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

> Source: EasyCompare research, https://easycompare.io/research/dia
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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.

## Key findings

- **Right now:** DIA has trailed the market, rising 1.6% over the past 3 months against 3.9% for the S&P 500 and 3.2% for the Nasdaq 100. That said, both DIA and the S&P 500 are within a few percent of a record high.
- **Fund or market?:** DIA rose 1.6% over the past 3 months, 2.3 points behind the S&P 500, which rose 3.9%.
- **Long term:** DIA turned $10,000 into $35,000 over the past decade, against $42,100 in the S&P 500. Even so, over the past decade, DIA returned 250%, ahead of 83% of the ETFs with at least $100 million in assets. The S&P 500 returned 321%.
- **In a crash:** DIA fell less than the S&P 500 in five of seven sell-offs, but the Covid crash broke the pattern: it fell 36.4%, more than the S&P 500's 33.7%.
- **Diversification:** DIA is more of the same, not a cushion: a correlation of 0.90 with the S&P 500 over 5 years and 0.91 with the total US market, more closely than 83% of ETFs with at least $100 million in assets. When the S&P 500 had a down month, DIA usually fell with it (20 of 22 months).
- **Better options**
  - **Popular alternatives:** VYM (Vanguard High Dividend Yield ETF) and DGRW (WisdomTree U.S. Quality Dividend Growth Fund) 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%.
  - **Nearby categories and themes:** MGV (Vanguard Morningstar Mega Cap Value ETF, 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%.
  - **Whole market:** Few investments have done better on both counts: only 23 of the 3,633 stocks and funds worth at least $500 million earned more than DIA with less volatility over the past 5 years, among them VTV (Vanguard Morningstar Value ETF), VYM (Vanguard High Dividend Yield ETF) and DGRW (WisdomTree U.S. Quality Dividend Growth Fund).

## 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.

- $10,000 invested in DIA at the end of September 2004 would have grown to $81,781 by September 2026, less than the $102,174 it would have become in SPY, an S&P 500 fund.
- Five of the seven other investments on the chart ended ahead of DIA, and QQQ finished highest, at $249,744.

## 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.

- 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.
- Over 27 full calendar years, DIA's best was 2013, when it returned 29.6%, and its worst was 2008, when it lost 32.1%. It lost money in six of those years.
- DIA is 3.1% below its all-time high.

- Type: ETF, Broad Market (Asset Management)
- Trading since: January 20, 1998
- Assets: $45B
- Expense ratio: 0.16%
- Volatility (5 years): 14.8%; Sharpe ratio: 0.72
- Worst decline ever: −51.9%, from October 9, 2007 to March 9, 2009; back at its high by January 19, 2012

| Period | DIA total return |
| --- | --- |
| 1 month | +0.9% |
| 3 months | +1.6% |
| 6 months | +6.8% |
| year to date | +9.6% |
| 1 year | +13.9% |
| 3 years | +66.1% |
| 5 years | +60.6% |
| 10 years | +250% |

## 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.

- DIA's 10-year return ranks in the top 17% of the 958 ETFs with at least $100 million in assets with 10 years of history.

| Measure | DIA | Rank |
| --- | --- | --- |
| 1-year return | +13.9% | 929 of 2,485 (top 38%) |
| 3-year return | +66.1% | 865 of 1,949 (top 45%) |
| 5-year return | +60.6% | 513 of 1,560 (top 33%) |
| 10-year return | +250% | 162 of 958 (top 17%) |
| Volatility, 5 years | 14.8% | 609 of 1,560 (top 40%) |
| Sharpe ratio, 5 years | 0.72 | 489 of 1,560 (top 32%) |
| Worst decline, past 10 years | −36.7% | 425 of 951 (top 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).

- 23 ETFs worth at least $500 million sit in the green region: each earned more than DIA over the past 5 years with smaller price swings. That is fewer than 1% of the 3,633 screened. Few investments beat it on both counts.
- Among those with at least half DIA's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 25% less than DIA's 14.8%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.72 for DIA.
- Among DIA's popular alternatives, DGRW and VYM are in the region. DGRW earned 11.8% a year against 9.9% a year for DIA, at 14.0% volatility, 6% less than DIA's 14.8%.

### Is there a better investment than DIA?

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.

- 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%.
- Few investments have done better on both counts: only 23 of the 3,633 stocks and funds worth at least $500 million earned more than DIA with less volatility over the past 5 years, among them VTV, VYM and DGRW.

The 15 strongest of 23 investments that beat DIA over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with DIA | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| DIA: State Street SPDR Dow Jones Industrial Average ETF Trust (this page) |  | +9.9% | 14.8% | 0.72 | −36.7% | +250% |  |  |
| SIXA: ETC 6 Meridian Mega Cap Equity ETF | Broad Market | +12.8% | 12.7% | 1.01 | −18.4% | — | 0.90 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | International Equity | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.66 | Higher return, lower volatility; Higher return in most periods |
| HDV: iShares Core High Dividend ETF | US Dividend Equity | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.76 | Higher return, lower volatility; Higher return in most periods |
| [VTV](https://easycompare.io/research/vtv): Vanguard Morningstar Value ETF | US Large-Cap Value | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.95 | Higher return, lower volatility; Higher return in most periods |
| FJAN: FT Vest U.S. Equity Buffer ETF - January | Multi-Asset | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.84 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| IWX: iShares Russell Top 200 Value ETF | Broad Market | +12.7% | 13.8% | 0.94 | −35.8% | +221% | 0.95 | Higher return, lower volatility; Higher return in most periods |
| DIVO: Amplify CWP Enhanced Dividend Income ETF | Equity Income | +11.1% | 11.9% | 0.95 | −30.0% | — | 0.94 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| DHS: WisdomTree U.S. High Dividend Fund | Dividend & Income | +12.0% | 13.9% | 0.89 | −37.4% | +156% | 0.80 | Higher return, lower volatility; Higher return in most periods |
| QDEF: Northern Trust Quality Dividend Defensive ETF | Dividend & Income | +12.7% | 13.7% | 0.94 | −35.7% | +228% | 0.94 | Higher return, lower volatility; Higher return in most periods |
| DJD: Invesco Dow Jones Industrial Average Dividend ETF | Dividend & Income | +11.8% | 13.3% | 0.91 | −34.7% | +227% | 0.90 | Higher return, lower volatility; Higher return in most periods |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | International Equity | +13.1% | 13.8% | 0.96 | −32.5% | +206% | 0.82 | Higher return, lower volatility |
| [VYM](https://easycompare.io/research/vym): Vanguard High Dividend Yield ETF | US Dividend Equity | +11.3% | 13.8% | 0.85 | −35.2% | +208% | 0.93 | Higher return, lower volatility |
| GCOW: Pacer Global Cash Cows Dividend ETF | International | +14.1% | 13.6% | 1.04 | −37.6% | +168% | 0.63 | Higher return, lower volatility |
| DDWM: WisdomTree Dynamic International Equity Fund | International | +12.3% | 13.4% | 0.94 | −35.0% | +149% | 0.76 | Higher return, lower volatility |
| EDIV: State Street SPDR S&P Emerging Markets Dividend ETF | International | +11.2% | 13.8% | 0.84 | −40.7% | +119% | 0.52 | Higher return, lower volatility |

## 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.

- Only DGRW and VYM were both more rewarding and calmer than DIA over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, DIA returned 9.9% a year, less than the S&P 500's 12.7%, with lower volatility (14.8% against 17.1%).

### 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.

- 13 of the 20 popular alternatives, led by FNDX, QQQ and OEF, outperformed DIA in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- FNDX, QQQ and OEF outperformed DIA in every long-term period and in all but one short-term period, the most consistent record in the group.
- DGRW, VYM and OEF earned more for the risk they took than DIA (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of DIA | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| DIA: State Street SPDR Dow Jones Industrial Average ETF Trust (this page) | +13.9% | +66.1% | +60.6% | +250% |  |  | 0.72 |
| FNDX: Schwab Fundamental U.S. Large Company ETF | +25.4% | +88.2% | +88.6% | +291% | 5/5 short-term, 3/3 long-term | all-weather | 0.93 |
| [QQQ](https://easycompare.io/research/qqq): Invesco QQQ Trust, Series 1 | +17.9% | +106% | +97.2% | +553% | 4/5 short-term, 3/3 long-term | all-weather | 0.71 |
| OEF: iShares S&P 100 ETF | +14.8% | +98.4% | +94.8% | +367% | 4/5 short-term, 3/3 long-term | all-weather | 0.84 |
| [SPYM](https://easycompare.io/research/spym): State Street SPDR Portfolio S&P 500 ETF | +15.9% | +89.8% | +82.5% | +324% | 4/5 short-term, 3/3 long-term | all-weather | 0.80 |
| [VV](https://easycompare.io/research/vv): Vanguard Morningstar Large-Cap ETF | +15.4% | +90.6% | +78.8% | +324% | 4/5 short-term, 3/3 long-term | all-weather | 0.76 |
| [VOO](https://easycompare.io/research/voo): Vanguard S&P 500 ETF | +15.8% | +89.7% | +82.3% | +324% | 4/5 short-term, 3/3 long-term | all-weather | 0.80 |
| [IVV](https://easycompare.io/research/ivv): iShares Core S&P 500 ETF | +15.8% | +89.7% | +82.3% | +324% | 4/5 short-term, 3/3 long-term | all-weather | 0.80 |
| [SPY](https://easycompare.io/research/spy): State Street SPDR S&P 500 ETF | +15.8% | +89.3% | +81.7% | +321% | 4/5 short-term, 3/3 long-term | all-weather | 0.79 |
| [SCHX](https://easycompare.io/research/schx): Schwab U.S. Large-Cap ETF | +15.1% | +89.1% | +76.6% | +317% | 4/5 short-term, 3/3 long-term | all-weather | 0.75 |
| SPTM: State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF | +15.7% | +87.2% | +78.6% | +310% | 4/5 short-term, 3/3 long-term | all-weather | 0.77 |
| [IWB](https://easycompare.io/research/iwb): iShares Russell 1000 ETF | +15.1% | +87.7% | +75.1% | +309% | 4/5 short-term, 3/3 long-term | all-weather | 0.74 |
| EQWL: Invesco S&P 100 Equal Weight ETF | +15.7% | +81.0% | +73.3% | +291% | 4/5 short-term, 3/3 long-term | all-weather | 0.81 |
| PRF: Invesco RAFI US 1000 ETF | +25.5% | +90.1% | +84.3% | +270% | 4/5 short-term, 3/3 long-term | all-weather | 0.90 |
| DGRW: WisdomTree U.S. Quality Dividend Growth Fund | +12.8% | +65.2% | +74.6% | +276% | 2/5 short-term, 2/3 long-term |  | 0.87 |
| [VYM](https://easycompare.io/research/vym): Vanguard High Dividend Yield ETF | +16.9% | +72.8% | +71.1% | +208% | 2/5 short-term, 2/3 long-term |  | 0.85 |
| DUSA: Davis Select U.S. Equity ETF | +19.5% | +94.9% | +71.1% | — | 2/5 short-term, 2/3 long-term |  | 0.68 |
| [VXUS](https://easycompare.io/research/vxus): Vanguard Total International Stock ETF | +14.6% | +77.2% | +48.6% | +140% | 2/5 short-term, 1/3 long-term |  | 0.57 |
| [IWM](https://easycompare.io/research/iwm): iShares Russell 2000 ETF | +12.3% | +71.3% | +29.0% | +158% | 1/5 short-term, 1/3 long-term |  | 0.34 |
| [RSP](https://easycompare.io/research/rsp): Invesco S&P 500 Equal Weight ETF | +15.5% | +65.4% | +48.6% | +211% | 3/5 short-term, 0/3 long-term |  | 0.57 |
| [AGG](https://easycompare.io/research/agg): iShares Core U.S. Aggregate Bond ETF | −1.9% | +16.2% | −1.5% | +13.3% | 0/5 short-term, 0/3 long-term |  | -0.02 |

### 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.

- DIA finished ahead of the S&P 500 in 12 of its 27 full calendar years, and behind it in each of the last three.
- Ranked against its popular alternatives each year, DIA finished in the top quarter in ten of 25 years and in the bottom quarter in three. In 2025, it ranked 12 of 16.
- Among its popular alternatives, SCHX came out ahead of DIA most often, in 11 of the 16 years both traded.

| Year | DIA | SPY |
| --- | --- | --- |
| 2025 | +14.7% | +17.7% |
| 2024 | +14.8% | +24.9% |
| 2023 | +16.0% | +26.2% |
| 2022 | −7.0% | −18.2% |
| 2021 | +20.8% | +28.7% |
| 2020 | +9.6% | +18.3% |
| 2019 | +25.0% | +31.2% |
| 2018 | −3.7% | −4.6% |
| 2017 | +28.1% | +21.7% |
| 2016 | +16.4% | +12.0% |

## 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.

- The slowest recovery came after DIA fell 51.9% from October 2007 to March 2009; it did not regain that peak until January 2012, three years later.
- In three of DIA's five worst declines, it fell less than the S&P 500 did over the same dates.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −51.9% | October 9, 2007 | March 9, 2009 | January 19, 2012 | −55.2% | 2008 financial crisis |
| −36.7% | February 12, 2020 | March 23, 2020 | November 9, 2020 | −33.5% | Covid crash |
| −35.0% | January 14, 2000 | October 9, 2002 | December 21, 2004 | −45.0% | dot-com bust |
| −20.8% | January 4, 2022 | September 30, 2022 | November 29, 2023 | −24.3% | 2022 bear market |
| −19.6% | July 17, 1998 | August 31, 1998 | November 23, 1998 | −19.0% |  |

### 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.

- Among its popular alternatives, AGG held up best, falling less than DIA in all nine crashes they both traded through.
- DIA fell less than the S&P 500 in six of the ten crashes it has traded through. The clearest case was the dot-com bust, when DIA fell 33.9% and the S&P 500 fell 47.5%.

| Crash | Dates | DIA fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −33.9% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −51.9% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −1.4% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −15.5% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −12.1% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −6.4% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −18.1% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −36.4% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −20.8% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −2.9% | −3.4% |

### 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.

- Nine of the 14 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than DIA's 0.93, led by QQQ, OEF and VV.
- VYM took just 88% of the S&P 500's losses, against 99% for DIA, while still keeping 81% of its gains.
- Over the past 10 years, DIA captured 92% of the S&P 500's gains in rising months and 99% of its losses in falling months, with a beta of 0.93. Its share of the market's losses was slightly larger than its share of the gains.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| DIA: State Street SPDR Dow Jones Industrial Average ETF Trust (this page) | 92.0% | 99.0% | 0.93 |
| FNDX: Schwab Fundamental U.S. Large Company ETF | 95.0% | 98.0% | 0.97 |
| [QQQ](https://easycompare.io/research/qqq): Invesco QQQ Trust, Series 1 | 118% | 102% | 1.13 |
| OEF: iShares S&P 100 ETF | 104% | 100% | 1.00 |
| [VV](https://easycompare.io/research/vv): Vanguard Morningstar Large-Cap ETF | 101% | 101% | 1.01 |
| [SCHX](https://easycompare.io/research/schx): Schwab U.S. Large-Cap ETF | 100% | 101% | 1.01 |
| SPTM: State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF | 99.0% | 101% | 1.01 |
| EQWL: Invesco S&P 100 Equal Weight ETF | 95.0% | 97.0% | 0.95 |
| PRF: Invesco RAFI US 1000 ETF | 93.0% | 98.0% | 0.97 |
| DGRW: WisdomTree U.S. Quality Dividend Growth Fund | 91.0% | 93.0% | 0.88 |
| [VYM](https://easycompare.io/research/vym): Vanguard High Dividend Yield ETF | 81.0% | 88.0% | 0.82 |
| [VXUS](https://easycompare.io/research/vxus): Vanguard Total International Stock ETF | 76.0% | 91.0% | 0.82 |
| [IWM](https://easycompare.io/research/iwm): iShares Russell 2000 ETF | 98.0% | 129% | 1.17 |
| [RSP](https://easycompare.io/research/rsp): Invesco S&P 500 Equal Weight ETF | 92.0% | 107% | 1.01 |
| [AGG](https://easycompare.io/research/agg): iShares Core U.S. Aggregate Bond ETF | 12.0% | 17.0% | 0.14 |

### 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).

- Moving a fifth of the money in DIA into DBMF would have cut the portfolio's volatility by 22% over the past 5 years and raised its annual return (+10.4% for DIA alone, +10.7% for the mix).
- Among large ETFs, DXJ, GLD and XLE have moved largely independently of DIA over the past 5 years, with correlations of 0.46 or lower, and each still earned a positive 5-year return.
- Among large stocks, CAH, CLS and MCK have moved largely independently of DIA over the past 5 years, with correlations of 0.45 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with DIA | 5Y return | Volatility | Sharpe | Rose in DIA's 6 down years |
| --- | --- | --- | --- | --- | --- |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.46 | +225% | 19.1% | 1.34 | 1 of 6 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.17 | +126% | 18.9% | 0.96 | 1 of 6 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.45 | +177% | 25.5% | 0.93 | 2 of 6 |
| DBMF: iMGP DBi Managed Futures Strategy ETF | -0.24 | +59.7% | 12.4% | 0.82 | 1 of 6 |
| DBA: Invesco DB Agriculture Fund | 0.19 | +66.4% | 13.8% | 0.81 | 1 of 6 |
| GDX: VanEck Gold Miners ETF | 0.30 | +181% | 38.2% | 0.73 | 0 of 6 |
| USO: United States Oil Fund, LP | 0.02 | +176% | 37.7% | 0.73 | 1 of 6 |
| FLSP: Franklin Systematic Style Premia ETF | 0.07 | +49.8% | 13.4% | 0.68 | 1 of 6 |

## 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.

## More research

- [Invesco QQQ Trust, Series 1 (QQQ) Performance, Alternatives and Market Rank](https://easycompare.io/research/qqq)
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- [Vanguard Morningstar Large-Cap ETF (VV) Performance, Alternatives and Market Rank](https://easycompare.io/research/vv)
- [Vanguard S&P 500 ETF (VOO) Performance, Alternatives and Market Rank](https://easycompare.io/research/voo)
- [iShares Core S&P 500 ETF (IVV) Performance, Alternatives and Market Rank](https://easycompare.io/research/ivv)
- [State Street SPDR S&P 500 ETF (SPY) Performance, Alternatives and Market Rank](https://easycompare.io/research/spy)
- [Schwab U.S. Large-Cap ETF (SCHX) Performance, Alternatives and Market Rank](https://easycompare.io/research/schx)
- [iShares Russell 1000 ETF (IWB) Performance, Alternatives and Market Rank](https://easycompare.io/research/iwb)
- [Vanguard High Dividend Yield ETF (VYM) Performance, Alternatives and Market Rank](https://easycompare.io/research/vym)
- [Vanguard Total International Stock ETF (VXUS) Performance, Alternatives and Market Rank](https://easycompare.io/research/vxus)
- [iShares Russell 2000 ETF (IWM) Performance, Alternatives and Market Rank](https://easycompare.io/research/iwm)
- [Invesco S&P 500 Equal Weight ETF (RSP) Performance, Alternatives and Market Rank](https://easycompare.io/research/rsp)

## Explore further

- Full page with charts: https://easycompare.io/research/dia
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against DIA live: https://betterthanspy.com/?b=DIA&utm_source=easycompare&utm_medium=research