How Can I Beat the S&P 500? What the Evidence Says
The honest answer to the most asked question in investing: how many people beat the index, why it is so hard, why investors trail even their own funds, and how daily market context fits in.
ETFsInsight
DIA ETF vs the S&P 500: Returns, Risk and Crash History
State Street SPDR Dow Jones Industrial Average ETF Trust (market value $44.9 billion): how it compared with the S&P 500, how it behaved in every crash since 2008, its risk‑adjusted returns. Data as of Sep 30, 2026.
Key takeaways
- DIA returned +62.9% over the 5 years to Sep 30, 2026 versus +90.0% for the S&P 500: it lagged the index.
- Its 5-year Sharpe ratio was 0.49 against 0.67 for the S&P 500.
- Its deepest crisis drawdown was −53.8% in the global financial crisis (2007–09) (S&P 500: −56.5%).
- Five‑year volatility was 14.7% and beta 0.86.
Did DIA beat the S&P 500?
Over the 5 years to Sep 30, 2026, State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) returned +62.9% including dividends, versus +90.0% for the S&P 500 (SPY). It lagged the index by 27.1 percentage points, or +10.3% a year against +13.7%.
| Period | DIA | S&P 500 | DIA per year | S&P 500 per year | Result |
|---|---|---|---|---|---|
| 1 year | +10.6% | +15.7% | +10.6% | +15.7% | Lagged |
| 3 years | +58.3% | +85.0% | +16.5% | +22.8% | Lagged |
| 5 years | +62.9% | +90.0% | +10.3% | +13.7% | Lagged |
| 10 years | +235.2% | +312.9% | +12.9% | +15.2% | Lagged |
- 1 year
- DIA
- +10.6%
- S&P 500
- +15.7%
- DIA per year
- +10.6%
- S&P 500 per year
- +15.7%
- Result
- Lagged
- 3 years
- DIA
- +58.3%
- S&P 500
- +85.0%
- DIA per year
- +16.5%
- S&P 500 per year
- +22.8%
- Result
- Lagged
- 5 years
- DIA
- +62.9%
- S&P 500
- +90.0%
- DIA per year
- +10.3%
- S&P 500 per year
- +13.7%
- Result
- Lagged
- 10 years
- DIA
- +235.2%
- S&P 500
- +312.9%
- DIA per year
- +12.9%
- S&P 500 per year
- +15.2%
- Result
- Lagged
Total return with dividends reinvested, from month-end prices to Sep 30, 2026. Beating the index on raw return is only half the story: the next section adjusts for the risk taken. See also how to beat the S&P 500.
DIA returns by year vs the S&P 500
DIA beat the S&P 500 in 3 of the 9 full calendar years shown.
| Year | DIA | S&P 500 | Difference |
|---|---|---|---|
| 2026 (to Sep 30, 2026) | +6.3% | +12.7% | −6.4% |
| 2025 | +14.7% | +17.7% | −3.0% |
| 2024 | +14.8% | +24.9% | −10.1% |
| 2023 | +16.0% | +26.2% | −10.2% |
| 2022 | −7.0% | −18.2% | +11.2% |
| 2021 | +20.8% | +28.7% | −7.9% |
| 2020 | +9.6% | +18.3% | −8.7% |
| 2019 | +25.0% | +31.2% | −6.2% |
| 2018 | −3.7% | −4.6% | +0.9% |
| 2017 | +28.1% | +21.7% | +6.4% |
DIA risk-adjusted returns: Sharpe, Sortino and volatility
Over 5 years, DIA had a Sharpe ratio of 0.49 against 0.67 for the S&P 500, so it earned less return per unit of risk than the index. Its annualized volatility was 15.0% and its beta 0.86: it tended to move about 0.9× as much as the market.
| Metric | DIA | S&P 500 |
|---|---|---|
| Annual return | +10.3% | +13.7% |
| Volatility (annualized) | 15.0% | 15.7% |
| Sharpe ratio | 0.49 | 0.67 |
| Sortino ratio | 0.80 | 1.08 |
| Max drawdown (month-end) | −19.8% | −23.9% |
| Beta to the S&P 500 | 0.86 | 1.00 |
Sharpe divides return above cash by total volatility; Sortino counts only downside volatility. Both use monthly returns and the 1–3 month T‑bill ETF (BIL) as the risk‑free rate.
How DIA behaved in past crashes
DIA’s deepest fall in the crises below was −53.8% in the global financial crisis (2007–09), against −56.5% for the S&P 500. The last column turns that into money: what a $100,000 position would have lost from peak to trough.
| Crisis | DIA | S&P 500 | Loss on $100,000 |
|---|---|---|---|
| Global financial crisis (2007–09) | −53.8% | −56.5% | −$53,780 |
| 2018 trade-war selloff | −18.6% | −20.2% | −$18,600 |
| COVID crash (Feb–Mar 2020) | −36.7% | −34.1% | −$36,710 |
| 2022 inflation bear market | −21.9% | −25.4% | −$21,900 |
| 2025 tariff selloff | −15.7% | −19.0% | −$15,710 |
| Window | DIA max drawdown |
|---|---|
| Last 1 year | −9.8% |
| Last 3 years | −16.0% |
| Last 5 years | −20.8% |
| Last 10 years | −37.1% |
Peak‑to‑trough declines from daily prices inside each crisis window. A crash replay does not predict the next crisis; it shows how much room a holding needs. Run the same replay on a whole portfolio with the crash test.
What moves with DIA, and what doesn’t
Correlation runs from −1 (moves opposite) to +1 (moves in lockstep). Over the last 60 months of monthly returns, DIA’s correlation with the S&P 500 was 0.90, with the Nasdaq‑100 0.71, with long Treasuries (TLT) 0.52 and with gold (GLD) 0.17.
Adding a 5% DIA position to an S&P 500 portfolio would have moved its 5‑year volatility from 15.7% to 15.6%.
| Least correlated large caps | Correlation | Most correlated large caps | Correlation |
|---|---|---|---|
| REGN | 0.12 | MCO | 0.82 |
| CME | 0.14 | GS | 0.80 |
| MRNA | 0.15 | BLK | 0.80 |
| CRWD | 0.16 | BAC | 0.77 |
| PLTR | 0.18 | JPM | 0.76 |
Holdings that are highly correlated behave like one position in a selloff. See how to find hidden overlap.
What does DIA hold?
As of Oct 20, 2026, DIA held 30 positions; its 10 largest made up 54.6% of the fund. The largest was GS (The Goldman Sachs Group, Inc.) at 10.01%. Of the popular ETF pairs Exent compares, DIA overlaps most with VOO: 29.3% of their weight sits in the same stocks.
| Holding | Name | Weight |
|---|---|---|
| GS | The Goldman Sachs Group, Inc. | 10.01% |
| CAT | Caterpillar Inc. | 8.29% |
| MSFT | Microsoft Corporation | 6.10% |
| AMGN | Amgen Inc. | 4.86% |
| UNH | UnitedHealth Group Incorporated | 4.65% |
| V | Visa Inc. | 4.60% |
| TRV | The Travelers Companies, Inc. | 4.41% |
| GOOGL | Alphabet Inc. | 3.93% |
| AAPL | Apple Inc. | 3.92% |
| JPM | JPMorgan Chase & Co. | 3.81% |
| DIA compared with | Overlap by weight | Shared holdings |
|---|---|---|
| VOO | 29.3% | 30 (100% of DIA’s 30) |
From the fund’s latest published holdings. Overlap by weight adds up, for every stock both funds hold, the smaller of its two weights: 100% would mean the same portfolio. How much do VOO, QQQ and VTI overlap?
Other popular ETFs
| Ticker | Name | 5‑year return | Volatility (5y) |
|---|---|---|---|
| SPCX | SPAC and New Issue ETF | +523.4% | 8.3% |
| VTI | Vanguard Total Stock Market Index Fund ETF Shares | +79.7% | 17.4% |
| VOO | Vanguard S&P 500 ETF | +89.6% | 16.8% |
| IVV | iShares Core S&P 500 ETF | +89.5% | 16.9% |
| 1557.T | SPDR S&P 500 ETF Trust | +82.0% | 20.7% |
| SPY | State Street SPDR S&P 500 ETF Trust | +90.0% | 17.0% |
| VXUS | Vanguard Total Intl Stock Idx Fund | +55.5% | 16.0% |
| QQQ | Invesco QQQ Trust | +112.5% | 22.3% |
Data and methodology
Returns are total returns from month‑end adjusted closing prices (dividends reinvested) through Sep 30, 2026. Crisis drawdowns and trailing maximum drawdowns use daily prices. Analyst coverage counts ratings published in the last 12 months, shown with a 30‑day delay. Full method: Exent methodology.
Holdings and weights are the fund’s latest published holdings; ETF overlap compares those holdings stock by stock.
Past performance does not guarantee future results. Historical figures are calculated by Exent from market data and are for education only; they are not investment advice or a recommendation to buy or sell any security.
See what DIA does to your own portfolio
- Upload a screenshot of your holdings (or a CSV, Excel, PDF or Google Sheet); no brokerage login.
- Exent replays your whole portfolio, DIA included, through the 2008, 2018, 2020, 2022 and 2025 selloffs and shows which holdings drive the losses.
- It finds holdings that move together with DIA and compares your portfolio with a risk‑matched benchmark, Sharpe and Sortino included.
- Use the what‑if simulator to change weights and see the effect before you trade.
Frequently asked questions
No. DIA returned +235.2% (+12.9% a year) over the 10 years to Sep 30, 2026, versus +312.9% (+15.2% a year) for the S&P 500, including dividends.
DIA fell −53.8% from peak to trough during the global financial crisis (2007–09), versus −56.5% for the S&P 500.
DIA fell −36.7% from peak to trough during the covid crash (feb–mar 2020), versus −34.1% for the S&P 500.
DIA fell −21.9% from peak to trough during the 2022 inflation bear market, versus −25.4% for the S&P 500.
Over the 5 years to Sep 30, 2026, DIA’s Sharpe ratio was 0.49 and its Sortino ratio 0.80, versus 0.67 and 1.08 for the S&P 500.
DIA’s 5‑year annualized volatility was 14.7%, lower than the S&P 500’s 17.0%, with a beta of 0.86.
Among large US stocks, the lowest correlations with DIA over the last 60 months were REGN (0.12), CME (0.14), MRNA (0.15). Its correlation with long Treasuries (TLT) was 0.52 and with gold (GLD) 0.17.
What would DIA do to your portfolio?
Exent replays your whole portfolio through the same crashes, finds holdings that move together and compares you with a risk‑matched benchmark. Upload a screenshot; results in about a minute.
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Educational content, not investment advice. Examples are illustrative; past performance does not guarantee future results.