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Relative Intelligence · US Large-Cap Equity

How State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on DIA alone. It places DIA (State Street SPDR Dow Jones Industrial Average ETF Trust) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where DIA stands in the market, and of the alternatives worth a closer look.

Period covered: DIA's full trading record, from January 1998 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against DIA →Chart DIA vs. 20 alternatives →
On this page12 sections

Key findings

How much would $10,000 in DIA have grown?

This chart tracks a hypothetical $10,000 investment in DIA over the past 22 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of DIA over the same span and DIA's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: The chart covers the past 22 years rather than DIA's full 28 years, because most of its popular alternatives have not traded that long.

Choose a period

From the end of September 2004 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 588 of the 1,487 stocks and funds worth at least $500 million that traded the whole period ended ahead of DIA; the chart shows 5, closest alternatives first. The other 2 lines are popular alternatives, shown for context.

$10,000$20,000$50,000$100,000$200,000200420082012201620202024$10,000$20,000$50,000$100,000$200,0002004201020162022
  • QQQ$249,744+2,397% total · +15.8% a year
  • VV$107,334+973% total · +11.4% a year
  • OEF$106,460+965% total · +11.4% a year
  • SPTM$102,728+927% total · +11.2% a year
  • SPY (S&P 500)$102,174+922% total · +11.1% a year
  • RSP$88,595+786% total · +10.4% a year
  • DIA$81,781+718% total · +10.0% a year
  • IWM$65,295+553% total · +8.9% a year
  • AGG$18,581+85.8% total · +2.9% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,320 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of DIA; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$15,000$20,000$25,000202120222023202420252026$5,000$10,000$15,000$20,000$25,000202120222023202420252026
  • QQQ$21,295+113% total · +16.3% a year
  • OEF$20,494+105% total · +15.4% a year
  • FNDX$19,177+91.8% total · +13.9% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • VV$18,747+87.5% total · +13.4% a year
  • SPTM$18,634+86.3% total · +13.3% a year
  • SCHX$18,495+84.9% total · +13.1% a year
  • DGRW$17,978+79.8% total · +12.4% a year
  • VYM$17,343+73.4% total · +11.6% a year
  • DIA$16,393+63.9% total · +10.4% a year
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DIA at a glance

This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The fund

Issuer
SPDR
Began trading
January 1998
Expense ratio
0.16%per year
Assets
$45B
Category
Broad Market

Returns

Past 1 year
+13.9%total return
Past 3 years
+66.1%+18.4% a year
Past 5 years
+60.6%+9.9% a year
Past 10 years
+250%+13.4% a year
Best calendar year
+29.6%2013
Worst calendar year
−32.1%2008
Losing years
6 of 27full calendar years

Risk

Volatility
14.8%typical yearly swing, 5 years
Sharpe ratio
0.72return per unit of risk, 5 years
Worst decline ever
−51.9%Oct 2007 to Mar 2009
From its all-time high
−3.1%below the peak

DIA against the whole market

Where DIA ranks among every stock and fund, and what across the market has done better.

How does DIA rank among all ETFs?

This section ranks DIA on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how DIA stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.

MeasureDIARankStanding
1-year return+13.9%929 of 2,485top 37%
3-year return+66.1%865 of 1,949top 44%
5-year return+60.6%513 of 1,560top 33%
10-year return+250%162 of 958top 17%
Volatility, 5 years14.8%609 of 1,560top 39%
Sharpe ratio, 5 years0.72489 of 1,560top 31%
Worst decline, past 10 years−36.7%425 of 951top 45%

What has beaten DIA on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). DIA sits where the dashed lines cross. Anything in the green box above and to the left earned more than DIA with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to DIA; faint dots are 12 more of the 23 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

8.0%10.0%12.0%14.0%16.0%18.0%20.0%22.0%24.0%9.0%10.0%11.0%12.0%13.0%14.0%15.0%16.0%17.0%18.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than DIAVTV: +12.1% a year, volatility 13.7%FJAN: +11.1% a year, volatility 10.5%IWX: +12.7% a year, volatility 13.8%DIVO: +11.1% a year, volatility 11.9%DHS: +12.0% a year, volatility 13.9%QDEF: +12.7% a year, volatility 13.7%DJD: +11.8% a year, volatility 13.3%DBEF: +13.1% a year, volatility 13.8%GCOW: +14.1% a year, volatility 13.6%DDWM: +12.3% a year, volatility 13.4%EDIV: +11.2% a year, volatility 13.8%AUSF: +13.2% a year, volatility 13.6%DIA: +9.9% a year, volatility 14.8%SPY (S&P 500): +12.7% a year, volatility 17.1%OEF: +14.3% a year, volatility 17.8%FNDX: +13.5% a year, volatility 14.9%VYM: +11.3% a year, volatility 13.8%DGRW: +11.8% a year, volatility 14.0%QQQ: +14.5% a year, volatility 23.0%SPTM: +12.3% a year, volatility 16.9%MGV: +12.6% a year, volatility 13.4%JQUA: +13.6% a year, volatility 15.7%QUAL: +11.4% a year, volatility 17.3%VLUE: +15.9% a year, volatility 18.4%SIXA: +12.8% a year, volatility 12.7%LVHI: +17.0% a year, volatility 11.1%BRK-B: +13.4% a year, volatility 17.1%HDV: +12.9% a year, volatility 13.0%NVS: +17.1% a year, volatility 20.7%VSLU: +13.7% a year, volatility 16.2%RSG: +13.9% a year, volatility 18.5%PJUL: +10.5% a year, volatility 8.6%DIASPY (S&P 500)OEFFNDXVYMDGRWQQQSPTMMGVJQUAQUALVLUESIXALVHIBRK-BHDVNVSRSGPJUL5.0%10.0%15.0%20.0%25.0%8.0%10.0%12.0%14.0%16.0%18.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than DIAVTV: +12.1% a year, volatility 13.7%FJAN: +11.1% a year, volatility 10.5%IWX: +12.7% a year, volatility 13.8%DIVO: +11.1% a year, volatility 11.9%DHS: +12.0% a year, volatility 13.9%QDEF: +12.7% a year, volatility 13.7%DJD: +11.8% a year, volatility 13.3%DBEF: +13.1% a year, volatility 13.8%GCOW: +14.1% a year, volatility 13.6%DDWM: +12.3% a year, volatility 13.4%EDIV: +11.2% a year, volatility 13.8%AUSF: +13.2% a year, volatility 13.6%DIA: +9.9% a year, volatility 14.8%SPY (S&P 500): +12.7% a year, volatility 17.1%OEF: +14.3% a year, volatility 17.8%FNDX: +13.5% a year, volatility 14.9%VYM: +11.3% a year, volatility 13.8%DGRW: +11.8% a year, volatility 14.0%QQQ: +14.5% a year, volatility 23.0%SPTM: +12.3% a year, volatility 16.9%MGV: +12.6% a year, volatility 13.4%JQUA: +13.6% a year, volatility 15.7%QUAL: +11.4% a year, volatility 17.3%VLUE: +15.9% a year, volatility 18.4%SIXA: +12.8% a year, volatility 12.7%LVHI: +17.0% a year, volatility 11.1%BRK-B: +13.4% a year, volatility 17.1%HDV: +12.9% a year, volatility 13.0%NVS: +17.1% a year, volatility 20.7%VSLU: +13.7% a year, volatility 16.2%RSG: +13.9% a year, volatility 18.5%PJUL: +10.5% a year, volatility 8.6%DIASPY (S&P 500)OEFFNDXVYMDGRWQQQSPTMMGVJQUAQUALVLUELVHIBRK-BHDVNVSPJUL
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than DIA?

Investments that beat DIA over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat DIA over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks DIA's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than DIA follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than DIA's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× DIA's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than DIA's.

Screen the whole market against DIA for any period in BetterThanSPYOpen these 19 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with DIA?lower diversifies moreExpenseper year
DIAState Street SPDR Dow Jones Industrial Average ETF Trust · this page
+9.9%14.8%0.72−36.7%+250%1.000.16%
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.900.09%
Popular alternativesbest 6 shownThe investments people most often weigh against DIA. 15 of 20 passed at least one test.
OEFiShares S&P 100 ETF · US Large-Cap Equity
Higher Sharpe, smaller worst declineHigher return in most periods+14.3%17.8%0.84−31.4%+367%0.840.20%
FNDXSchwab Fundamental U.S. Large Company ETF · US Large-Cap Value
Higher return, similar volatilityHigher return in most periods+13.5%14.9%0.93−37.7%+291%0.960.25%
VYMVanguard High Dividend Yield ETF · US Dividend Equity
Higher return, lower volatility+11.3%13.8%0.85−35.2%+208%0.930.04%
DGRWWisdomTree U.S. Quality Dividend Growth Fund · US Dividend Equity
Higher return, lower volatility+11.8%14.0%0.87−32.0%+276%0.950.28%
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Higher return in most periods+14.5%23.0%0.71−35.1%+553%0.710.18%
SPTMState Street SPDR Portfolio S&P 1500 Composite Stock Market ETF · US Total Market
Higher return in most periods+12.3%16.9%0.77−34.7%+310%0.910.03%
Same and neighboring categories, and shared themesbest 4 shownEverything else in US Large-Cap Equity and the categories next to it (US Total Market, US Large-Cap Value, US Large-Cap Growth, US Quality Equity), plus DIA's specific themes. 31 of 50 passed at least one test.
MGVVanguard Morningstar Mega Cap Value ETF · US Large-Cap Value
Higher return, lower volatilityHigher return in most periods+12.6%13.4%0.95−35.4%+244%0.950.05%
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Higher return, similar volatilityHigher return in most periods+13.6%15.7%0.89−32.9%—0.920.12%
QUALiShares MSCI USA Quality Factor ETF · US Quality Equity
Higher return in most periods+11.4%17.3%0.71−34.1%+293%0.900.15%
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Higher return in most periods+15.9%18.4%0.90−39.5%+286%0.840.15%
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 199 of 3,563 passed at least one test.
SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.8%12.7%1.01−18.4%—0.900.31%
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
On the frontierHigher return, lower volatilityHigher return in most periods+17.0%11.1%1.48−32.4%+194%0.660.40%
BRK-BBerkshire Hathaway Inc. · Insurance
Higher Sharpe, smaller worst declineHigher return in most periods+13.4%17.1%0.82−29.6%+274%0.59—
HDViShares Core High Dividend ETF · US Dividend Equity
Higher return, lower volatilityHigher return in most periods+12.9%13.0%1.00−37.0%+172%0.760.08%
NVSNovartis AG · Pharmaceuticals
Higher Sharpe, smaller worst declineHigher return in most periods+17.1%20.7%0.87−26.8%+226%0.50—
VSLUApplied Finance Valuation Large Cap ETF · Broad Market
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+13.7%16.2%0.88−23.8%—0.890.49%
RSGRepublic Services, Inc. · Environmental Services
Higher return in most periodsSmaller losses in recent crashes+13.9%18.5%0.80−34.0%+446%0.38—
PJULInnovator U.S. Equity Power Buffer ETF · Broad Market
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline+10.5%8.6%1.20−18.2%—0.870.79%
What these numbers mean for DIA
Annual return
DIA returned 9.9% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $16,100. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
DIA's volatility over the past 5 years was 14.8%, 86% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, DIA's return lands within 14.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
DIA's Sharpe ratio over the past 5 years was 0.72, against 0.79 for the S&P 500, so DIA earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
DIA's worst fall from a peak to a low over the past 10 years was 36.7%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 36.7% fall takes a 58.0% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, DIA's monthly returns had a correlation of 0.90 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against DIA instead: the lower it is, the more that option would diversify a DIA holding. Guide: Correlation and diversification →
Show all 23 stocks and funds worth at least $500 million that earned more than DIA with less volatility

Out of 3,633 tested over 5 years. The strongest 16 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with DIAExpense
1
SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market
Whole market+12.8%12.7%1.01−18.4%—0.900.31%
2
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.660.40%
3
HDViShares Core High Dividend ETF · US Dividend Equity
Whole market+12.9%13.0%1.00−37.0%+172%0.760.08%
4
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Same or nearby category+12.1%13.7%0.90−36.8%+235%0.950.03%
5
FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset
Whole market+11.1%10.5%1.05−13.6%—0.840.85%
6
IWXiShares Russell Top 200 Value ETF · Broad Market
Whole market+12.7%13.8%0.94−35.8%+221%0.950.20%
7
DIVOAmplify CWP Enhanced Dividend Income ETF · Equity Income
Whole market+11.1%11.9%0.95−30.0%—0.940.56%
8
DHSWisdomTree U.S. High Dividend Fund · Dividend & Income
Whole market+12.0%13.9%0.89−37.4%+156%0.800.38%
9
QDEFNorthern Trust Quality Dividend Defensive ETF · Dividend & Income
Whole market+12.7%13.7%0.94−35.7%+228%0.940.40%
10
DJDInvesco Dow Jones Industrial Average Dividend ETF · Dividend & Income
Whole market+11.8%13.3%0.91−34.7%+227%0.900.07%
11
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity
Whole market+13.1%13.8%0.96−32.5%+206%0.820.35%
12
VYMVanguard High Dividend Yield ETF · US Dividend Equity
Popular alternative+11.3%13.8%0.85−35.2%+208%0.930.04%
13
GCOWPacer Global Cash Cows Dividend ETF · International
Whole market+14.1%13.6%1.04−37.6%+168%0.630.60%
14
DDWMWisdomTree Dynamic International Equity Fund · International
Whole market+12.3%13.4%0.94−35.0%+149%0.760.40%
15
EDIVState Street SPDR S&P Emerging Markets Dividend ETF · International
Whole market+11.2%13.8%0.84−40.7%+119%0.520.49%
16
AUSFGlobal X - Adaptive U.S. Factor ETF · International
Whole market+13.2%13.6%0.99−44.2%—0.860.27%

See everything that outperformed DIA →

DIA against its popular alternatives

The investments people most often weigh against DIA, compared period by period and year by year.

How do DIA's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at DIA, which divides the map into what did better or worse on each measure.

Green points earned more than DIA with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

5.0%7.5%10.0%12.5%15.0%17.5%20.0%22.5%25.0%−2.0%0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityDIA: 9.9% a year, volatility 14.8%SPY (S&P 500): 12.7% a year, volatility 17.1%DGRW: 11.8% a year, volatility 14.0%VYM: 11.3% a year, volatility 13.8%VXUS: 8.3% a year, volatility 16.4%IWM: 5.2% a year, volatility 22.4%RSP: 8.2% a year, volatility 16.1%FNDX: 13.5% a year, volatility 14.9%QQQ: 14.5% a year, volatility 23.0%OEF: 14.3% a year, volatility 17.8%VV: 12.3% a year, volatility 17.3%SCHX: 12.0% a year, volatility 17.2%SPTM: 12.3% a year, volatility 16.9%EQWL: 11.6% a year, volatility 15.0%PRF: 13.0% a year, volatility 15.0%DUSA: 11.3% a year, volatility 18.4%AGG: −0.3% a year, volatility 6.1%DIASPY (S&P 500)DGRWVYMVXUSIWMRSPFNDXQQQOEFVVSCHXEQWLPRFDUSAAGG5.0%10.0%15.0%20.0%25.0%−2.5%0.0%2.5%5.0%7.5%10.0%12.5%15.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityDIA: 9.9% a year, volatility 14.8%SPY (S&P 500): 12.7% a year, volatility 17.1%DGRW: 11.8% a year, volatility 14.0%VYM: 11.3% a year, volatility 13.8%VXUS: 8.3% a year, volatility 16.4%IWM: 5.2% a year, volatility 22.4%RSP: 8.2% a year, volatility 16.1%FNDX: 13.5% a year, volatility 14.9%QQQ: 14.5% a year, volatility 23.0%OEF: 14.3% a year, volatility 17.8%VV: 12.3% a year, volatility 17.3%SCHX: 12.0% a year, volatility 17.2%SPTM: 12.3% a year, volatility 16.9%EQWL: 11.6% a year, volatility 15.0%PRF: 13.0% a year, volatility 15.0%DUSA: 11.3% a year, volatility 18.4%AGG: −0.3% a year, volatility 6.1%DIASPY (S&P 500)DGRWVYMVXUSIWMRSPFNDXQQQOEFPRFDUSAAGG
All figures
InvestmentAnnual returnVolatility
QQQ Invesco QQQ Trust, Series 1+14.5%23.0%
OEF iShares S&P 100 ETF+14.3%17.8%
FNDX Schwab Fundamental U.S. Large Company ETF+13.5%14.9%
PRF Invesco RAFI US 1000 ETF+13.0%15.0%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
VV Vanguard Morningstar Large-Cap ETF+12.3%17.3%
SPTM State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF+12.3%16.9%
SCHX Schwab U.S. Large-Cap ETF+12.0%17.2%
DGRW WisdomTree U.S. Quality Dividend Growth Fund+11.8%14.0%
EQWL Invesco S&P 100 Equal Weight ETF+11.6%15.0%
VYM Vanguard High Dividend Yield ETF+11.3%13.8%
DUSA Davis Select U.S. Equity ETF+11.3%18.4%
DIA This pageState Street SPDR Dow Jones Industrial Average ETF Trust+9.9%14.8%
VXUS Vanguard Total International Stock ETF+8.3%16.4%
RSP Invesco S&P 500 Equal Weight ETF+8.2%16.1%
IWM iShares Russell 2000 ETF+5.2%22.4%
AGG iShares Core U.S. Aggregate Bond ETF−0.3%6.1%
Open these 17 in EasyCompare

Has DIA consistently beaten its popular alternatives?

This section compares DIA with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than DIA helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than DIA over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
DIA State Street SPDR Dow Jones Industrial Average ETF Trust (this page)—+0.9%+1.6%+6.8%+9.6%+13.9%+66.1%+60.6%+250%14.8%0.72−36.7%0.16%$45B—
FNDX QualifiedSchwab Fundamental U.S. Large Company ETF5/5 short3/3 longAll-weather+1.6%+4.7%+11.9%+20.5%+25.4%+88.2%+88.6%+291%14.9%0.93−37.7%0.25%$28B80%
QQQ QualifiedInvesco QQQ Trust, Series 14/5 short3/3 longAll-weather−3.2%+3.2%+11.2%+17.4%+17.9%+106%+97.2%+553%23.0%0.71−35.1%0.18%$492B49%
OEF QualifiediShares S&P 100 ETF4/5 short3/3 longAll-weather−1.1%+4.6%+10.4%+12.6%+14.8%+98.4%+94.8%+367%17.8%0.84−31.4%0.20%$20B—
SPYM QualifiedState Street SPDR Portfolio S&P 500 ETF4/5 short3/3 longAll-weather−0.5%+3.9%+9.1%+13.5%+15.9%+89.8%+82.5%+324%16.9%0.80−33.9%0.02%$184B70%
VV QualifiedVanguard Morningstar Large-Cap ETF4/5 short3/3 longAll-weather−0.7%+3.9%+9.4%+13.4%+15.4%+90.6%+78.8%+324%17.3%0.76−34.3%0.03%$76B70%
VOO QualifiedVanguard S&P 500 ETF4/5 short3/3 longAll-weather−0.6%+3.9%+9.1%+13.5%+15.8%+89.7%+82.3%+324%16.9%0.80−34.0%0.03%$1.7T71%
IVV QualifiediShares Core S&P 500 ETF4/5 short3/3 longAll-weather−0.6%+3.9%+9.1%+13.5%+15.8%+89.7%+82.3%+324%17.0%0.80−33.9%0.03%$880B70%
SPY QualifiedState Street SPDR S&P 500 ETF4/5 short3/3 longAll-weather−0.6%+3.9%+9.1%+13.5%+15.8%+89.3%+81.7%+321%17.1%0.79−33.7%0.09%$823B70%
SCHX QualifiedSchwab U.S. Large-Cap ETF4/5 short3/3 longAll-weather−0.8%+3.6%+8.7%+13.0%+15.1%+89.1%+76.6%+317%17.2%0.75−34.3%0.03%$74B71%
SPTM QualifiedState Street SPDR Portfolio S&P 1500 Composite Stock Market ETF4/5 short3/3 longAll-weather−0.6%+3.4%+8.4%+13.3%+15.7%+87.2%+78.6%+310%16.9%0.77−34.7%0.03%$14B72%
IWB QualifiediShares Russell 1000 ETF4/5 short3/3 longAll-weather−0.6%+3.7%+8.6%+12.9%+15.1%+87.7%+75.1%+309%17.2%0.74−34.6%0.15%$49B72%
EQWL QualifiedInvesco S&P 100 Equal Weight ETF4/5 short3/3 longAll-weather+0.1%+2.9%+9.4%+12.7%+15.7%+81.0%+73.3%+291%15.0%0.81−34.3%0.30%$2.8B80%
PRF QualifiedInvesco RAFI US 1000 ETF4/5 short3/3 longAll-weather+1.2%+4.2%+11.7%+20.2%+25.5%+90.1%+84.3%+270%15.0%0.90−38.1%0.34%$10B80%
DGRW Dividend & IncomeWisdomTree U.S. Quality Dividend Growth Fund2/5 short2/3 long+0.6%+4.3%+6.5%+11.7%+12.8%+65.2%+74.6%+276%14.0%0.87−32.0%0.28%$17B72%
VYM Dividend & IncomeVanguard High Dividend Yield ETF2/5 short2/3 long+1.1%+1.7%+5.1%+13.3%+16.9%+72.8%+71.1%+208%13.8%0.85−35.2%0.04%$96B83%
DUSA Broad MarketDavis Select U.S. Equity ETF2/5 short2/3 long+1.4%−0.5%+6.2%+11.6%+19.5%+94.9%+71.1%—18.4%0.68−36.7%0.59%$1.3B71%
VXUS InternationalVanguard Total International Stock ETF2/5 short1/3 long−3.9%+1.0%+0.9%+10.2%+14.6%+77.2%+48.6%+140%16.4%0.57−36.0%0.05%$666B83%
IWM Broad MarketiShares Russell 2000 ETF1/5 short1/3 long−3.4%−5.4%−0.1%+11.6%+12.3%+71.3%+29.0%+158%22.4%0.34−41.1%0.19%$75B80%
RSP Broad MarketInvesco S&P 500 Equal Weight ETF3/5 short0/3 long+1.5%+2.0%+6.7%+13.3%+15.5%+65.4%+48.6%+211%16.1%0.57−39.0%0.20%$98B83%
AGG BondsiShares Core U.S. Aggregate Bond ETF0/5 short0/3 long−0.6%−1.7%−2.6%−1.7%−1.9%+16.2%−1.5%+13.3%6.1%-0.02−18.4%0.03%$139B—
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How did DIA do year by year?

This table shows each investment's total return in every full calendar year since 1999, along with where DIA ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with DIA and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of DIA; gray means the two finished within a fraction of a point. The rank row places DIA among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of DIA202520242023202220212020201920182017201620152014201320122011201020092008200720062005200420032002200120001999
DIA This pageState Street SPDR Dow Jones Industrial Average ETF Trust—+14.7%+14.8%+16.0%−7.0%+20.8%+9.6%+25.0%−3.7%+28.1%+16.4%+0.1%+9.8%+29.6%+9.9%+8.1%+14.0%+22.7%−32.1%+8.8%+18.9%+1.6%+4.8%+27.9%−14.7%−5.0%−6.0%+27.7%
Rank among alternativesTop quarter in 10 of 2512 of 1612 of 1611 of 164 of 1612 of 1612 of 1613 of 163 of 162 of 154 of 158 of 1512 of 1511 of 1312 of 132 of 129 of 127 of 113 of 113 of 112 of 96 of 86 of 73 of 51 of 52 of 5——
SPY S&P 500State Street SPDR S&P 500 ETF14 of 27+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%
FNDX Schwab Fundamental U.S. Large Company ETF6 of 12+16.9%+16.7%+18.3%−7.0%+31.7%+9.2%+28.7%−7.3%+16.5%+16.4%−3.0%+12.6%———————————————
QQQ Invesco QQQ Trust, Series 117 of 26+20.8%+25.6%+54.9%−32.6%+27.4%+48.6%+39.0%−0.1%+32.7%+7.1%+9.4%+19.2%+36.6%+18.1%+3.4%+19.9%+54.7%−41.7%+19.0%+7.2%+1.6%+10.5%+49.7%−37.4%−33.4%−36.1%—
OEF iShares S&P 100 ETF10 of 25+19.8%+30.8%+32.7%−21.0%+29.2%+21.2%+31.9%−4.2%+21.8%+11.3%+2.4%+12.6%+30.1%+16.0%+2.8%+12.5%+22.1%−35.5%+6.1%+18.1%+0.5%+6.4%+26.0%−23.3%−13.8%——
VV Vanguard Morningstar Large-Cap ETF13 of 21+18.1%+25.3%+27.2%−19.9%+27.4%+21.0%+31.3%−4.5%+22.0%+11.8%+1.0%+13.4%+32.7%+16.2%+1.4%+15.9%+27.3%−36.7%+6.2%+15.5%+6.0%——————
SCHX Schwab U.S. Large-Cap ETF11 of 16+17.5%+24.9%+26.8%−19.4%+26.8%+21.0%+31.2%−4.5%+21.6%+12.1%+1.0%+13.3%+32.6%+16.4%+1.6%+15.9%———————————
SPTM State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF13 of 25+16.9%+23.9%+25.6%−17.8%+28.5%+18.0%+31.4%−5.3%+21.1%+12.3%+0.2%+13.4%+33.6%+15.8%+0.8%+17.3%+28.1%−36.6%+5.2%+14.8%+6.7%+10.5%+27.0%−21.6%−10.1%——
EQWL Invesco S&P 100 Equal Weight ETF9 of 19+17.6%+19.1%+19.5%−11.5%+28.3%+13.9%+29.5%−6.3%+24.4%+13.3%−2.3%+15.1%+37.3%+11.8%+3.0%+13.8%+20.1%−33.3%+9.2%————————
PRF Invesco RAFI US 1000 ETF10 of 20+18.4%+16.7%+15.7%−7.8%+31.2%+7.8%+27.4%−8.7%+16.0%+17.3%−2.9%+12.2%+35.0%+16.9%−0.5%+19.8%+41.6%−40.1%+1.8%+19.0%———————
DGRW WisdomTree U.S. Quality Dividend Growth Fund7 of 12+12.2%+16.8%+18.7%−6.3%+24.5%+13.8%+29.5%−5.4%+25.7%+12.2%−0.3%+13.8%———————————————
VYM Vanguard High Dividend Yield ETF8 of 19+15.4%+17.6%+6.6%−0.4%+26.2%+1.1%+24.1%−5.9%+16.4%+17.0%+0.3%+13.6%+30.1%+12.7%+10.5%+14.2%+17.1%−31.9%+1.4%————————
DUSA Davis Select U.S. Equity ETF5 of 8+22.6%+20.4%+34.2%−19.5%+17.7%+14.2%+30.6%−11.9%———————————————————
VXUS Vanguard Total International Stock ETF3 of 14+32.3%+5.1%+15.9%−16.1%+9.0%+10.7%+21.7%−14.4%+27.5%+4.8%−4.2%−4.7%+14.6%+18.6%—————————————
IWM iShares Russell 2000 ETF11 of 25+12.7%+11.4%+16.8%−20.5%+14.5%+20.0%+25.4%−11.1%+14.6%+21.6%−4.5%+5.0%+38.7%+16.7%−4.4%+26.9%+28.5%−34.2%−1.8%+18.3%+4.5%+18.0%+47.4%−20.3%+1.8%——
RSP Invesco S&P 500 Equal Weight ETF10 of 22+11.2%+12.8%+13.7%−11.6%+29.4%+12.7%+28.9%−7.8%+18.5%+14.5%−1.7%+15.1%+36.7%+18.6%+0.2%+21.5%+44.7%−40.0%+0.9%+15.5%+7.4%+16.5%—————
AGG iShares Core U.S. Aggregate Bond ETF3 of 22+7.2%+1.3%+5.7%−13.0%−1.8%+7.5%+8.5%+0.1%+3.6%+2.4%+0.5%+6.0%−2.0%+3.8%+7.7%+6.3%+3.0%+7.9%+6.6%+3.9%+2.3%+3.8%—————
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Risk and diversification

How DIA has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were DIA's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents DIA's five deepest drawdowns since it began trading in 1998, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means DIA fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringDIA fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−51.9%−55.2%Oct 2007Mar 200917 monthsJan 20122.8 years
Covid crash−36.7%−33.5%Feb 2020Mar 20201 monthNov 20208 months
Dot-com bust−35.0%−45.0%Jan 2000Oct 20022.8 yearsDec 20042.2 years
2022 bear market−20.8%−24.3%Jan 2022Sep 20228 monthsNov 202314 months
No named crash−19.6%−19.0%Jul 1998Aug 19981 monthNov 19983 months

How did DIA do in stock market crashes?

This section measures how far DIA, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than DIA.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
DIA This pageState Street SPDR Dow Jones Industrial Average ETF Trust—−2.9%−20.8%−36.4%−18.1%−6.4%−12.1%−15.5%−1.4%−51.9%−33.9%
SPY S&P 500State Street SPDR S&P 500 ETF1 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
FNDX Schwab Fundamental U.S. Large Company ETF1 of 6−4.2%−19.1%−37.4%−19.6%−6.2%−12.4%————
QQQ Invesco QQQ Trust, Series 11 of 10−3.1%−33.4%−28.6%−22.7%−6.8%−16.1%−16.1%−2.5%−53.4%−83.0%
OEF iShares S&P 100 ETF1 of 9−2.9%−26.2%−31.4%−19.6%−6.6%−12.3%−16.6%−1.5%−54.1%—
VV Vanguard Morningstar Large-Cap ETF1 of 9−3.5%−25.5%−34.3%−19.3%−6.4%−13.3%−18.6%−1.7%−54.8%—
SCHX Schwab U.S. Large-Cap ETF1 of 8−3.7%−25.2%−34.3%−19.4%−6.4%−13.4%−18.5%−1.2%——
SPTM State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF1 of 9−3.8%−24.1%−34.7%−20.2%−6.3%−13.5%−18.8%−2.0%−54.7%—
EQWL Invesco S&P 100 Equal Weight ETF2 of 9−4.0%−23.0%−34.2%−18.1%−5.9%−15.0%−15.2%−2.3%−49.3%—
PRF Invesco RAFI US 1000 ETF1 of 9−4.6%−19.7%−38.0%−19.7%−6.4%−13.6%−19.4%−1.5%−60.1%—
DGRW WisdomTree U.S. Quality Dividend Growth Fund2 of 6−3.2%−17.3%−31.9%−18.6%−6.6%−11.8%————
VYM Vanguard High Dividend Yield ETF5 of 9−3.9%−15.8%−34.6%−16.1%−6.3%−10.9%−14.3%−1.1%−57.0%—
DUSA Davis Select U.S. Equity ETF0 of 5−5.9%−30.5%−36.7%−24.3%−6.4%—————
VXUS Vanguard Total International Stock ETF2 of 7−2.5%−28.4%−33.4%−15.1%−6.1%−20.2%−24.2%———
IWM iShares Russell 2000 ETF1 of 9−7.1%−26.8%−40.8%−25.7%−5.5%−21.5%−27.2%−2.9%−58.4%—
RSP Invesco S&P 500 Equal Weight ETF0 of 9−5.4%−21.4%−39.0%−19.8%−6.1%−14.8%−21.3%−1.6%−59.1%—
AGG iShares Core U.S. Aggregate Bond ETF9 of 90.0%−14.5%−9.6%−1.1%−0.8%−1.5%−1.3%−0.4%−12.8%—
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How closely does DIA move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares DIA with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than DIA's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
DIA This pageState Street SPDR Dow Jones Industrial Average ETF Trust92%99%0.930.93
QQQ Invesco QQQ Trust, Series 1118%102%1.161.13
OEF iShares S&P 100 ETF104%100%1.041.00
VV Vanguard Morningstar Large-Cap ETF101%101%1.001.01
SCHX Schwab U.S. Large-Cap ETF100%101%0.991.01
DGRW WisdomTree U.S. Quality Dividend Growth Fund91%93%0.990.88
SPTM State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF99%101%0.981.01
EQWL Invesco S&P 100 Equal Weight ETF95%97%0.980.95
FNDX Schwab Fundamental U.S. Large Company ETF95%98%0.970.97
PRF Invesco RAFI US 1000 ETF93%98%0.950.97
VYM Vanguard High Dividend Yield ETF81%88%0.930.82
RSP Invesco S&P 500 Equal Weight ETF92%107%0.861.01
VXUS Vanguard Total International Stock ETF76%91%0.840.82
IWM iShares Russell 2000 ETF98%129%0.761.17
AGG iShares Core U.S. Aggregate Bond ETF12%17%0.710.14
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What diversifies DIA?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with DIA's. Because such investments tend not to fall at the same time, pairing DIA with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which DIA lost money. The last two columns show a portfolio that is 80% DIA and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe20222018200820022001200080/20 mix volatility80/20 mix annual return
DIA State Street SPDR Dow Jones Industrial Average ETF Trust (this page)1.00+60.6%0.72−7.0%−3.7%−32.1%−14.7%−5.0%−6.0%15.0%+10.4%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.46+225%1.34+6.0%−19.8%−20.8%———13.4%+13.7%
GLD CommoditiesSPDR Gold Shares0.17+126%0.96−0.8%−1.9%+4.9%———13.0%+12.3%
XLE EnergyState Street Energy Select Sector SPDR ETF0.45+177%0.93+64.4%−18.2%−39.0%−14.8%−18.2%+24.4%15.0%+13.3%
DBMF AlternativesiMGP DBi Managed Futures Strategy ETF-0.24+59.7%0.82+21.6%—————11.7%+10.7%
DBA AlternativesInvesco DB Agriculture Fund0.19+66.4%0.81+2.5%−8.7%−19.1%———12.6%+10.7%
GDX MaterialsVanEck Gold Miners ETF0.30+181%0.73−9.0%−8.8%−26.1%———16.0%+14.5%
USO CommoditiesUnited States Oil Fund, LP0.02+176%0.73+29.0%−19.6%−56.3%———14.3%+14.0%
FLSP AlternativesFranklin Systematic Style Premia ETF0.07+49.8%0.68+0.5%—————12.2%+10.3%

Stocks

InvestmentCorrelation5Y returnSharpe20222018200820022001200080/20 mix volatility80/20 mix annual return
DIA State Street SPDR Dow Jones Industrial Average ETF Trust (this page)1.00+60.6%0.72−7.0%−3.7%−32.1%−14.7%−5.0%−6.0%15.0%+10.4%
CAH Medical - DistributionCardinal Health, Inc.0.44+479%1.55+54.1%−24.5%−39.6%−8.3%−2.5%+108%15.0%+15.9%
CLS Hardware, Equipment & PartsCelestica Inc.0.45+3,143%1.47+1.3%−16.3%−20.5%−65.1%−25.6%−2.3%20.1%+28.3%
MCK Medical - DistributionMcKesson Corporation0.30+413%1.44+51.8%−28.4%−40.4%−27.2%+4.9%+61.2%14.3%+15.4%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.31+690%1.41+86.6%−8.2%————15.3%+18.0%
ATI Manufacturing - Metal FabricationATI Inc.0.36+1,008%1.34+87.5%−9.8%−70.0%−60.8%+10.3%−26.5%17.8%+21.0%
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Common questions

What was DIA's worst drawdown?

DIA's deepest decline since it began trading in 1998 was 51.9%, from October 2007 to March 2009. It took about three years from the low to climb back to its old high.

What were DIA's best and worst years?

Over 27 full calendar years, DIA's best year was 2013, when it returned 29.6%. Its worst was 2008, with a return of -32.1%.

Is there a better investment than DIA?

Among DIA's popular alternatives, VYM and DGRW earned more than DIA with less volatility over the past 5 years. VYM returned 11.3% a year at 13.8% volatility, against 9.9% a year at 14.8%. Looking beyond its popular alternatives, MGV (US large-cap value) earned more than DIA with less volatility over the past 5 years: 12.6% a year at 13.4% volatility, against 9.9% a year at 14.8%.

Is DIA more volatile than the S&P 500?

No. DIA's volatility over the past 5 years was 14.8%, 86% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, DIA's return lands within 14.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is DIA's Sharpe ratio?

DIA's Sharpe ratio over the past 5 years was 0.72, against 0.79 for the S&P 500, so DIA earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is DIA with the S&P 500?

Over the past 5 years, DIA's monthly returns had a correlation of 0.90 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against DIA instead: the lower it is, the more that option would diversify a DIA holding.

What are the best alternatives to DIA?

Of the 20 popular alternatives we compared, 13 outperformed DIA in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: FNDX, QQQ and OEF.

Did DIA outperform the S&P 500?

DIA finished ahead of the S&P 500 (SPY) in 12 of 27 full calendar years. In 2025, it returned +14.7%, against +17.7% for the index.

How did DIA do in stock market crashes?

DIA fell less than the S&P 500 (SPY) in six of the ten major crashes it has traded through, and further in one. The clearest case was the dot-com bust, when DIA fell 33.9% and the S&P 500 fell 47.5%.

What diversifies DIA?

These had a low correlation with DIA over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.46), GLD (correlation 0.17) and XLE (correlation 0.45); among large stocks, CAH (correlation 0.44), CLS (correlation 0.45) and MCK (correlation 0.30). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to DIA