S&P 500 vs Dow Jones
Live side-by-side comparison with current values, changes, and key statistics.
Why This Comparison Matters
The S&P 500 is market-cap weighted and dominated by mega-cap tech, while the Dow is price-weighted across 30 blue-chip industrials. When SPY outperforms DIA, growth and tech are leading; when DIA leads, traditional industrials and value names are in favor. The divergence reflects whether the market rewards innovation or cash flow stability.
Cross-Asset Analysis
To orient the reader: S&P 500 ETF (SPY) represents SPDR S&P 500 ETF, tracks the benchmark US equity index and Dow Jones ETF (DIA) represents SPDR Dow Jones Industrial Average ETF, tracks the 30 blue-chip Dow components, which is why this comparison sits in the peer pair category on Convex. Performance attribution leans on S&P 500 ETF (SPY)-Dow Jones ETF (DIA) spreads to separate security selection from style allocation inside multi-manager mandates. Factor exposures embedded inside S&P 500 ETF (SPY) and Dow Jones ETF (DIA) drive their relative performance, with growth-value, large-small, and domestic-international all surfacing in the spread.
Flows matter for the S&P 500 ETF (SPY)-Dow Jones ETF (DIA) relationship: when one peer attracts more capital, it outperforms on demand pressure that tends to mean-reverts. The S&P 500 ETF (SPY)-Dow Jones ETF (DIA) spread captures the tilt between two variants of the same asset: one may be more defensive, one more cyclical. Corporate action events, including buybacks or spin-offs affecting constituents of S&P 500 ETF (SPY) or Dow Jones ETF (DIA), can distort the spread relative to its intended factor tilt.
S&P 500 ETF (SPY) and Dow Jones ETF (DIA) occupy the same asset class, and the relative performance between them isolates the specific factor that distinguishes one from the other. Mid-cycle stretches see the S&P 500 ETF (SPY)-Dow Jones ETF (DIA) spread compress as macro volatility stays low and factor returns normalize.
90-Day Statistics
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Frequently Asked Questions
What is the relationship between S&P 500 ETF (SPY) and Dow Jones ETF (DIA)?+
S&P 500 ETF (SPY) and Dow Jones ETF (DIA) 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 S&P 500 ETF (SPY) and Dow Jones ETF (DIA) captures the specific macro signal that flows through this relationship.
When does S&P 500 ETF (SPY) typically lead Dow Jones ETF (DIA)?+
S&P 500 ETF (SPY) tends to lead Dow Jones ETF (DIA) during rotation episodes between the two factor exposures. In those periods, moves in S&P 500 ETF (SPY) precede corresponding moves in Dow Jones ETF (DIA) by days to weeks, depending on the transmission channel and the depth of each market.
How are S&P 500 ETF (SPY) and Dow Jones ETF (DIA) historically correlated?+
Long-run correlation between S&P 500 ETF (SPY) and Dow Jones ETF (DIA) 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 S&P 500 ETF (SPY)-Dow Jones ETF (DIA) relationship.
What macro conditions drive divergence between S&P 500 ETF (SPY) and Dow Jones ETF (DIA)?+
Divergence between S&P 500 ETF (SPY) and Dow Jones ETF (DIA) 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 S&P 500 ETF (SPY) or Dow Jones ETF (DIA).
Is S&P 500 ETF (SPY) a hedge for Dow Jones ETF (DIA)?+
Peers like S&P 500 ETF (SPY) and Dow Jones ETF (DIA) 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 S&P 500 ETF (SPY)-Dow Jones ETF (DIA) pair is best stress-tested under scenarios the investor most worries about before being sized into a real portfolio.
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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.