XSW vs. DIA

Last updated Jun 4, 2026

XSW (SPDR S&P Software & Services ETF) and DIA (State Street SPDR Dow Jones Industrial Average ETF Trust) are both exchange-traded funds - XSW is a Technology Equities fund tracking the S&P Software & Services Select Industry 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, XSW returned 13.33%/yr vs 13.21%/yr for DIA. A 0.64 correlation means they provide meaningful diversification when combined. XSW charges 0.35%/yr vs 0.16%/yr for DIA.

Performance

XSW vs. DIA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Software & Services ETF (XSW) 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, XSW achieves a -6.38% return, which is significantly lower than DIA's 6.26% return. Both investments have delivered pretty close results over the past 10 years, with XSW having a 13.33% annualized return and DIA not far behind at 13.21%.

XSW

• 1D: -4.18%
• 1M: 9.35%
• YTD: -6.38%
• 6M: -7.49%
• 1Y: -4.24%
• 3Y*: 11.02%
• 5Y*: 1.69%
• 10Y*: 13.33%

DIA

• 1D: -1.13%
• 1M: 3.88%
• YTD: 6.26%
• 6M: 6.75%
• 1Y: 21.13%
• 3Y*: 16.45%
• 5Y*: 9.76%
• 10Y*: 13.21%

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

XSW vs. DIA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XSW SPDR S&P Software & Services ETF	-6.38%	-0.90%	25.81%	38.60%	-34.22%	7.47%	52.41%	36.50%	7.67%	27.94%
DIA State Street SPDR Dow Jones Industrial Average ETF Trust	6.26%	14.71%	14.82%	16.02%	-7.02%	20.83%	9.59%	24.70%	-3.74%	28.08%

Correlation

The correlation between XSW and DIA is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Sep 30, 2011	0.64

The correlation between XSW and DIA shifts across timeframes, from 0.54 (1 year) to 0.67 (5 years), reflecting how their relationship changes across market environments.

XSW vs. DIA - Sectors Allocation Comparison

Sectors	XSW	DIA
Technology	86.5%	17.1%
Financial Services	8.1%	27.2%
Communication Services	2.9%	1.9%
Consumer Cyclical	1.0%	11.6%
Industrials	0.8%	18.4%
Healthcare	0.7%	13.1%
Basic Materials	-	4.0%
Consumer Defensive	-	4.4%
Energy	-	2.4%
Real Estate	-	-
Utilities	-	-

Return for Risk

XSW vs. DIA — Risk / Return Rank

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

XSW

XSW Risk / Return Rank: 7
XSW Sharpe Ratio Rank: 7
XSW Sortino Ratio Rank: 7
XSW Omega Ratio Rank: 7
XSW Calmar Ratio Rank: 7
XSW Martin Ratio Rank: 7

DIA

DIA Risk / Return Rank: 48
DIA Sharpe Ratio Rank: 50
DIA Sortino Ratio Rank: 52
DIA Omega Ratio Rank: 49
DIA Calmar Ratio Rank: 43
DIA Martin Ratio Rank: 49

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.

XSW vs. DIA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Software & Services ETF (XSW) 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.

	XSW	DIA	Difference
Sharpe ratio Return per unit of total volatility	-0.15	1.76	-1.90
Sortino ratio Return per unit of downside risk	-0.01	2.57	-2.58
Omega ratio Gain probability vs. loss probability	1.00	1.31	-0.31
Calmar ratio Return relative to maximum drawdown	-0.13	2.18	-2.30
Martin ratio Return relative to average drawdown	-0.27	8.42	-8.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XSW vs. DIA - Sharpe Ratio Comparison

The current XSW Sharpe Ratio is -0.15, which is lower than the DIA Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of XSW 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

	XSW	DIA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.15	1.76	-1.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.66	-0.60
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.76	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.49	+0.14

Drawdowns

XSW vs. DIA - Drawdown Comparison

The maximum XSW drawdown since its inception was -45.38%, smaller than the maximum DIA drawdown of -51.87%. Use the drawdown chart below to compare losses from any high point for XSW and DIA.

Drawdown Indicators

	XSW	DIA	Difference
Max Drawdown Largest peak-to-trough decline	-45.38%	-51.87%	+6.49%
Max Drawdown (1Y) Largest decline over 1 year	-33.75%	-9.76%	-23.99%
Max Drawdown (3Y) Largest decline over 3 years	-33.75%	-15.95%	-17.80%
Max Drawdown (5Y) Largest decline over 5 years	-45.38%	-20.76%	-24.62%
Max Drawdown (10Y) Largest decline over 10 years	-45.38%	-36.70%	-8.68%
Current Drawdown Current decline from peak	-14.64%	-1.13%	-13.51%
Average Drawdown Average peak-to-trough decline	-9.83%	-7.14%	-2.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.71%	2.52%	+13.19%

Volatility

XSW vs. DIA - Volatility Comparison

SPDR S&P Software & Services ETF (XSW) has a higher volatility of 10.68% compared to State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) at 2.97%. This indicates that XSW'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

	XSW	DIA	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.68%	2.97%	+7.71%
Volatility (6M) Calculated over the trailing 6-month period	23.51%	9.28%	+14.23%
Volatility (1Y) Calculated over the trailing 1-year period	28.63%	12.10%	+16.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.79%	14.78%	+14.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.25%	17.53%	+8.72%

XSW vs. DIA - Expense Ratio Comparison

XSW has a 0.35% expense ratio, which is higher than DIA's 0.16% expense ratio.

Dividends

XSW vs. DIA - Dividend Comparison

XSW's dividend yield for the trailing twelve months is around 0.04%, 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%
XSW SPDR S&P Software & Services ETF	0.04%	0.06%	0.07%	0.20%	0.09%	0.13%	0.26%	0.12%	0.31%	0.46%	0.87%	0.54%

Frequently Asked Questions

Can I hold both XSW and DIA in my portfolio?

XSW and DIA have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XSW or DIA?

XSW has higher volatility (10.68%) compared to DIA (2.97%). In terms of maximum drawdown, XSW dropped -45.38% vs DIA's -51.87%.

Which ETF is better, XSW or DIA?

On 10-year performance, XSW leads with 13.33% vs 13.21% for DIA. On fees, DIA is cheaper at 0.16% per year. On volatility, DIA has been the lower-risk option at 2.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XSW or DIA?

Over the 10-year period, XSW has performed better with a 13.33% return vs 13.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XSW or DIA?

DIA is cheaper with a 0.16% expense ratio, compared with 0.35% for XSW.

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

DIA has the higher dividend yield at 1.38%, compared with 0.04% for XSW.

What is the main difference between XSW and DIA?

XSW is categorized as Technology Equities, while DIA is Large Cap Blend Equities. XSW tracks S&P Software & Services Select Industry Index, while DIA tracks Dow Jones Industrial Average. Their fees differ too: 0.35% for XSW and 0.16% for DIA.

Which has better risk-adjusted returns?

DIA currently has the higher Sharpe Ratio (1.76 vs -0.15), 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.