up over 10 years too: SPY has compounded at 15.29% a year, against 13.39% 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 July 2026 from current fund data.

Overview

DIA and SPY are both flagship index-tracking ETFs from State Street, but they track different equity universes. DIA follows the 30-stock Dow Jones Industrial Average—a price-weighted index of large-cap blue chips—while SPY tracks the S&P 500, a market-cap-weighted benchmark of 500 large-cap stocks. The key distinction: DIA offers narrower, more concentrated exposure to the economy's largest names; SPY provides broader diversification across the large-cap space.

How they differ

The most significant difference is index construction. DIA holds just 30 stocks weighted by price, meaning the highest-priced constituents drive returns regardless of company size. SPY holds 500 stocks weighted by market capitalization, spreading exposure more evenly across the large-cap universe and including smaller large-caps that DIA omits entirely.

DIA's distribution rate is 3.19% versus SPY's 1.02%, a material gap driven partly by the Dow's yield-heavier composition and DIA's monthly payout schedule versus SPY's quarterly distribution. Expense ratios are already low for both—0.16% for DIA and 0.10% for SPY—but SPY's massive $783B in AUM offers unmatched liquidity and tighter bid-ask spreads.

On risk, DIA carries a 0.85 beta, suggesting it historically moves slightly less than the broad market, while SPY's 1.0 beta tracks the market by definition. This reflects DIA's concentration among defensive, mature industrials.

Who each is best for

DIA: Fits investors who seek concentrated exposure to the economy's most recognizable large-cap names and value the higher current income from a dividend-weighted portfolio, accepting tighter diversification than the broader market.

SPY: Designed for investors prioritizing broad large-cap market exposure with minimal overlap gaps, lower costs, and the tightest liquidity in the ETF universe; works for buy-and-hold equity-core allocations where quarterly distributions align with rebalancing schedules.

Key risks to know

  • Concentration and sector tilt. DIA's 30-stock design means a handful of positions—technology, financials, and industrials dominate the Dow—exert outsized influence on returns. An earnings disappointment in a top-three holding swings the fund's performance more sharply than would affect SPY.
  • Price weighting bias. The Dow's price-weighted structure means the highest-priced stock (often a large pharmaceutical or industrial name) carries more weight than the highest-market-cap stock would in SPY. This can create performance drag if lower-priced but larger-cap companies outperform.
  • Lower dividend reinvestment compounding. SPY's quarterly distributions and DIA's monthly payouts both require reinvestment; however, DIA's higher 3.19% rate means larger cash drags between reinvestment dates if held in a non-dividend-reinvestment account.
  • Tracking deviation over long holding periods. Although both track liquid benchmarks, SPY's market-cap weighting more closely mirrors a dollar-weighted buy-and-hold investor's natural portfolio, while DIA's price weighting can diverge from intuitive large-cap market returns.

Bottom line

If you want the broadest, lowest-cost access to large-cap equities with minimal overlap, SPY's scale and market-cap weighting stand out. If you prefer higher current income from a tighter portfolio of the Dow's iconic names, DIA delivers—at the cost of less diversification and a slightly higher expense ratio. Past performance does not guarantee future results.

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

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