DIA vs. VOOG: How Dow Jones Stability Compares to S&P 500 Growth
Key Points
DIA holds fewer stocks and skews toward financials, while VOOG is heavily weighted in technology.
VOOG has delivered stronger one-year and five-year total returns, but DIA offers a higher dividend yield.
DIA boasts lower volatility and a smaller historical drawdown, making it less risky than VOOG.
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The Vanguard S&P 500 Growth ETF (NYSEMKT:VOOG) and the SPDR Dow Jones Industrial Average ETF Trust (NYSEMKT:DIA)are both large, highly liquid U.S. equity ETFs, but they take distinct approaches.
While VOOG tracks the S&P 500 Growth Index, emphasizing fast-growing companies, the Dow Jones Industrial Average represents 30 established blue chip stocks.
This comparison highlights where their strategies, costs, and risk profiles diverge for investors weighing growth versus blue chip stability.
Snapshot (cost & size)
| Metric | VOOG | DIA |
|---|---|---|
| Issuer | Vanguard | SPDR |
| Expense ratio | 0.07% | 0.16% |
| 1-yr return (as of Jan. 19, 2026) | 19.31% | 13.50% |
| Dividend yield | 0.49% | 1.43% |
| AUM | $22 billion | $44 billion |
| Beta (5Y monthly) | 1.08 | 0.89 |
Beta measures price volatility relative to the S&P 500. The 1-yr return represents total return over the trailing 12 months.
VOOG is more affordable on fees, with an expense ratio less than half that of DIA. However, DIA’s significantly higher dividend yield may appeal to income-focused investors.
Performance & risk comparison
| Metric | VOOG | DIA |
|---|---|---|
| Max drawdown (5 y) | -32.74% | -20.75% |
| Growth of $1,000 over 5 years | $1,965 | $1,601 |
What's inside
DIA tracks the Dow Jones Industrial Average, holding just 30 blue chip U.S. companies and offering exposure heavily tilted toward financial services (making up 28% of assets), technology (20%), and industrials (15%).
Its largest positions include Goldman Sachs, Caterpillar, and Microsoft. With a 28-year track record and roughly $44 billion in assets under management (AUM), DIA is a long-established, highly liquid ETF, with no notable structural quirks or leverage resets.
VOOG, meanwhile, tracks the S&P 500 Growth Index and holds 140 stocks, heavily weighted toward technology (49%), with communication services and financial services also heavily represented.
Its top holdings are Nvidia, Apple, and Microsoft. Compared to DIA, VOOG is more concentrated in high-growth tech names and has a broader roster of holdings, leading to different sector and risk profiles.
For more guidance on ETF investing, check out the full guide at this link.
What this means for investors
Both VOOG and DIA target major indexes. VOOG contains growth stocks within the S&P 500, while DIA focuses on the Dow Jones Industrial Average.
VOOG is far broader, with nearly five times as many holdings as DIA. However, it’s also much more targeted toward technology stocks. Tech makes up close to half of VOOG’s portfolio, compared to just 20% for DIA.
Tech stocks often experience greater volatility than more established industries, as evidenced by VOOG’s higher beta and much deeper max drawdown. However, tech can also be more lucrative, as seen with VOOG’s higher one- and five-year total returns compared to DIA.
Those willing to take on more risk for greater earning potential may prefer VOOG, while investors seeking a more stable ETF might opt for DIA.
The two funds also have distinct advantages in terms of fees and dividend income. DIA charges more than double the fees of VOOG, with an expense ratio of 0.16% compared to 0.07%. This means investors will pay $16 or $7 per year in fees, respectively, for every $10,000 invested.
Despite its higher fee, DIA has the edge with a much higher dividend yield. For those seeking long-term passive income, this fund’s relative stability and higher dividend yield could be a selling point.
Glossary
ETF (Exchange-traded fund): A fund holding a basket of securities that trades on an exchange like a stock.
Index: A rules-based basket of securities used to track and measure a segment of the market.
Expense ratio: Annual fund operating costs expressed as a percentage of the assets you invest.
Dividend yield: Annual dividends paid by a fund or stock divided by its current share price.
Total return: Investment performance including price changes plus all dividends and distributions, assuming reinvestment.
Beta: A measure of an investment’s volatility compared with a benchmark index, often the S&P 500.
Max drawdown: The largest peak-to-trough decline in value over a specified period.
AUM (Assets under management): Total market value of all assets a fund or manager oversees.
Blue-chip: Shares of large, established companies with stable earnings and strong reputations.
Sector weighting: The percentage of a fund’s assets invested in each industry sector.
Growth investing: Strategy focusing on companies expected to grow earnings or revenues faster than the market.
Liquidity (in ETFs): How easily ETF shares can be bought or sold without significantly affecting their price.
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Katie Brockman has positions in Vanguard Admiral Funds - Vanguard S&P 500 Growth ETF. The Motley Fool has positions in and recommends Apple, Goldman Sachs Group, Microsoft, and Nvidia. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
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