VFH vs. DIA

Last updated Jun 23, 2026

VFH (Vanguard Financials ETF) and DIA (State Street SPDR Dow Jones Industrial Average ETF Trust) are both exchange-traded funds - VFH is a Financials Equities fund tracking the MSCI US Investable Market Financials 25/50 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, VFH returned 13.46%/yr vs 13.70%/yr for DIA. Their correlation of 0.82 suggests significant overlap in exposure. VFH charges 0.09%/yr vs 0.16%/yr for DIA.

Performance

VFH vs. DIA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Financials ETF (VFH) 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, VFH achieves a -0.69% return, which is significantly lower than DIA's 8.40% return. Both investments have delivered pretty close results over the past 10 years, with VFH having a 13.46% annualized return and DIA not far ahead at 13.70%.

VFH

• 1D: 0.54%
• 1M: 3.75%
• YTD: -0.69%
• 6M: -1.93%
• 1Y: 9.84%
• 3Y*: 20.85%
• 5Y*: 10.29%
• 10Y*: 13.46%

DIA

• 1D: 0.30%
• 1M: 2.44%
• YTD: 8.40%
• 6M: 7.75%
• 1Y: 24.46%
• 3Y*: 17.24%
• 5Y*: 10.75%
• 10Y*: 13.70%

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

VFH vs. DIA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VFH Vanguard Financials ETF	-0.69%	14.91%	30.44%	14.17%	-12.31%	35.22%	-1.96%	31.57%	-13.52%	19.99%
DIA State Street SPDR Dow Jones Industrial Average ETF Trust	8.40%	14.71%	14.82%	16.02%	-7.02%	20.83%	9.59%	24.70%	-3.74%	28.08%

Correlation

The correlation between VFH and DIA is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jan 30, 2004	0.82

The correlation between VFH and DIA has been stable across timeframes, ranging from 0.81 to 0.85 - a consistent structural relationship.

VFH vs. DIA - Sectors Allocation Comparison

Sectors	VFH	DIA
Financial Services	96.8%	27.3%
Technology	2.1%	19.1%
Real Estate	0.8%	-
Industrials	0.2%	18.1%
Healthcare	0.1%	12.8%
Communication Services	0.0%	1.8%
Consumer Cyclical	0.0%	11.0%
Basic Materials	-	3.7%
Consumer Defensive	-	4.1%
Energy	-	2.2%
Utilities	-	-

Return for Risk

VFH vs. DIA — Risk / Return Rank

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

VFH

VFH Risk / Return Rank: 18
VFH Sharpe Ratio Rank: 19
VFH Sortino Ratio Rank: 18
VFH Omega Ratio Rank: 18
VFH Calmar Ratio Rank: 16
VFH Martin Ratio Rank: 16

DIA

DIA Risk / Return Rank: 59
DIA Sharpe Ratio Rank: 62
DIA Sortino Ratio Rank: 65
DIA Omega Ratio Rank: 59
DIA Calmar Ratio Rank: 52
DIA Martin Ratio Rank: 57

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.

VFH vs. DIA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Financials ETF (VFH) 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.

	VFH	DIA	Difference
Sharpe ratio: Return per unit of total volatility	0.66	1.98	-1.32
Sortino ratio: Return per unit of downside risk	0.99	2.87	-1.88
Omega ratio: Gain probability vs. loss probability	1.12	1.35	-0.23
Calmar ratio: Return relative to maximum drawdown	0.67	2.52	-1.85
Martin ratio: Return relative to average drawdown	1.74	9.72	-7.98

VFH vs. DIA - Sharpe Ratio Comparison

The current VFH Sharpe Ratio is 0.66, which is lower than the DIA Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of VFH 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

VFH vs. DIA - Drawdown Comparison

The maximum VFH drawdown since its inception was -78.61%, which is greater than DIA's maximum drawdown of -51.87%. Use the drawdown chart below to compare losses from any high point for VFH and DIA.

Drawdown Indicators

	VFH	DIA	Difference
Max Drawdown Largest peak-to-trough decline	-78.61%	-51.87%	-26.74%
Max Drawdown (1Y) Largest decline over 1 year	-14.75%	-9.76%	-4.99%
Max Drawdown (3Y) Largest decline over 3 years	-17.30%	-15.95%	-1.35%
Max Drawdown (5Y) Largest decline over 5 years	-25.66%	-20.76%	-4.90%
Max Drawdown (10Y) Largest decline over 10 years	-44.42%	-36.70%	-7.72%
Current Drawdown Current decline from peak	-3.71%	-0.57%	-3.14%
Average Drawdown Average peak-to-trough decline	-18.51%	-7.13%	-11.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.67%	2.52%	+3.15%

Volatility

VFH vs. DIA - Volatility Comparison

Vanguard Financials ETF (VFH) and State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) have volatilities of 4.19% and 4.16%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFH	DIA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.19%	4.16%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	11.41%	9.76%	+1.65%
Volatility (1Y) Calculated over the trailing 1-year period	14.98%	12.45%	+2.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.26%	14.84%	+4.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.56%	17.57%	+4.99%

VFH vs. DIA - Expense Ratio Comparison

VFH has a 0.09% expense ratio, which is lower than DIA's 0.16% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VFH vs. DIA - Dividend Comparison

VFH's dividend yield for the trailing twelve months is around 1.47%, more than DIA's 1.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DIA State Street SPDR Dow Jones Industrial Average ETF Trust	1.39%	1.43%	1.61%	1.81%	1.91%	1.58%	1.87%	1.85%	2.24%	1.97%	2.26%	2.33%
VFH Vanguard Financials ETF	1.47%	1.55%	1.75%	2.08%	2.31%	1.87%	2.21%	2.17%	2.30%	1.53%	1.63%	2.00%

Frequently Asked Questions

Can I hold both VFH and DIA in my portfolio?

VFH and DIA have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VFH or DIA?

VFH has higher volatility (4.19%) compared to DIA (4.16%). In terms of maximum drawdown, VFH dropped -78.61% vs DIA's -51.87%.

Which ETF is better, VFH or DIA?

On 10-year performance, DIA leads with 13.70% vs 13.46% for VFH. On fees, VFH is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VFH or DIA?

Over the 10-year period, DIA has performed better with a 13.70% return vs 13.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VFH or DIA?

VFH is cheaper with a 0.09% expense ratio, compared with 0.16% for DIA.

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

VFH has the higher dividend yield at 1.47%, compared with 1.39% for DIA.

What is the main difference between VFH and DIA?

VFH is categorized as Financials Equities, while DIA is Large Cap Blend Equities. VFH tracks MSCI US Investable Market Financials 25/50 Index, while DIA tracks Dow Jones Industrial Average. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.09% for VFH and 0.16% for DIA.

Which has better risk-adjusted returns?

DIA currently has the higher Sharpe Ratio (1.98 vs 0.66), 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.