Dow Jones (DIA) vs Nasdaq 100 (QQQ)
Live side-by-side comparison with current values, changes, and key statistics.
Why This Comparison Matters
DIA is price-weighted and tilted toward industrials, financials, and healthcare. QQQ is market-cap weighted and dominated by mega-cap tech. When DIA outperforms QQQ, value, cyclicals, and defensive stocks lead; typically a rising-rate or late-cycle signal. When QQQ outperforms DIA, growth, duration, and tech capex cycles dominate.
Cross-Asset Analysis
Before getting to the spread, note what each leg actually represents: Dow Jones ETF (DIA) is SPDR Dow Jones Industrial Average ETF, tracks the 30 blue-chip Dow components, and Nasdaq 100 ETF (QQQ) is invesco QQQ tracking the Nasdaq 100, tech-heavy growth index. Factor exposures embedded inside Dow Jones ETF (DIA) and Nasdaq 100 ETF (QQQ) drive their relative performance, with growth-value, large-small, and domestic-international all surfacing in the spread. Idiosyncratic events in a concentrated peer, such as a single mega-cap earnings miss inside Dow Jones ETF (DIA), can move the Dow Jones ETF (DIA)-Nasdaq 100 ETF (QQQ) spread without broader factor signal.
Interest rate cycles drive Dow Jones ETF (DIA) versus Nasdaq 100 ETF (QQQ) relative performance through discount-rate sensitivity, with longer-duration exposures suffering more when rates rise. Corporate action events, including buybacks or spin-offs affecting constituents of Dow Jones ETF (DIA) or Nasdaq 100 ETF (QQQ), can distort the spread relative to its intended factor tilt. In bull markets the more aggressive peer between Dow Jones ETF (DIA) and Nasdaq 100 ETF (QQQ) generally leads, while bear markets shift leadership toward the more defensive peer.
Mid-cycle stretches see the Dow Jones ETF (DIA)-Nasdaq 100 ETF (QQQ) spread compress as macro volatility stays low and factor returns normalize. The Dow Jones ETF (DIA)-Nasdaq 100 ETF (QQQ) spread captures the tilt between two variants of the same asset: one may be more defensive, one more cyclical.
90-Day Statistics
No data available
No data available
Explore Each Metric
Related Scenarios & Forecasts
Get daily macro analysis comparing key metrics delivered to your inbox. Stay ahead of market-moving divergences.
Frequently Asked Questions
What is the relationship between Dow Jones ETF (DIA) and Nasdaq 100 ETF (QQQ)?+
Dow Jones ETF (DIA) and Nasdaq 100 ETF (QQQ) are connected through shared asset class exposure with different factor tilts. When the underlying asset class shifts, both respond, though with different sensitivities and at different speeds. The spread between Dow Jones ETF (DIA) and Nasdaq 100 ETF (QQQ) captures the specific macro signal that flows through this relationship.
When does Dow Jones ETF (DIA) typically lead Nasdaq 100 ETF (QQQ)?+
Dow Jones ETF (DIA) tends to lead Nasdaq 100 ETF (QQQ) during rotation episodes between the two factor exposures. In those periods, moves in Dow Jones ETF (DIA) precede corresponding moves in Nasdaq 100 ETF (QQQ) by days to weeks, depending on the transmission channel and the depth of each market.
How are Dow Jones ETF (DIA) and Nasdaq 100 ETF (QQQ) historically correlated?+
Long-run correlation between Dow Jones ETF (DIA) and Nasdaq 100 ETF (QQQ) varies by regime. Peers in the same asset class are highly correlated in direction, with the spread reflecting factor tilts and rotation dynamics. The correlation is not stable: it shifts with macro conditions, and the periods when it breaks down are often the most informative moments in the Dow Jones ETF (DIA)-Nasdaq 100 ETF (QQQ) relationship.
What macro conditions drive divergence between Dow Jones ETF (DIA) and Nasdaq 100 ETF (QQQ)?+
Divergence between Dow Jones ETF (DIA) and Nasdaq 100 ETF (QQQ) typically arises from index reconstitution, mega-cap earnings surprises, or liquidity differences between the peers. When one asset's idiosyncratic drivers dominate, the spread moves in ways that the common macro story does not predict, which is usually a signal to look more carefully at the specific drivers at work in Dow Jones ETF (DIA) or Nasdaq 100 ETF (QQQ).
Is Dow Jones ETF (DIA) a hedge for Nasdaq 100 ETF (QQQ)?+
Peers like Dow Jones ETF (DIA) and Nasdaq 100 ETF (QQQ) do not hedge each other; both rise or fall with the shared asset class, and using the pair as a spread trade is different from using it as a hedge. Effective hedging requires matching the hedge to the specific risk being protected, and the Dow Jones ETF (DIA)-Nasdaq 100 ETF (QQQ) pair is best stress-tested under scenarios the investor most worries about before being sized into a real portfolio.
Related Comparisons
Data sourced from FRED, CoinGecko, CBOE, and other providers. This page is for informational purposes only and does not constitute financial advice. Past performance does not guarantee future results.