^DWCF vs. DIA

Last updated Jun 4, 2026

^DWCF (Dow Jones U.S. Total Stock Market Index) is an index, while DIA (State Street SPDR Dow Jones Industrial Average ETF Trust) is Large Cap Blend Equities fund tracking the Dow Jones Industrial Average. Over the past 10 years, ^DWCF returned 13.26%/yr vs 13.21%/yr for DIA. Their correlation of 0.90 suggests significant overlap in exposure.

Performance

^DWCF vs. DIA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dow Jones U.S. Total Stock Market Index (^DWCF) and State Street SPDR Dow Jones Industrial Average ETF Trust (DIA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ^DWCF achieves a 11.53% return, which is significantly higher than DIA's 6.26% return. Both investments have delivered pretty close results over the past 10 years, with ^DWCF having a 13.26% annualized return and DIA not far behind at 13.21%.

^DWCF

• 1D: 0.24%
• 1M: 5.68%
• YTD: 11.53%
• 6M: 11.31%
• 1Y: 27.58%
• 3Y*: 20.78%
• 5Y*: 11.49%
• 10Y*: 13.26%

DIA

• 1D: -1.13%
• 1M: 3.88%
• YTD: 6.26%
• 6M: 6.75%
• 1Y: 21.13%
• 3Y*: 16.45%
• 5Y*: 9.76%
• 10Y*: 13.21%

*Multi-year figures are annualized to reflect compound growth (CAGR)

^DWCF vs. DIA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^DWCF Dow Jones U.S. Total Stock Market Index	11.53%	15.59%	22.21%	24.06%	-20.80%	24.01%	18.72%	28.42%	-7.04%	18.89%
DIA State Street SPDR Dow Jones Industrial Average ETF Trust	6.26%	14.71%	14.82%	16.02%	-7.02%	20.83%	9.59%	24.70%	-3.74%	28.08%

Correlation

The correlation between ^DWCF and DIA is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jan 21, 1998	0.90

The correlation between ^DWCF and DIA has been stable across timeframes, ranging from 0.83 to 0.90 - a consistent structural relationship.

Return for Risk

^DWCF vs. DIA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

^DWCF

^DWCF Risk / Return Rank: 77
^DWCF Sharpe Ratio Rank: 75
^DWCF Sortino Ratio Rank: 76
^DWCF Omega Ratio Rank: 76
^DWCF Calmar Ratio Rank: 74
^DWCF Martin Ratio Rank: 85

DIA

DIA Risk / Return Rank: 48
DIA Sharpe Ratio Rank: 50
DIA Sortino Ratio Rank: 52
DIA Omega Ratio Rank: 49
DIA Calmar Ratio Rank: 43
DIA Martin Ratio Rank: 49

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

^DWCF vs. DIA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dow Jones U.S. Total Stock Market Index (^DWCF) and State Street SPDR Dow Jones Industrial Average ETF Trust (DIA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	^DWCF	DIA	Difference
Sharpe ratio Return per unit of total volatility	2.33	1.76	+0.58
Sortino ratio Return per unit of downside risk	3.18	2.57	+0.61
Omega ratio Gain probability vs. loss probability	1.42	1.31	+0.11
Calmar ratio Return relative to maximum drawdown	3.13	2.18	+0.96
Martin ratio Return relative to average drawdown	14.22	8.42	+5.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^DWCF vs. DIA - Sharpe Ratio Comparison

The current ^DWCF Sharpe Ratio is 2.33, which is higher than the DIA Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of ^DWCF and DIA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	^DWCF	DIA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.33	1.76	+0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.66	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.72	0.76	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.49	+0.01

Drawdowns

^DWCF vs. DIA - Drawdown Comparison

The maximum ^DWCF drawdown since its inception was -56.81%, which is greater than DIA's maximum drawdown of -51.87%. Use the drawdown chart below to compare losses from any high point for ^DWCF and DIA.

Drawdown Indicators

	^DWCF	DIA	Difference
Max Drawdown Largest peak-to-trough decline	-56.81%	-51.87%	-4.94%
Max Drawdown (1Y) Largest decline over 1 year	-9.12%	-9.76%	+0.64%
Max Drawdown (3Y) Largest decline over 3 years	-19.59%	-15.95%	-3.64%
Max Drawdown (5Y) Largest decline over 5 years	-26.31%	-20.76%	-5.55%
Max Drawdown (10Y) Largest decline over 10 years	-35.14%	-36.70%	+1.56%
Current Drawdown Current decline from peak	0.00%	-1.13%	+1.13%
Average Drawdown Average peak-to-trough decline	-10.30%	-7.14%	-3.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	2.52%	-0.51%

Volatility

^DWCF vs. DIA - Volatility Comparison

Dow Jones U.S. Total Stock Market Index (^DWCF) and State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) have volatilities of 2.98% and 2.97%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^DWCF	DIA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.98%	2.97%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	9.23%	9.28%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	12.26%	12.10%	+0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.40%	14.78%	+2.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.46%	17.53%	+0.93%

Frequently Asked Questions

Can I hold both ^DWCF and DIA in my portfolio?

^DWCF and DIA have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ^DWCF or DIA?

^DWCF has higher volatility (2.98%) compared to DIA (2.97%). In terms of maximum drawdown, ^DWCF dropped -56.81% vs DIA's -51.87%.

Which has better risk-adjusted returns?

^DWCF currently has the higher Sharpe Ratio (2.33 vs 1.76), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.