DIA vs SPY: fees, holdings and returns

DIA holds the 30 companies in the Dow Jones Industrial Average. SPY holds the about 500 companies in the S&P 500. The Dow gives more weight to stocks with higher share prices, while the S&P 500 weights by company size. Over the same dates since January 1998, DIA returned about 9.1% a year and SPY returned about 9.3% a year.

Written by the Tactfolio research team. Fund facts checked October 17, 2026. Prices through October 20, 2026.

DIA

Yearly fee
0.16%
about $16 on $10,000
Return per year
9.1%
since January 1998
Worst drop
−51.9%
since 1998
Started trading
Jan 1998
SPDR (State Street)

SPY

Yearly fee
0.0945%
about $9.45 on $10,000
Return per year
9.3%
since January 1998
Worst drop
−55.2%
since 1998
Started trading
Jan 1993
SPDR (State Street)

Key points

  • SPY costs less: 0.0945% a year against 0.16%.
  • DIA started trading in January 1998. SPY started in January 1993.
  • Worst drops since 1998: DIA −51.9%, SPY −55.2%.
  • Daily correlation: 0.95 (1 means they always move together).

What is the difference between DIA and SPY?#

DIA is a small, old index with an unusual way of weighting. A company with a $500 share price counts ten times as much as one at $50, whatever their size. So DIA’s mix can look quite different from the market. SPY holds far more companies, weighted by their total market value, so it follows the broad large-company market more closely. Both are trusts from State Street.

FactDIASPY
Full nameState Street SPDR Dow Jones Industrial Average ETF TrustState Street SPDR S&P 500 ETF Trust
IssuerSPDR (State Street)SPDR (State Street)
Expense ratio0.16% a year0.0945% a year
Started tradingJanuary 14, 1998January 22, 1993
TracksDow Jones Industrial AverageS&P 500 Index
Holdings30 holdings as of October 15, 2026504 holdings as of October 15, 2026
TypeUS stocks, ETFUS stocks, ETF

Fund facts checked on the SPDR (State Street) DIA page and the SPDR (State Street) SPY page.

Is DIA or SPY cheaper?#

SPY costs less: 0.0945% a year against 0.16%. On $10,000, that is about $16 a year for DIA and $9.45 for SPY. The fund takes its fee out of its own value a little each day, so you never get a bill.

DIA vs SPY performance over the same dates#

$10k$20k$50k$100k1999200320072011201520192023
DIASPYGrowth of $10,000, log scale, with dividends reinvested. Past results do not tell you what happens next.

Both funds are measured from January 1998 to October 2026, the dates both traded. DIA returned about 9.1% a year and SPY returned about 9.3% a year. SPY came out ahead over this period, which does not mean it will again.

MeasureDIASPY
$10,000 grew to$120,977$128,708
Total return1,110%1,187%
Return per year (CAGR)9.1%9.3%
Worst drop from a high−51.9%−55.2%
Volatility (how much it swings)18.5%19.3%
Last 12 months13.9%15.8%
Last 3 years, per year18.4%23.7%
Last 5 years, per year9.9%12.7%
Last 10 years, per year13.4%15.5%

Prices through October 20, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

DIA and SPY returns by year#

YearDIASPY
2026 (part of the year)10.3%13.7%
202514.7%17.7%
202414.8%24.9%
202316.0%26.2%
2022−7.0%−18.2%
202120.8%28.7%
20209.6%18.3%
201925.0%31.2%
2018−3.7%−4.6%
201728.1%21.7%
201616.4%12.0%
20150.1%1.2%
20149.7%13.5%
201329.6%32.3%
20129.9%16.0%
20118.1%1.9%
201014.0%15.1%
200922.7%26.4%
2008−32.1%−36.8%
20078.8%5.1%
200618.9%15.8%
20051.6%4.8%
20045.0%10.7%
200327.9%28.2%
2002−14.7%−21.6%
2001−5.0%−11.8%
2000−6.0%−9.7%
199927.7%20.4%
1998 (part of the year)17.8%27.6%

Which fell further in bad times?#

A drawdown is how far a fund falls from its last high point. DIA’s worst fall was −51.9%, from October 9, 2007 to March 9, 2009. It got back to that high on January 19, 2012.

SPY’s worst fall was −55.2%, from October 9, 2007 to March 9, 2009. It got back to that high on August 16, 2012.

Their daily moves had a correlation of 0.95. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So holding both adds little variety.

Why people choose DIA or SPY#

DIA. People who follow the Dow, the index often quoted on the news, sometimes pick DIA to own it directly.

SPY. People who want the broad large-company market, or trade large amounts or options, tend to pick SPY.

Strategies that hold DIA or SPY#

These classic strategies hold one or both at least some of the time. Each is a set of written rules you can open, test and copy.

Other funds like DIA and SPY#

Each fund has more funds that hold the same kind of investments, ranked by how closely they move with it: DIA alternatives and SPY alternatives.

Test a mix of DIA and SPY#

Open the builder, add DIA and SPY, and give each a weight, such as 50% and 50%. The backtest shows how the mix would have done, with its worst drop, on daily prices. You can also add a rule, for example to switch between them, and compare. Read the full pages for DIA and SPY, or see more ETF comparisons.

The details#

Both funds use Tactfolio’s stored daily prices, adjusted for splits, with dividends reinvested. They are compared only on days both traded, starting the later fund’s first day, so neither gets a head start. Correlation uses daily returns over the same days. Read what a backtest simulates for more on these measures.

Research and test it

Common questions#

Why does the Dow have only 30 stocks?#

The Dow Jones Industrial Average dates from 1896 and has always been a short list of well-known companies picked by a committee. It was never meant to hold the whole market.

What does price weighted mean?#

In a price weighted index, a stock with a higher share price counts for more, no matter how big the company is. Most indexes, including the S&P 500, weight by company size instead.

Which is cheaper, DIA or SPY?#

SPY costs less: 0.0945% a year against 0.16%. Fees come from each issuer and were checked on October 17, 2026.

Which did better, DIA or SPY?#

From January 1998 to October 2026, DIA returned about 9.1% a year and SPY returned about 9.3% a year, with dividends reinvested. Their worst drops were −51.9% and −55.2%. Past returns do not tell you what comes next.

Sources#