DIA vs. AFOS

Last updated Jun 4, 2026

DIA (State Street SPDR Dow Jones Industrial Average ETF Trust) and AFOS (ARS Focused Opportunities Strategy ETF) are both Large Cap Blend Equities funds. A 0.63 correlation means they provide meaningful diversification when combined. DIA charges 0.16%/yr vs 0.45%/yr for AFOS.

Performance

DIA vs. AFOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) and ARS Focused Opportunities Strategy ETF (AFOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DIA achieves a 6.26% return, which is significantly lower than AFOS's 32.04% return.

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%

AFOS

• 1D: -0.29%
• 1M: 8.94%
• YTD: 32.04%
• 6M: 37.37%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DIA vs. AFOS - Yearly Performance Comparison

	2026 (YTD)	2025
DIA State Street SPDR Dow Jones Industrial Average ETF Trust	6.26%	11.60%
AFOS ARS Focused Opportunities Strategy ETF	32.04%	36.15%

Correlation

The correlation between DIA and AFOS is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 27, 2025	0.63

Return for Risk

DIA vs. AFOS — Risk / Return Rank

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

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.

DIA vs. AFOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) and ARS Focused Opportunities Strategy ETF (AFOS). 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.

	DIA	AFOS	Difference
Sharpe ratio: Return per unit of total volatility	1.76	—	—
Sortino ratio: Return per unit of downside risk	2.57	—	—
Omega ratio: Gain probability vs. loss probability	1.31	—	—
Calmar ratio: Return relative to maximum drawdown	2.18	—	—
Martin ratio: Return relative to average drawdown	8.42	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	DIA	AFOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	4.35	-3.86

Drawdowns

DIA vs. AFOS - Drawdown Comparison

The maximum DIA drawdown since its inception was -51.87%, which is greater than AFOS's maximum drawdown of -11.52%. Use the drawdown chart below to compare losses from any high point for DIA and AFOS.

Drawdown Indicators

	DIA	AFOS	Difference
Max Drawdown Largest peak-to-trough decline	-51.87%	-11.52%	-40.35%
Max Drawdown (1Y) Largest decline over 1 year	-9.76%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.95%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-20.76%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.70%	—	—
Current Drawdown Current decline from peak	-1.13%	-0.29%	-0.84%
Average Drawdown Average peak-to-trough decline	-7.14%	-1.37%	-5.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	—	—

Volatility

Volatility by Period

	DIA	AFOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.28%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.10%	20.19%	-8.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.78%	20.19%	-5.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.53%	20.19%	-2.66%

DIA vs. AFOS - Expense Ratio Comparison

DIA has a 0.16% expense ratio, which is lower than AFOS's 0.45% expense ratio.

Dividends

DIA vs. AFOS - Dividend Comparison

DIA's dividend yield for the trailing twelve months is around 1.38%, more than AFOS's 0.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AFOS ARS Focused Opportunities Strategy ETF	0.22%	0.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIA State Street SPDR Dow Jones Industrial Average ETF Trust	1.38%	1.43%	1.61%	1.81%	1.91%	1.58%	1.87%	1.85%	2.24%	1.97%	2.26%	2.33%

Frequently Asked Questions

Can I hold both DIA and AFOS in my portfolio?

DIA and AFOS have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DIA or AFOS?

On fees, DIA is cheaper at 0.16% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DIA or AFOS?

DIA is cheaper with a 0.16% expense ratio, compared with 0.45% for AFOS.

Which ETF pays a higher dividend yield, DIA or AFOS?

DIA has the higher dividend yield at 1.38%, compared with 0.22% for AFOS.

What is the main difference between DIA and AFOS?

They also come from different issuers: State Street and ARS Investment Partners. Their fees differ too: 0.16% for DIA and 0.45% for AFOS.