DIA vs. USPX

Last updated Jun 24, 2026

DIA (State Street SPDR Dow Jones Industrial Average ETF Trust) and USPX (Franklin U.S. Equity Index ETF) are both Large Cap Blend Equities funds - DIA tracks the Dow Jones Industrial Average while USPX tracks the Morningstar US Target Market Exposure Index. Both are passively managed. Over the past 10 years, DIA returned 13.69%/yr vs 12.60%/yr for USPX. A 0.78 correlation means they provide meaningful diversification when combined. DIA charges 0.16%/yr vs 0.03%/yr for USPX.

Performance

DIA vs. USPX - 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 Franklin U.S. Equity Index ETF (USPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with DIA having a 8.31% return and USPX slightly lower at 7.94%. Over the past 10 years, DIA has outperformed USPX with an annualized return of 13.69%, while USPX has yielded a comparatively lower 12.60% annualized return.

DIA

• 1D: -0.09%
• 1M: 2.35%
• YTD: 8.31%
• 6M: 7.49%
• 1Y: 23.20%
• 3Y*: 17.21%
• 5Y*: 10.52%
• 10Y*: 13.69%

USPX

• 1D: -1.35%
• 1M: -1.23%
• YTD: 7.94%
• 6M: 6.89%
• 1Y: 23.21%
• 3Y*: 20.72%
• 5Y*: 11.89%
• 10Y*: 12.60%

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

DIA vs. USPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DIA State Street SPDR Dow Jones Industrial Average ETF Trust	8.31%	14.71%	14.82%	16.02%	-7.02%	20.83%	9.59%	24.70%	-3.74%	28.08%
USPX Franklin U.S. Equity Index ETF	7.94%	17.78%	24.97%	27.07%	-18.88%	19.53%	9.72%	26.60%	-7.78%	23.80%

Correlation

The correlation between DIA and USPX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jun 3, 2016	0.78

The correlation between DIA and USPX has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.

DIA vs. USPX - Sectors Allocation Comparison

Sectors	DIA	USPX
Financial Services	27.3%	11.6%
Technology	19.1%	37.7%
Industrials	18.1%	8.0%
Healthcare	12.8%	8.8%
Consumer Cyclical	11.0%	9.5%
Consumer Defensive	4.1%	4.6%
Basic Materials	3.7%	1.7%
Energy	2.2%	3.3%
Communication Services	1.8%	10.3%
Real Estate	-	1.8%
Utilities	-	2.5%

Return for Risk

DIA vs. USPX — Risk / Return Rank

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

DIA

DIA Risk / Return Rank: 56
DIA Sharpe Ratio Rank: 58
DIA Sortino Ratio Rank: 60
DIA Omega Ratio Rank: 55
DIA Calmar Ratio Rank: 50
DIA Martin Ratio Rank: 54

USPX

USPX Risk / Return Rank: 59
USPX Sharpe Ratio Rank: 59
USPX Sortino Ratio Rank: 56
USPX Omega Ratio Rank: 57
USPX Calmar Ratio Rank: 55
USPX Martin Ratio Rank: 66

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. USPX - 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 Franklin U.S. Equity Index ETF (USPX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DIA	USPX	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.83	+0.05
Sortino ratio: Return per unit of downside risk	2.74	2.51	+0.23
Omega ratio: Gain probability vs. loss probability	1.33	1.33	0.00
Calmar ratio: Return relative to maximum drawdown	2.39	2.55	-0.16
Martin ratio: Return relative to average drawdown	9.22	11.19	-1.97

DIA vs. USPX - Sharpe Ratio Comparison

The current DIA Sharpe Ratio is 1.88, which is comparable to the USPX Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of DIA and USPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DIA vs. USPX - Drawdown Comparison

The maximum DIA drawdown since its inception was -51.87%, which is greater than USPX's maximum drawdown of -31.21%. Use the drawdown chart below to compare losses from any high point for DIA and USPX.

Drawdown Indicators

	DIA	USPX	Difference
Max Drawdown Largest peak-to-trough decline	-51.87%	-31.21%	-20.66%
Max Drawdown (1Y) Largest decline over 1 year	-9.76%	-9.15%	-0.61%
Max Drawdown (3Y) Largest decline over 3 years	-15.95%	-19.21%	+3.26%
Max Drawdown (5Y) Largest decline over 5 years	-20.76%	-24.60%	+3.84%
Max Drawdown (10Y) Largest decline over 10 years	-36.70%	-31.21%	-5.49%
Current Drawdown Current decline from peak	-0.65%	-3.17%	+2.52%
Average Drawdown Average peak-to-trough decline	-7.13%	-4.43%	-2.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	2.08%	+0.44%

Volatility

DIA vs. USPX - Volatility Comparison

The current volatility for State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) is 4.15%, while Franklin U.S. Equity Index ETF (USPX) has a volatility of 4.89%. This indicates that DIA experiences smaller price fluctuations and is considered to be less risky than USPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DIA	USPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.15%	4.89%	-0.74%
Volatility (6M) Calculated over the trailing 6-month period	9.76%	10.06%	-0.30%
Volatility (1Y) Calculated over the trailing 1-year period	12.42%	12.74%	-0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.84%	16.28%	-1.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.53%	15.96%	+1.57%

DIA vs. USPX - Expense Ratio Comparison

DIA has a 0.16% expense ratio, which is higher than USPX's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

DIA vs. USPX - Dividend Comparison

DIA's dividend yield for the trailing twelve months is around 1.40%, more than USPX's 0.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DIA State Street SPDR Dow Jones Industrial Average ETF Trust	1.40%	1.43%	1.61%	1.81%	1.91%	1.58%	1.87%	1.85%	2.24%	1.97%	2.26%	2.33%
USPX Franklin U.S. Equity Index ETF	0.83%	1.07%	1.23%	1.35%	2.21%	2.40%	2.51%	3.07%	2.91%	2.60%	4.89%	0.00%

Frequently Asked Questions

Can I hold both DIA and USPX in my portfolio?

DIA and USPX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIA or USPX?

USPX has higher volatility (4.89%) compared to DIA (4.15%). In terms of maximum drawdown, DIA dropped -51.87% vs USPX's -31.21%.

Which ETF is better, DIA or USPX?

On 10-year performance, DIA leads with 13.69% vs 12.60% for USPX. On fees, USPX is cheaper at 0.03% per year. On volatility, DIA has been the lower-risk option at 4.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIA or USPX?

Over the 10-year period, DIA has performed better with a 13.69% return vs 12.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIA or USPX?

USPX is cheaper with a 0.03% expense ratio, compared with 0.16% for DIA.

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

DIA has the higher dividend yield at 1.40%, compared with 0.83% for USPX.

What is the main difference between DIA and USPX?

DIA tracks Dow Jones Industrial Average, while USPX tracks Morningstar US Target Market Exposure Index. They also come from different issuers: State Street and Franklin Templeton. Their fees differ too: 0.16% for DIA and 0.03% for USPX.

Which has better risk-adjusted returns?

DIA currently has the higher Sharpe Ratio (1.88 vs 1.83), 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.