S&P 500 vs Dow Jones
SPY closed near $708 in mid-April 2026; DIA closed at $492.21 on April 25, 2026 (52-week high $505.30 February 10, 2026). The SPY/DIA ratio is approximately 1.44.
Also known as: S&P 500 ETF (SPY) (ETF_SPY, S&P 500, SPX, SP500) · Dow Jones ETF (DIA) (ETF_DIA, Dow Jones, DJIA, Dow)
Why This Comparison Matters
SPY closed near $708 in mid-April 2026; DIA closed at $492.21 on April 25, 2026 (52-week high $505.30 February 10, 2026). The SPY/DIA ratio is approximately 1.44. SPY is cap-weighted across 500 stocks (top 10 ~35 percent of assets); DIA is price-weighted across 30 blue-chip stocks (top 5 ~35 percent of assets, dominated by Goldman Sachs at 11.52 percent and Caterpillar at 10.03 percent). The pair captures the methodology divergence: SPY is dominated by mega-cap tech (Apple, Microsoft, Nvidia, Google, Amazon, Meta combined ~30 percent); DIA is dominated by high-priced industrials, financials, and healthcare. Year-to-date 2026, SPY has gained approximately 3.95 percent versus DIA approximately 4 percent, near-equal performance.
SPY and DIA Index Construction
SPY tracks the S&P 500 index, which holds the 500 largest US public companies weighted by free-float market cap. The S&P 500 covers approximately 80 percent of US public equity market cap. Selection methodology favors profitable companies with stable history; the S&P 500 Index Committee makes final decisions.
DIA tracks the Dow Jones Industrial Average, the oldest US stock index (created 1896), holding 30 large-cap blue-chip stocks selected by Wall Street Journal editors. Price-weighted: each stock's weight is proportional to share price, not market cap. The Dow covers approximately 25 percent of US public equity market cap.
The practical implications: SPY captures the broad US large-cap economy with mega-cap tech dominance. DIA captures 30 high-quality blue chips with structural tilt toward financials, industrials, and healthcare. Both are top-tier US equity benchmarks but with materially different concentration profiles.
Concentration Comparison
SPY top 10 (April 2026): Apple ~7%, Microsoft ~7%, Nvidia ~7%, Amazon ~4%, Google combined ~4%, Meta ~2.5%, Tesla ~2%, Broadcom ~2%, Berkshire Hathaway ~2%, JPMorgan ~1.5%. Top 10 = ~35% of SPY assets.
DIA top 10 (April 2026): Goldman Sachs 11.52%, Caterpillar 10.03%, UnitedHealth ~7%, Visa ~5%, Microsoft 4.75%, Amgen 4.53%, Home Depot 4.33%, McDonald's ~3.7%, American Express ~3.5%, IBM ~3.2%. Top 10 = ~58% of DIA assets.
DIA concentration is substantially higher than SPY despite holding only 30 stocks vs SPY 500. The price-weighting creates the unusual concentration: high-priced stocks (Goldman $590, Caterpillar $835, UnitedHealth $350) dominate DIA. Microsoft at $415 is only fifth-largest in DIA despite having the largest market cap at $3.14 trillion.
Sector Mix Differences
SPY sector weights (April 2026): Technology ~30%, Financials 13%, Healthcare 12%, Consumer Discretionary 11%, Communications 9%, Industrials 8%, Consumer Staples 6%, Energy 4%, Utilities 3%, Real Estate 2%, Materials 2%.
DIA sector weights (April 2026): Financials ~27% (vs SPY 13%), Industrials ~17% (vs SPY 8%), Healthcare ~17% (vs SPY 12%), Consumer Discretionary ~12% (vs SPY 11%), Tech ~17% (vs SPY 30%), Consumer Staples ~5%, Energy ~4%.
Conditional Forward Response (Tail Events)
How Dow Jones ETF (DIA) has historically behaved in the 5 sessions following a top-decile or bottom-decile daily move in S&P 500 ETF (SPY). Computed from 1,285 aligned daily observations ending .
Following these triggers, Dow Jones ETF (DIA) rises 0.06% on average over the next 5 sessions, versus an unconditional baseline of +0.16%. 129 qualifying events; Dow Jones ETF (DIA) closed positive in 50% of them.
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Frequently Asked Questions
What are the current SPY and DIA levels?+
SPY closed near $708 in mid-April 2026; DIA closed at $492.21 on April 25, 2026 (52-week high $505.30 February 10, 2026). SPY/DIA ratio approximately 1.44 (12-month range 1.38-1.50, 5-year range 1.30-1.50 with SPY peak in early 2024). Year-to-date 2026, SPY has gained ~3.95% vs DIA ~4% (essentially equal). SPY is cap-weighted across 500 stocks; DIA is price-weighted across 30 blue-chip stocks. SPY top 10 = ~35% of assets; DIA top 10 = ~58% of assets (more concentrated despite fewer holdings).
How does the index construction differ?+
SPY tracks S&P 500: 500 largest US public companies weighted by free-float market cap, covering ~80 percent of US public equity market cap. Selection by S&P 500 Index Committee favoring profitable companies. DIA tracks Dow Jones Industrial Average (oldest US stock index, created 1896): 30 large-cap blue-chip stocks selected by Wall Street Journal editors. Price-weighted: each stock's weight proportional to share price not market cap. DIA covers ~25 percent of US public equity market cap. Both are top-tier US equity benchmarks but with materially different concentration profiles.
How do sector weights differ?+
SPY April 2026: Tech ~30%, Financials 13%, Healthcare 12%, Consumer Discretionary 11%, Communications 9%, Industrials 8%, Consumer Staples 6%, Energy 4%. DIA April 2026: Financials ~27% (vs SPY 13%), Industrials ~17% (vs SPY 8%), Healthcare ~17% (vs SPY 12%), Consumer Discretionary ~12%, Tech ~17% (vs SPY 30%). Biggest differences: DIA financials more than double SPY; DIA industrials more than double SPY; DIA tech roughly half SPY. DIA over-weights cyclicals and old-economy quality; SPY over-weights mega-cap tech.
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Data sourced from FRED, CoinGecko, CBOE, and other providers. This page is for informational purposes only and does not constitute financial advice. Past performance does not guarantee future results.