XCNY vs. DIA

Last updated Jun 5, 2026

XCNY (SPDR S&P Emerging Markets ex-China ETF) and DIA (State Street SPDR Dow Jones Industrial Average ETF Trust) are both exchange-traded funds - XCNY is a Emerging Markets Diversified fund tracking the S&P Emerging ex-China BMI, while DIA is a Large Cap Blend Equities fund tracking the Dow Jones Industrial Average. Both are passively managed. Over the past year, XCNY returned 37.17% vs 22.06% for DIA. A 0.55 correlation means they provide meaningful diversification when combined. XCNY charges 0.15%/yr vs 0.16%/yr for DIA.

Performance

XCNY vs. DIA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Emerging Markets ex-China ETF (XCNY) 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, XCNY achieves a 19.69% return, which is significantly higher than DIA's 6.56% return.

XCNY

• 1D: 0.16%
• 1M: 4.01%
• YTD: 19.69%
• 6M: 22.46%
• 1Y: 37.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DIA

• 1D: -1.35%
• 1M: 2.19%
• YTD: 6.56%
• 6M: 6.92%
• 1Y: 22.06%
• 3Y*: 16.78%
• 5Y*: 9.82%
• 10Y*: 13.16%

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

XCNY vs. DIA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XCNY SPDR S&P Emerging Markets ex-China ETF	19.69%	20.42%	-3.51%
DIA State Street SPDR Dow Jones Industrial Average ETF Trust	6.56%	14.71%	4.88%

Correlation

The correlation between XCNY and DIA is 0.61, 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	0.61
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024	0.55

The correlation between XCNY and DIA has been stable across timeframes, ranging from 0.55 to 0.61 - a consistent structural relationship.

XCNY vs. DIA - Sectors Allocation Comparison

Sectors	XCNY	DIA
Technology	36.1%	17.1%
Financial Services	21.7%	27.2%
Basic Materials	8.7%	4.0%
Industrials	7.7%	18.4%
Consumer Cyclical	5.6%	11.6%
Energy	4.9%	2.4%
Consumer Defensive	3.6%	4.4%
Communication Services	3.5%	1.9%
Utilities	3.3%	-
Healthcare	2.7%	13.1%
Real Estate	2.3%	-

Return for Risk

XCNY vs. DIA — Risk / Return Rank

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

XCNY

XCNY Risk / Return Rank: 68
XCNY Sharpe Ratio Rank: 70
XCNY Sortino Ratio Rank: 69
XCNY Omega Ratio Rank: 70
XCNY Calmar Ratio Rank: 64
XCNY Martin Ratio Rank: 67

DIA

DIA Risk / Return Rank: 52
DIA Sharpe Ratio Rank: 54
DIA Sortino Ratio Rank: 56
DIA Omega Ratio Rank: 53
DIA Calmar Ratio Rank: 47
DIA Martin Ratio Rank: 53

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.

XCNY vs. DIA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Emerging Markets ex-China ETF (XCNY) 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.

	XCNY	DIA	Difference
Sharpe ratio: Return per unit of total volatility	2.25	1.81	+0.44
Sortino ratio: Return per unit of downside risk	3.12	2.63	+0.49
Omega ratio: Gain probability vs. loss probability	1.41	1.32	+0.09
Calmar ratio: Return relative to maximum drawdown	3.15	2.27	+0.88
Martin ratio: Return relative to average drawdown	12.10	8.78	+3.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XCNY vs. DIA - Sharpe Ratio Comparison

The current XCNY Sharpe Ratio is 2.25, which is comparable to the DIA Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of XCNY 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.

Sharpe Ratios by Period

	XCNY	DIA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.25	1.81	+0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.67	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.75	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.18	0.49	+0.69

Drawdowns

XCNY vs. DIA - Drawdown Comparison

The maximum XCNY drawdown since its inception was -19.70%, smaller than the maximum DIA drawdown of -51.87%. Use the drawdown chart below to compare losses from any high point for XCNY and DIA.

Drawdown Indicators

	XCNY	DIA	Difference
Max Drawdown Largest peak-to-trough decline	-19.70%	-51.87%	+32.17%
Max Drawdown (1Y) Largest decline over 1 year	-11.86%	-9.76%	-2.10%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.95%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.76%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.70%	—
Current Drawdown Current decline from peak	-1.08%	-1.35%	+0.27%
Average Drawdown Average peak-to-trough decline	-4.14%	-7.14%	+3.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	2.52%	+0.56%

Volatility

XCNY vs. DIA - Volatility Comparison

SPDR S&P Emerging Markets ex-China ETF (XCNY) has a higher volatility of 6.51% compared to State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) at 3.46%. This indicates that XCNY'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

	XCNY	DIA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.51%	3.46%	+3.05%
Volatility (6M) Calculated over the trailing 6-month period	14.46%	9.48%	+4.98%
Volatility (1Y) Calculated over the trailing 1-year period	16.61%	12.28%	+4.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.73%	14.81%	+2.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.73%	17.54%	+0.19%

XCNY vs. DIA - Expense Ratio Comparison

XCNY has a 0.15% 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

XCNY vs. DIA - Dividend Comparison

XCNY's dividend yield for the trailing twelve months is around 2.24%, more than DIA's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DIA State Street SPDR Dow Jones Industrial Average ETF Trust	1.37%	1.43%	1.61%	1.81%	1.91%	1.58%	1.87%	1.85%	2.24%	1.97%	2.26%	2.33%
XCNY SPDR S&P Emerging Markets ex-China ETF	2.24%	2.68%	1.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XCNY and DIA in my portfolio?

XCNY and DIA have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XCNY or DIA?

XCNY has higher volatility (6.51%) compared to DIA (3.46%). In terms of maximum drawdown, XCNY dropped -19.70% vs DIA's -51.87%.

Which ETF is better, XCNY or DIA?

On 1-year performance, XCNY leads with 37.17% vs 22.06% for DIA. On fees, XCNY is cheaper at 0.15% per year. On volatility, DIA has been the lower-risk option at 3.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XCNY or DIA?

Over the 1-year period, XCNY has performed better with a 37.17% return vs 22.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XCNY or DIA?

XCNY is cheaper with a 0.15% expense ratio, compared with 0.16% for DIA.

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

XCNY has the higher dividend yield at 2.24%, compared with 1.37% for DIA.

What is the main difference between XCNY and DIA?

XCNY is categorized as Emerging Markets Diversified, while DIA is Large Cap Blend Equities. XCNY tracks S&P Emerging ex-China BMI, while DIA tracks Dow Jones Industrial Average. Their fees differ too: 0.15% for XCNY and 0.16% for DIA.

Which has better risk-adjusted returns?

XCNY currently has the higher Sharpe Ratio (2.25 vs 1.81), 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.