DJIA vs. SPY

Last updated Jun 23, 2026

DJIA (Global X Dow 30 Covered Call ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - DJIA is a Derivative Income fund tracking the DJIA Cboe BuyWrite v2 Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 3 years, DJIA returned 10.54%/yr vs 21.27%/yr for SPY. A 0.65 correlation means they provide meaningful diversification when combined. DJIA charges 0.60%/yr vs 0.09%/yr for SPY.

Performance

DJIA vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Dow 30 Covered Call ETF (DJIA) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DJIA achieves a 3.81% return, which is significantly lower than SPY's 9.74% return.

DJIA

• 1D: 0.20%
• 1M: 1.17%
• YTD: 3.81%
• 6M: 3.30%
• 1Y: 14.39%
• 3Y*: 10.54%
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

DJIA vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DJIA Global X Dow 30 Covered Call ETF	3.81%	9.11%	14.52%	9.15%	-1.07%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-7.90%

Correlation

The correlation between DJIA and SPY is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (All Time) Calculated using the full available price history since Feb 24, 2022	0.65

The correlation between DJIA and SPY has been stable across timeframes, ranging from 0.61 to 0.66 - a consistent structural relationship.

DJIA vs. SPY - Sectors Allocation Comparison

Sectors	DJIA	SPY
Financial Services	27.3%	11.1%
Technology	19.1%	39.0%
Industrials	18.1%	7.8%
Healthcare	12.8%	8.3%
Consumer Cyclical	11.0%	9.9%
Consumer Defensive	4.1%	4.5%
Basic Materials	3.7%	1.7%
Energy	2.2%	3.1%
Communication Services	1.8%	10.6%
Real Estate	-	1.8%
Utilities	-	2.1%

Return for Risk

DJIA vs. SPY — Risk / Return Rank

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

DJIA

DJIA Risk / Return Rank: 56
DJIA Sharpe Ratio Rank: 61
DJIA Sortino Ratio Rank: 63
DJIA Omega Ratio Rank: 72
DJIA Calmar Ratio Rank: 41
DJIA Martin Ratio Rank: 46

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

DJIA vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Dow 30 Covered Call ETF (DJIA) and State Street SPDR S&P 500 ETF (SPY). 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.

	DJIA	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.96	2.16	-0.20
Sortino ratio: Return per unit of downside risk	2.82	2.91	-0.10
Omega ratio: Gain probability vs. loss probability	1.41	1.39	+0.02
Calmar ratio: Return relative to maximum drawdown	1.97	3.01	-1.04
Martin ratio: Return relative to average drawdown	7.33	13.54	-6.20

DJIA vs. SPY - Sharpe Ratio Comparison

The current DJIA Sharpe Ratio is 1.96, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of DJIA and SPY, 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

DJIA vs. SPY - Drawdown Comparison

The maximum DJIA drawdown since its inception was -16.91%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DJIA and SPY.

Drawdown Indicators

	DJIA	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-16.91%	-55.19%	+38.28%
Max Drawdown (1Y) Largest decline over 1 year	-7.34%	-8.88%	+1.54%
Max Drawdown (3Y) Largest decline over 3 years	-12.09%	-18.76%	+6.67%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.29%	-1.75%	+1.46%
Average Drawdown Average peak-to-trough decline	-3.55%	-9.04%	+5.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	1.97%	0.00%

Volatility

DJIA vs. SPY - Volatility Comparison

The current volatility for Global X Dow 30 Covered Call ETF (DJIA) is 1.36%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that DJIA experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DJIA	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.36%	4.64%	-3.28%
Volatility (6M) Calculated over the trailing 6-month period	6.33%	9.75%	-3.42%
Volatility (1Y) Calculated over the trailing 1-year period	7.39%	12.43%	-5.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.17%	17.14%	-5.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.17%	17.99%	-6.82%

DJIA vs. SPY - Expense Ratio Comparison

DJIA has a 0.60% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

DJIA vs. SPY - Dividend Comparison

DJIA's dividend yield for the trailing twelve months is around 11.48%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DJIA Global X Dow 30 Covered Call ETF	11.48%	10.60%	11.44%	7.16%	9.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both DJIA and SPY in my portfolio?

DJIA and SPY have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DJIA or SPY?

SPY has higher volatility (4.64%) compared to DJIA (1.36%). In terms of maximum drawdown, DJIA dropped -16.91% vs SPY's -55.19%.

Which ETF is better, DJIA or SPY?

On 3-year performance, SPY leads with 21.27% vs 10.54% for DJIA. On fees, SPY is cheaper at 0.09% per year. On volatility, DJIA has been the lower-risk option at 1.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DJIA or SPY?

Over the 3-year period, SPY has performed better with a 21.27% return vs 10.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DJIA or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.60% for DJIA.

Which ETF pays a higher dividend yield, DJIA or SPY?

DJIA has the higher dividend yield at 11.48%, compared with 1.01% for SPY.

What is the main difference between DJIA and SPY?

DJIA is categorized as Derivative Income, while SPY is S&P 500. DJIA tracks DJIA Cboe BuyWrite v2 Index, while SPY tracks S&P 500 Index. They also come from different issuers: Global X and State Street. Their fees differ too: 0.60% for DJIA and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.96), 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.