SPYX vs. DIA

Last updated Jul 14, 2026

SPYX (State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF) and DIA (State Street SPDR Dow Jones Industrial Average ETF Trust) are both exchange-traded funds - SPYX is a S&P 500 fund tracking the S&P 500 Fossil Fuel Reserves Free Index, while DIA is a Large Cap Blend Equities fund tracking the Dow Jones Industrial Average. Both are passively managed. Over the past 10 years, SPYX returned 15.18%/yr vs 13.14%/yr for DIA. Their correlation of 0.87 suggests significant overlap in exposure. SPYX charges 0.20%/yr vs 0.16%/yr for DIA.

Performance

SPYX vs. DIA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) 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

The year-to-date returns for both investments are quite close, with SPYX having a 9.87% return and DIA slightly higher at 9.95%. Over the past 10 years, SPYX has outperformed DIA with an annualized return of 15.18%, while DIA has yielded a comparatively lower 13.14% annualized return.

SPYX

• 1D: -0.76%
• 1M: 1.49%
• 6M: 7.84%
• YTD: 9.87%
• 1Y: 21.01%
• 3Y*: 20.05%
• 5Y*: 12.55%
• 10Y*: 15.18%

DIA

• 1D: -0.25%
• 1M: 2.50%
• 6M: 6.55%
• YTD: 9.95%
• 1Y: 20.04%
• 3Y*: 16.88%
• 5Y*: 10.38%
• 10Y*: 13.14%

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

SPYX vs. DIA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF	9.87%	17.87%	25.46%	26.38%	-19.59%	28.06%	19.87%	31.62%	-4.26%	23.25%
DIA State Street SPDR Dow Jones Industrial Average ETF Trust	9.95%	14.71%	14.82%	16.02%	-7.02%	20.83%	9.59%	24.70%	-3.74%	28.08%

Correlation

The correlation between SPYX and DIA 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	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Dec 1, 2015	0.87

The correlation between SPYX and DIA has been stable across timeframes, ranging from 0.80 to 0.87 - a consistent structural relationship.

SPYX vs. DIA - Sectors Allocation Comparison

Sectors	SPYX	DIA
Technology	39.7%	19.1%
Financial Services	11.4%	27.3%
Communication Services	10.9%	1.8%
Consumer Cyclical	10.1%	11.0%
Healthcare	8.5%	12.8%
Industrials	7.9%	18.1%
Consumer Defensive	4.6%	4.1%
Utilities	2.2%	-
Real Estate	1.9%	-
Basic Materials	1.7%	3.7%
Energy	1.1%	2.2%

Return for Risk

SPYX vs. DIA — Risk / Return Rank

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

SPYX

SPYX Risk / Return Rank: 61
SPYX Sharpe Ratio Rank: 63
SPYX Sortino Ratio Rank: 62
SPYX Omega Ratio Rank: 63
SPYX Calmar Ratio Rank: 54
SPYX Martin Ratio Rank: 66

DIA

DIA Risk / Return Rank: 59
DIA Sharpe Ratio Rank: 62
DIA Sortino Ratio Rank: 66
DIA Omega Ratio Rank: 61
DIA Calmar Ratio Rank: 52
DIA Martin Ratio Rank: 58

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.

SPYX vs. DIA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) 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.

	SPYX	DIA	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.64	+0.01
Sortino ratio: Return per unit of downside risk	2.29	2.41	-0.12
Omega ratio: Gain probability vs. loss probability	1.30	1.29	+0.01
Calmar ratio: Return relative to maximum drawdown	2.14	2.06	+0.08
Martin ratio: Return relative to average drawdown	9.38	7.98	+1.41

SPYX vs. DIA - Sharpe Ratio Comparison

The current SPYX Sharpe Ratio is 1.65, which is comparable to the DIA Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of SPYX 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

SPYX vs. DIA - Drawdown Comparison

The maximum SPYX drawdown since its inception was -32.84%, smaller than the maximum DIA drawdown of -51.87%. Use the drawdown chart below to compare losses from any high point for SPYX and DIA.

Drawdown Indicators

	SPYX	DIA	Difference
Max Drawdown Largest peak-to-trough decline	-32.84%	-51.87%	+19.03%
Max Drawdown (1Y) Largest decline over 1 year	-9.84%	-9.76%	-0.08%
Max Drawdown (3Y) Largest decline over 3 years	-18.74%	-15.95%	-2.79%
Max Drawdown (5Y) Largest decline over 5 years	-26.14%	-20.76%	-5.38%
Max Drawdown (10Y) Largest decline over 10 years	-32.84%	-36.70%	+3.86%
Current Drawdown Current decline from peak	-0.92%	-1.06%	+0.14%
Average Drawdown Average peak-to-trough decline	-4.51%	-7.12%	+2.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	2.52%	-0.28%

Volatility

SPYX vs. DIA - Volatility Comparison

State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) has a higher volatility of 4.06% compared to State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) at 3.02%. This indicates that SPYX's price experiences larger fluctuations and is considered to be riskier than DIA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYX	DIA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.06%	3.02%	+1.04%
Volatility (6M) Calculated over the trailing 6-month period	10.24%	9.67%	+0.57%
Volatility (1Y) Calculated over the trailing 1-year period	12.81%	12.30%	+0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.16%	14.82%	+2.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.00%	17.51%	+0.49%

SPYX vs. DIA - Expense Ratio Comparison

SPYX has a 0.20% expense ratio, which is higher than DIA's 0.16% 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

SPYX vs. DIA - Dividend Comparison

SPYX's dividend yield for the trailing twelve months is around 0.86%, less than DIA's 1.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DIA State Street SPDR Dow Jones Industrial Average ETF Trust	1.38%	1.43%	1.61%	1.81%	1.91%	1.58%	1.87%	1.85%	2.24%	1.97%	2.26%	2.33%
SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF	0.86%	0.91%	1.05%	1.21%	1.41%	1.04%	1.33%	1.56%	1.92%	1.68%	1.91%	0.16%

Frequently Asked Questions

Can I hold both SPYX and DIA in my portfolio?

SPYX and DIA 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, SPYX or DIA?

SPYX has higher volatility (4.06%) compared to DIA (3.02%). In terms of maximum drawdown, SPYX dropped -32.84% vs DIA's -51.87%.

Which ETF is better, SPYX or DIA?

On 10-year performance, SPYX leads with 15.18% vs 13.14% for DIA. On fees, DIA is cheaper at 0.16% per year. On volatility, DIA has been the lower-risk option at 3.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYX or DIA?

Over the 10-year period, SPYX has performed better with a 15.18% return vs 13.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYX or DIA?

DIA is cheaper with a 0.16% expense ratio, compared with 0.20% for SPYX.

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

DIA has the higher dividend yield at 1.38%, compared with 0.86% for SPYX.

What is the main difference between SPYX and DIA?

SPYX is categorized as S&P 500, while DIA is Large Cap Blend Equities. SPYX tracks S&P 500 Fossil Fuel Reserves Free Index, while DIA tracks Dow Jones Industrial Average. Their fees differ too: 0.20% for SPYX and 0.16% for DIA.

Which has better risk-adjusted returns?

SPYX currently has the higher Sharpe Ratio (1.65 vs 1.64), 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.