SPDV vs. DIA

Last updated Jun 24, 2026

SPDV (AAM S&P 500 High Dividend Value ETF) and DIA (State Street SPDR Dow Jones Industrial Average ETF Trust) are both exchange-traded funds - SPDV is a Dividend fund tracking the S&P 500 Dividend and Free Cash Flow Yield Index, while DIA is a Large Cap Blend Equities fund tracking the Dow Jones Industrial Average. Both are passively managed. Over the past 5 years, SPDV returned 9.01%/yr vs 10.52%/yr for DIA. A 0.79 correlation means they provide meaningful diversification when combined. SPDV charges 0.29%/yr vs 0.16%/yr for DIA.

Performance

SPDV vs. DIA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAM S&P 500 High Dividend Value ETF (SPDV) 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, SPDV achieves a 13.31% return, which is significantly higher than DIA's 8.31% return.

SPDV

• 1D: 0.10%
• 1M: -0.63%
• YTD: 13.31%
• 6M: 13.16%
• 1Y: 24.69%
• 3Y*: 16.36%
• 5Y*: 9.01%
• 10Y*: —

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%

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

SPDV vs. DIA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPDV AAM S&P 500 High Dividend Value ETF	13.31%	10.90%	14.40%	5.45%	-2.27%	29.54%	-6.09%	20.46%	-6.59%	4.64%
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%	4.03%

Correlation

The correlation between SPDV and DIA is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Nov 29, 2017	0.79

The correlation between SPDV and DIA shifts across timeframes, from 0.64 (1 year) to 0.79 (all time), reflecting how their relationship changes across market environments.

SPDV vs. DIA - Sectors Allocation Comparison

Sectors	SPDV	DIA
Consumer Cyclical	14.5%	11.0%
Technology	14.0%	19.1%
Healthcare	9.8%	12.8%
Real Estate	9.5%	-
Financial Services	9.1%	27.3%
Consumer Defensive	9.0%	4.1%
Energy	8.9%	2.2%
Industrials	7.8%	18.1%
Communication Services	7.4%	1.8%
Utilities	5.3%	-
Basic Materials	4.6%	3.7%

Return for Risk

SPDV vs. DIA — Risk / Return Rank

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

SPDV

SPDV Risk / Return Rank: 70
SPDV Sharpe Ratio Rank: 64
SPDV Sortino Ratio Rank: 69
SPDV Omega Ratio Rank: 62
SPDV Calmar Ratio Rank: 83
SPDV Martin Ratio Rank: 69

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

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.

SPDV vs. DIA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAM S&P 500 High Dividend Value ETF (SPDV) 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.

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.

	SPDV	DIA	Difference
Sharpe ratio: Return per unit of total volatility	2.02	1.88	+0.14
Sortino ratio: Return per unit of downside risk	2.97	2.74	+0.23
Omega ratio: Gain probability vs. loss probability	1.36	1.33	+0.02
Calmar ratio: Return relative to maximum drawdown	4.28	2.39	+1.89
Martin ratio: Return relative to average drawdown	12.11	9.22	+2.89

SPDV vs. DIA - Sharpe Ratio Comparison

The current SPDV Sharpe Ratio is 2.02, which is comparable to the DIA Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of SPDV 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.

Drawdowns

SPDV vs. DIA - Drawdown Comparison

The maximum SPDV drawdown since its inception was -43.81%, smaller than the maximum DIA drawdown of -51.87%. Use the drawdown chart below to compare losses from any high point for SPDV and DIA.

Drawdown Indicators

	SPDV	DIA	Difference
Max Drawdown Largest peak-to-trough decline	-43.81%	-51.87%	+8.06%
Max Drawdown (1Y) Largest decline over 1 year	-5.80%	-9.76%	+3.96%
Max Drawdown (3Y) Largest decline over 3 years	-18.62%	-15.95%	-2.67%
Max Drawdown (5Y) Largest decline over 5 years	-21.31%	-20.76%	-0.55%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.70%	—
Current Drawdown Current decline from peak	-2.37%	-0.65%	-1.72%
Average Drawdown Average peak-to-trough decline	-6.53%	-7.13%	+0.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	2.52%	-0.48%

Volatility

SPDV vs. DIA - Volatility Comparison

The current volatility for AAM S&P 500 High Dividend Value ETF (SPDV) is 3.66%, while State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) has a volatility of 4.15%. This indicates that SPDV experiences smaller price fluctuations and is considered to be less risky than DIA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPDV	DIA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.66%	4.15%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	8.33%	9.76%	-1.43%
Volatility (1Y) Calculated over the trailing 1-year period	12.31%	12.42%	-0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.25%	14.84%	+1.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.28%	17.53%	+2.75%

SPDV vs. DIA - Expense Ratio Comparison

SPDV has a 0.29% expense ratio, which is higher than DIA's 0.16% expense ratio.

Dividends

SPDV vs. DIA - Dividend Comparison

SPDV's dividend yield for the trailing twelve months is around 3.34%, more than DIA's 1.40% 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%
SPDV AAM S&P 500 High Dividend Value ETF	3.34%	3.85%	3.54%	3.95%	3.73%	3.08%	3.90%	3.54%	3.63%	0.28%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPDV and DIA in my portfolio?

SPDV and DIA have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPDV or DIA?

DIA has higher volatility (4.15%) compared to SPDV (3.66%). In terms of maximum drawdown, SPDV dropped -43.81% vs DIA's -51.87%.

Which ETF is better, SPDV or DIA?

On 5-year performance, DIA leads with 10.52% vs 9.01% for SPDV. On fees, DIA is cheaper at 0.16% per year. On volatility, SPDV has been the lower-risk option at 3.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPDV or DIA?

Over the 5-year period, DIA has performed better with a 10.52% return vs 9.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPDV or DIA?

DIA is cheaper with a 0.16% expense ratio, compared with 0.29% for SPDV.

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

SPDV has the higher dividend yield at 3.34%, compared with 1.40% for DIA.

What is the main difference between SPDV and DIA?

SPDV is categorized as Dividend, while DIA is Large Cap Blend Equities. SPDV tracks S&P 500 Dividend and Free Cash Flow Yield Index, while DIA tracks Dow Jones Industrial Average. They also come from different issuers: Advisors Asset Management and State Street. Their fees differ too: 0.29% for SPDV and 0.16% for DIA.

Which has better risk-adjusted returns?

SPDV currently has the higher Sharpe Ratio (2.02 vs 1.88), 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.