For investors seeking momentum, SPDR Dow Jones Industrial Average ETF (DIA Quick QuoteDIA - Free Report) is probably on radar. The fund just hit a 52-week high, and is up 23% from its 52-week low price of $298.59 per share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed:

DIA in Focus

SPDR Dow Jones Industrial Average ETF is one of the largest and most-popular ETFs in the large-cap space. It holds 30 blue-chip stocks with key holdings in information technology, healthcare, industrials, financials, and consumer discretionary that account for a double-digit exposure each. It charges investors 16 basis points a year in fees (see: all the Large Cap Value ETFs here).

Why the Move?

The large-cap segment of the broad U.S. stock market has been an area to watch as the Dow Jones has been hitting a series of record highs to start the New Year. While the technology sector has taken a beating, cyclical sectors are outperforming buoyed by rising yields, which indicates investors’ optimism in the economy. SPDR Dow Jones Industrial Average ETF has significant exposure to the cyclical sectors and are thus outperforming.

More Gains Ahead?

Currently, DIA has a Zacks ETF Rank #2 (Buy) with a Medium risk outlook, suggesting that the outperformance could continue in the months ahead. However, many spaces that make up this ETF have a strong Zacks Industry Rank. So, there is definitely some promise for those who want to ride this surging ETF a little further.