SPY vs. ^DJI

Last updated Apr 4, 2026

Compare and contrast key facts about State Street SPDR S&P 500 ETF (SPY) and Dow Jones Industrial Average (^DJI).

SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.

Performance

SPY vs. ^DJI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 ETF (SPY) and Dow Jones Industrial Average (^DJI). The values are adjusted to include any dividend payments, if applicable.

SPY vs. ^DJI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPY State Street SPDR S&P 500 ETF	-3.56%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%
^DJI Dow Jones Industrial Average	-3.24%	12.97%	12.88%	13.70%	-8.78%	18.73%	7.25%	22.34%	-5.63%	25.08%

Returns By Period

In the year-to-date period, SPY achieves a -3.56% return, which is significantly lower than ^DJI's -3.24% return. Over the past 10 years, SPY has outperformed ^DJI with an annualized return of 14.11%, while ^DJI has yielded a comparatively lower 10.12% annualized return.

SPY

• 1D: 0.09%
• 1M: -4.02%
• YTD: -3.56%
• 6M: -1.44%
• 1Y: 23.60%
• 3Y*: 18.37%
• 5Y*: 11.88%
• 10Y*: 14.11%

^DJI

• 1D: -0.13%
• 1M: -4.59%
• YTD: -3.24%
• 6M: -0.54%
• 1Y: 14.70%
• 3Y*: 11.44%
• 5Y*: 7.00%
• 10Y*: 10.12%

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

Return for Risk

SPY vs. ^DJI — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 52
SPY Sharpe Ratio Rank: 47
SPY Sortino Ratio Rank: 51
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 45
SPY Martin Ratio Rank: 57

^DJI

^DJI Risk / Return Rank: 37
^DJI Sharpe Ratio Rank: 39
^DJI Sortino Ratio Rank: 37
^DJI Omega Ratio Rank: 38
^DJI Calmar Ratio Rank: 35
^DJI Martin Ratio Rank: 38

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.

SPY vs. ^DJI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) and Dow Jones Industrial Average (^DJI). 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.

	SPY	^DJI	Difference
Sharpe ratio Return per unit of total volatility	0.92	0.61	+0.32
Sortino ratio Return per unit of downside risk	1.45	0.99	+0.46
Omega ratio Gain probability vs. loss probability	1.22	1.13	+0.09
Calmar ratio Return relative to maximum drawdown	1.51	0.99	+0.52
Martin ratio Return relative to average drawdown	7.11	3.51	+3.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPY vs. ^DJI - Sharpe Ratio Comparison

The current SPY Sharpe Ratio is 0.92, which is higher than the ^DJI Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of SPY and ^DJI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPY	^DJI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	0.61	+0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.48	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	0.58	+0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.41	+0.15

Correlation

The correlation between SPY and ^DJI is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

SPY vs. ^DJI - Drawdown Comparison

The maximum SPY drawdown since its inception was -55.19%, roughly equal to the maximum ^DJI drawdown of -53.78%. Use the drawdown chart below to compare losses from any high point for SPY and ^DJI.

Drawdown Indicators

	SPY	^DJI	Difference
Max Drawdown Largest peak-to-trough decline	-55.19%	-53.78%	-1.41%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-10.01%	+1.13%
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	-21.94%	-2.56%
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	-37.09%	+3.37%
Current Drawdown Current decline from peak	-5.44%	-7.34%	+1.90%
Average Drawdown Average peak-to-trough decline	-9.09%	-9.76%	+0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	3.06%	-0.49%

Volatility

SPY vs. ^DJI - Volatility Comparison

State Street SPDR S&P 500 ETF (SPY) has a higher volatility of 5.28% compared to Dow Jones Industrial Average (^DJI) at 4.91%. This indicates that SPY's price experiences larger fluctuations and is considered to be riskier than ^DJI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPY	^DJI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.28%	4.91%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	9.49%	9.29%	+0.20%
Volatility (1Y) Calculated over the trailing 1-year period	19.06%	16.81%	+2.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.05%	14.76%	+2.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.92%	17.57%	+0.35%