DOW vs. SPY
DOW (Dow Inc.) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, DOW returned -7.18%/yr vs 13.77%/yr for SPY. At a 0.48 correlation, their price movements are largely independent.
Performance
DOW vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, DOW achieves a 42.08% return, which is significantly higher than SPY's 8.95% return.
DOW
- 1D
- -1.40%
- 1M
- -14.86%
- YTD
- 42.08%
- 6M
- 43.99%
- 1Y
- 16.17%
- 3Y*
- -10.06%
- 5Y*
- -7.18%
- 10Y*
- —
SPY
- 1D
- -1.25%
- 1M
- 0.31%
- YTD
- 8.95%
- 6M
- 10.99%
- 1Y
- 25.43%
- 3Y*
- 20.41%
- 5Y*
- 13.77%
- 10Y*
- 15.43%
DOW vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
DOW Dow Inc. | 42.08% | -37.38% | -22.79% | 14.71% | -6.65% | 6.81% | 7.88% | 8.40% |
SPY State Street SPDR S&P 500 ETF | 8.95% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 15.62% |
Correlation
The correlation between DOW and SPY is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Mar 20, 2019 | 0.48 |
Over the past year, the correlation between DOW and SPY has dropped to 0.11 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.
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Return for Risk
DOW vs. SPY — Risk / Return Rank
DOW
SPY
DOW vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Dow Inc. (DOW) 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.
| DOW | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.73 | ||
| Sortino ratioReturn per unit of downside risk | -1.99 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.38 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 0.52 | 2.87 | -2.36 |
| Martin ratioReturn relative to average drawdown | 0.98 | 12.95 | -11.97 |
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Drawdowns
DOW vs. SPY - Drawdown Comparison
The maximum DOW drawdown since its inception was -64.37%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DOW and SPY.
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Drawdown Indicators
| DOW | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.37% | -55.19% | -9.18% |
Max Drawdown (1Y)Largest decline over 1 year | -31.28% | -8.88% | -22.40% |
Max Drawdown (3Y)Largest decline over 3 years | -62.16% | -18.76% | -43.40% |
Max Drawdown (5Y)Largest decline over 5 years | -64.37% | -24.50% | -39.87% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -41.62% | -2.45% | -39.17% |
Average DrawdownAverage peak-to-trough decline | -22.82% | -9.04% | -13.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.59% | 1.97% | +14.62% |
Volatility
DOW vs. SPY - Volatility Comparison
Dow Inc. (DOW) has a higher volatility of 8.62% compared to State Street SPDR S&P 500 ETF (SPY) at 4.68%. This indicates that DOW's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DOW | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.62% | 4.68% | +3.94% |
Volatility (6M)Calculated over the trailing 6-month period | 32.72% | 9.77% | +22.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.33% | 12.41% | +36.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.54% | 17.15% | +16.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.67% | 17.98% | +20.69% |
Dividends
DOW vs. SPY - Dividend Comparison
DOW's dividend yield for the trailing twelve months is around 4.31%, more than SPY's 1.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DOW Dow Inc. | 4.31% | 8.98% | 6.98% | 5.11% | 5.56% | 4.94% | 5.05% | 3.84% | 0.00% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.00% | 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
DOW and SPY have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DOW has higher volatility (8.62%) compared to SPY (4.68%). In terms of maximum drawdown, DOW dropped -64.37% vs SPY's -55.19%.
SPY currently has the higher Sharpe Ratio (2.06 vs 0.33), 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.
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