The State Street SPDR Dow Jones Industrial Average ETF Trust (DIA Quick QuoteDIA - Free Report) was launched on January 13, 1998, and is a passively managed exchange traded fund designed to offer broad exposure to the Large Cap Value segment of the US equity market.

The fund is sponsored by State Street Investment Management. It has amassed assets over $46.08 billion, making it one of the largest ETFs attempting to match the Large Cap Value segment of the US equity market.

Why Large Cap Value

Large cap companies usually have a market capitalization above $10 billion. Considered a more stable option, large cap companies boast more predictable cash flows and are less volatile than their mid and small cap counterparts.

Value stocks have lower than average price-to-earnings and price-to-book ratios. They also have lower than average sales and earnings growth rates. When you look at long-term performance, value stocks have outperformed growth stocks in nearly all markets. But in strong bull markets, growth stocks are more likely to be winners.

Costs

Investors should also pay attention to an ETF's expense ratio. Lower cost products will produce better results than those with a higher cost, assuming all other metrics remain the same.

Annual operating expenses for this ETF are 0.16%, making it one of the least expensive products in the space.

It has a 12-month trailing dividend yield of 1.37%.

Sector Exposure and Top Holdings

Even though ETFs offer diversified exposure that minimizes single stock risk, investors should also look at the actual holdings inside the fund. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.

This ETF has heaviest allocation to the Financials sector -- about 27.1% of the portfolio. Information Technology and Healthcare round out the top three.

Looking at individual holdings, Goldman Sachs Group Inc (GS) accounts for about 10.3% of total assets, followed by Caterpillar Inc (CAT) and Microsoft Corp (MSFT).

The top 10 holdings account for about 55.36% of total assets under management.

Performance and Risk

DIA seeks to match the performance of the Dow Jones Industrial Average before fees and expenses. The Dow Jones Industrial Average is composed of thirty blue-chip U.S. stocks.

The ETF has added roughly 10.06% so far this year and was up about 12.91% in the last one year (as of 11/10/2026). In the past 52-week period, it has traded between $451.39 and $542.81.

The ETF has a beta of 0.86 and standard deviation of 13.69% for the trailing three-year period, making it a medium risk choice in the space. With about 31 holdings, it has more concentrated exposure than peers.

Alternatives

State Street SPDR Dow Jones Industrial Average ETF Trust holds a Zacks ETF Rank of 1 (Strong Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, DIA is an excellent option for investors seeking exposure to the Style Box - Large Cap Value segment of the market. There are other additional ETFs in the space that investors could consider as well.

The Schwab U.S. Dividend Equity ETF (SCHD) and the Vanguard Morningstar Value ETF (VTV) track a similar index. While Schwab U.S. Dividend Equity ETF has $121.46 billion in assets, Vanguard Morningstar Value ETF has $195.79 billion. SCHD has an expense ratio of 0.06% and VTV charges 0.03%.

Bottom-Line

Retail and institutional investors increasingly turn to passively managed ETFs because they offer low costs, transparency, flexibility, and tax efficiency; these kind of funds are also excellent vehicles for long term investors.

To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.