SPY vs DIA: Performance, Holdings, Fees & Risk
SPY and DIA are ETFs, but they can differ materially in exposure, yield, fees and risk. SPY is State Street SPDR S&P 500 ETF, while DIA is State Street SPDR Dow Jones Industrial Average ETF Trust. SPY is broader by holdings count, with 505 positions versus 31 for DIA. DIA is more concentrated at the top, based on top-10 holdings weight. Current AlgovestIQ evidence has DIA ahead on AIQ Score, 68 versus 66.
What is the main difference between SPY and DIA?
SPY holds 505 positions to DIA's 31, and 29% of their weight is in the same securities.
| Metric | SPY | DIA |
|---|---|---|
| Fund | ||
| Expense ratio | 0.09% | 0.16% |
| Holdings | 505 | 31 |
| Top-10 concentration | 38.2% | 55.1% |
| Distribution yieldTrailing 12 months | 0.99% | 1.37% |
| Average volume | 46,698,705 | 3,785,458 |
| Performance | ||
| 1Y return | +16.4% | +14.1% |
| YTD return | +12.8% | +9.1% |
| 5Y annualized returnTotal return, distributions reinvested | +12.7% | +9.9% |
| Risk | ||
| Annualized volatility | 12.8% | 12.7% |
| Max drawdown (1Y) | -9.1% | -10.1% |
| Max drawdown (5Y)Total return, distributions reinvested | -24.5% | -20.8% |
| Beta | 1.00 | 0.83 |
| Sharpe ratio | 0.91 | 0.76 |
| Sortino ratio | 1.39 | 1.25 |
| AlgovestIQ | ||
| AIQ Score | 66/100 | 68/100 |
| AIQ Edge Score | 9/10 | 10/10 |
| Momentum | 63/100 | 84/100 |
| Risk Resilience | 88/100 | 82/100 |
AlgovestIQ AIQ Comparison
State Street SPDR S&P 500 ETF vs State Street SPDR Dow Jones Industrial Average ETF Trust
DIA leads
DIA leads by 2 AIQ points, primarily on Momentum and Value, having only recently taken the lead back from SPY.
Fragile: 1 of 4 evidence groups support DIA, the lead recently changed hands, and its current signal state is conflicted.
State Street SPDR S&P 500 ETF
State Street SPDR Dow Jones Industrial Average ETF Trust
The Algovestiq AIQ Score currently favors DIA over SPY, 68 versus 66 as of Oct 21, 2026. DIA's advantage is driven primarily by stronger momentum and value, while SPY holds the stronger quality profile. DIA also shows the stronger technical structure relative to its 50-day moving average. 1 of 4 covered evidence groups favor DIA today, and the comparison is rated Fragile on stability: the AIQ gap is narrow at 2 points. DIA lead: Reversed — SPY led by 11 AIQ points 30 sessions ago; DIA now leads by 2.
Compare State Street SPDR S&P 500 ETF and State Street SPDR Dow Jones Industrial Average ETF Trust across performance, expense ratio, dividend yield, drawdown, volatility and the Algovestiq AIQ Score.
SPY vs DIA: which fits what
Each row is settled by a single measure. Where the gap is too small to matter it reads Similar, and no row decides the comparison as a whole.
| If you want | SPY | DIA | Fits |
|---|---|---|---|
| Lower costExpense ratio | 0.09% | 0.16% | SPY |
| Broader diversificationNumber of holdings | 505 | 31 | SPY |
| Lower concentrationWeight of the 10 largest holdings | 38.2% | 55.1% | SPY |
| Higher incomeTrailing 12-month distribution yield | 0.99% | 1.37% | DIA |
| Smaller drawdownsMax drawdown, 5 years | -24.5% | -20.8% | DIA |
| Lower volatilityAnnualized volatility, 1 year | 12.8% | 12.7% | Similar |
Similar means the gap is within 0.01 percentage points of expense ratio, 25% more holdings, 3 points of top-10 weight, 0.2 points of yield, 2 points of drawdown or 1 point of volatility. Past drawdowns and volatility describe the funds’ history, not their future.
Performance over time
Total return with distributions reinvested, from daily closes for both ETFs.
Total return comparison
Growth of $10,000, distributions reinvested
Split-adjusted closes; each distribution is reinvested at the close on its ex-dividend date. Taxes and trading costs are not modeled.
Compare SPY and DIA against another ticker
Open a multi-ticker workspace without changing this focused pair page.
AIQ Factor Divergence
Where the two separate, on the four dimensions behind the AIQ Score. Bars read outward from a shared zero: further from the centre is a wider gap.
- Momentum63 vs 84DIA +21
- Quality84 vs 67SPY +17
- Value41 vs 47DIA +6
- Risk Resilience88 vs 82SPY +6
1 of 4 evidence groups favor DIA. DIA’s edge is concentrated in momentum and value; SPY keeps a meaningful quality edge.
What changed since the last close
Latest scored session 2026-10-20, compared against the prior scored session 2026-10-19.
Largest factor move: Momentum +16
New signals
- Uptrend Structure Active — bullish, trend, long horizon
Largest factor move: Momentum +23
New signals
- BB Upper Band Breach — bearish, volatility, short horizon
- RSI Overbought — bearish, momentum, short horizon
- Uptrend Structure Active — bullish, trend, long horizon
DIA's lead widened by 2 AIQ points in the latest session.
Deeper signal detail for each name lives on its own signals page — SPY and DIA both carry a full feed there.
The central trade-off
DIA (State Street SPDR Dow Jones Industrial Average ETF Trust): the stronger current systematic profile, led by momentum and value.
SPY (State Street SPDR S&P 500 ETF): the counter-case, on quality, risk resilience.
Fund facts, side by side
Two funds tracking overlapping universes are separated by cost and risk far more than by holdings. Those lead here.
| Measure | SPY | DIA | Why it matters |
|---|---|---|---|
| Expense ratio | 0.09% | 0.16% | Lower is better — it compounds against you every year you hold. |
| Holdings | 505 | 31 | More holdings means broader diversification, not better returns. |
| Average volume | 46,698,705 | 3,785,458 | Liquidity — matters most if you trade size. |
| Annualized volatility | 12.8% | 12.7% | Lower is a steadier ride for the same exposure. |
| Max drawdown (1Y) | -9.1% | -10.1% | The worst peak-to-trough loss over the past year. |
| Sharpe ratio | 0.91 | 0.76 | Return per unit of risk. Higher is better. |
| Beta | 1.00 | 0.83 | Sensitivity to the broad market. Neither direction is better — it depends on the role in your portfolio. |
Where the exposure actually sits
Sector exposure for each fund, ordered by the size of the difference.
How much of the same holdings they own
SPY and DIA share 29.12% of their weighted exposure across 30 common holdings.
474 holdings are unique to SPY, and every DIA holding is also in SPY. Owning both is genuinely additive — most of the capital sits in different securities.
DIA is the more concentrated of the two: its ten largest positions are 55.07% of the fund, against 38.17% for SPY (31 holdings vs 505). Concentration cuts both ways — it is what drives outperformance when the top names work, and what makes the drawdown deeper when they do not.
Largest shared positions
| Holding | SPY | DIA | Shared |
|---|---|---|---|
| MSFTMICROSOFT CORP | 5.59% | 5.61% | 5.59% |
| AAPLAPPLE INC | 7.33% | 3.72% | 3.72% |
| GOOGLALPHABET INC CL A | 2.98% | 3.79% | 2.98% |
| AMZNAMAZON.COM INC | 3.77% | 2.87% | 2.87% |
| NVDANVIDIA CORP | 8.08% | 2.49% | 2.49% |
| JPMJPMORGAN CHASE + CO | 1.45% | 4.03% | 1.45% |
| JNJJOHNSON + JOHNSON | 0.98% | 3.03% | 0.98% |
| VVISA INC CLASS A SHARES | 0.93% | 4.18% | 0.93% |
Shared weight is the lower of the two positions — the portion of capital both funds genuinely have in the same security.
What SPY adds that DIA doesn’t
| Holding | SPY | DIA |
|---|---|---|
| NVDANVIDIA CORP | 8.08% | 2.49% |
| AVGOBROADCOM INC | 2.61% | Not held |
| GOOGALPHABET INC CL C | 2.39% | Not held |
| METAMETA PLATFORMS INC CLASS A | 2.16% | Not held |
| MUMICRON TECHNOLOGY INC | 1.69% | Not held |
| TSLATESLA INC | 1.56% | Not held |
What DIA adds that SPY doesn’t
| Holding | DIA | SPY |
|---|---|---|
| GSGOLDMAN SACHS GROUP INC | 11.61% | 0.46% |
| CATCATERPILLAR INC | 9.17% | 0.57% |
| UNHUNITEDHEALTH GROUP INC | 4.42% | 0.54% |
| AMGNAMGEN INC | 4.36% | 0.32% |
| TRVTRAVELERS COS INC/THE | 4.19% | 0.12% |
| VVISA INC CLASS A SHARES | 4.18% | 0.93% |
Each list is a fund’s largest positions by weight that the other fund does not hold, or holds at less than half the weight.
SPY vs DIA: five-year payout growth
SPY grew its split-adjusted payout faster over 2020-2025 — 5.05% a year against DIA's 3.73%. Neither fund reduced its annual distribution in any year of the window.
| Dividend metric | SPY | DIA |
|---|---|---|
| 5Y payout CAGR | 5.05% | 3.73% |
| 2020 annual payout | $5.691 | $5.728 |
| 2025 annual payout | $7.281 | $6.879 |
| Calendar-year declines | 0 | 0 |
| Peer rank | #95 of 138 | #111 of 138 |
Split-adjusted annual distributions, 2020–2025. Research as of Sep 19, 2026. Yield and expense ratio above are current values, not part of this window.
AIQ Agreement Matrix
1 of 4 covered evidence groups favor DIA. A wide gap backed by one group is a weaker case than a narrow gap backed by five.
| Evidence group | Favors | Reading |
|---|---|---|
| AIQ Score | Even | 66 vs 68 |
| Fundamentals | Not covered | Not covered |
| Valuation | DIA | Value 41 vs 47 |
| Technicals | Even | Price vs 50-day 0.6% vs 0.8%; vs 200-day 5.9% vs 3.9% |
| Risk Resilience | SPY | Risk Resilience 88 vs 82 |
| Analyst expectations | Not covered | Not covered |
✓ agrees with the overall verdict · ✕ points the other way. Groups marked “not covered” lack data on one or both of SPY and DIA and are excluded from the count.
AIQ Decision Stability
The conclusion is sensitive to small changes. Treat the lead as provisional and watch the flip conditions below.
- The AIQ gap is narrow at 2 points. (argues the conclusion is provisional)
- Only 1 of 4 covered evidence groups agree. (argues the conclusion is provisional)
- The lead has already changed hands inside the comparison window. (argues the conclusion is provisional)
- The leader is throwing conflicting signals. (argues the conclusion is provisional)
Stability combines the score gap, how broadly the evidence agrees, how steady the lead has been across daily snapshots, the current signal state on both names, and analyst dispersion on DIA.
How the comparison changed
120 daily snapshots · Jun 21 – Oct 20DIA lead: Reversed — SPY led by 11 AIQ points 30 sessions ago; DIA now leads by 2.
- Today
- DIA +2
- 66 vs 68
- 7 sessions ago
- SPY +5
- 66 vs 61
- 30 sessions ago
- SPY +11
- 66 vs 55
- 90 sessions ago
- SPY +9
- 70 vs 61
The lead changed hands 10 times in this window, most recently on Aug 1 when SPY moved ahead of DIA.
AIQ Signal Divergence
Only the signals that bear on the head-to-head. A conflicted name is carrying bullish and bearish rules at the same time — the technical evidence is not pointing one way.
4 bullish / 1 bearish / 1 neutral, conflicted
Only SPY
- EMA Ribbon Expansion Bullish — bullish, trend, medium horizon
- 52-Week High Proximity — bullish, risk, long horizon (1.2%)
- MACD Bearish Crossover — bearish, momentum, short horizon
3 bullish / 2 bearish / 1 neutral, conflicted
Only DIA
- BB Upper Band Breach — bearish, volatility, short horizon
- RSI Overbought — bearish, momentum, short horizon
- MACD Bullish Crossover — bullish, momentum, short horizon
Both carry 3 more signals that do not separate them: Golden Cross Active, ATR Contraction - Coiling, Uptrend Structure Active.
DIA leads the comparison while carrying a conflicted signal state, which is one reason the stability rating is not higher.
Price vs model alignment
Whether the latest session's price move confirms what the model did over the same session, or contradicts it.
Price and the AIQ Score both moved up over the latest session (price +0.53%, AIQ +4 points).
Price and the AIQ Score both moved up over the latest session (price +0.64%, AIQ +6 points).
What would flip this result
A state, not a forecast. These are the specific, observable changes that would reverse the verdict — not a price prediction.
- 1SPY closes the Momentum gap — currently 21 points behind, the largest single contributor to DIA's edge.
- 2SPY generates a confirmed bullish trend signal it does not currently carry, such as MACD Bullish Crossover.
- 3DIA's conflicting signal state resolves bearish — it currently carries 3 bullish and 2 bearish rules at once.
- 4A regime shift changes factor weighting — Quality and Value carry the heaviest weights in the composite, so a rotation toward either would move the result most.
The full evidence
Every number behind the verdict. The leader is called above each group so you are not left to solve it from the table.
Performance
SPY leads 4 of 6 windows| Metric | SPY | DIA |
|---|---|---|
| 1 week (5 sessions) | -1.2% | 1.6% |
| 1 month (20 sessions) | -0.6% | 1.2% |
| 3 months (63 sessions) | 2.9% | 0.6% |
| 6 months (126 sessions) | 9.2% | 6.7% |
| Year to date | 12.8% | 9.1% |
| 1 year (252 sessions) | 16.4% | 14.1% |
Technicals
Split| Metric | SPY | DIA |
|---|---|---|
| RSI (14) | 56.2 | 74.7 |
| ADX (14) | 12.5 | 19.1 |
| Price vs 50-day | 0.6% | 0.8% |
| Price vs 200-day | 5.9% | 3.9% |
| Volatility (1M, annualized) | 9% | 9.7% |
Risk
SPY is the more resilient| Metric | SPY | DIA |
|---|---|---|
| Beta | 1 | 0.83 |
| Sharpe ratio | 0.91 | 0.76 |
| Sortino ratio | 1.39 | 1.25 |
| Max drawdown | -9.1% | -10.1% |
| Current drawdown | -1.3% | -3.4% |
| Annualized volatility | 12.8% | 12.7% |
| Value at risk (95%) | -1.4% | -1.2% |
Straight answers
Short answers to the questions fund investors ask about this pair, from the figures above.
What is the difference between SPY and DIA?
SPY holds 505 positions to DIA's 31, and 29% of their weight is in the same securities.
How much do SPY and DIA overlap?
SPY and DIA share 29.12% of their weighted exposure across 30 common holdings. 474 holdings are unique to SPY, and every DIA holding is also in SPY. Owning both is genuinely additive — most of the capital sits in different securities.
Which ETF is more diversified, SPY or DIA?
SPY holds more positions: 505 versus 31 for DIA.
Which has the lower expense ratio?
SPY has the lower expense ratio, 0.09% a year against 0.16% for DIA.
Which ETF has the higher distribution yield?
DIA, with a trailing 12-month distribution yield of 1.37% against 0.99% for SPY.
Which ETF has been more volatile?
Their volatility over the past year is similar: 12.8% annualized for SPY and 12.7% for DIA.
Which ETF has had the smaller drawdown?
DIA fell less from peak to trough over the past five years: -20.8% against -24.5% for SPY.
Compare SPY and DIA with others
Continue your research
This page answers which of the two. These answer the questions on either side of it.
How this comparison is scored
The Algovestiq AIQ Score composites four factors — Quality, Value, Momentum and Risk, each carrying a fixed weight. Sentiment is reported separately as SentimentPulse and is not folded into the composite. Scores refresh every trading day, and this page regenerates from the latest snapshot rather than being written once.
The verdict names a leader, states how broadly six independent evidence groups agree, and rates how durable that conclusion is given the score gap, its recent trajectory and the current signal state on both names.
How to use side-by-side comparison →This comparison is informational and educational, not investment advice. AIQ scores update daily; re-check after earnings, guidance or macro data that materially changes either name’s factor profile.