Goldman Beats Microsoft in Dow ETF Due to Share Price

The SPDR Dow Jones Industrial Average ETF (DIA) tracks the Dow Jones Industrial Average, which is price-weighted. This means that a stock's weight in the index is determined by its share price, not its market capitalization or revenue.

According to data from September 24, 2026, Goldman Sachs has a higher share price than Microsoft, at $923.99 versus $497.15. As a result, Goldman Sachs carries more weight in DIA than Microsoft, despite Microsoft's significantly larger market cap of $3.7 trillion compared to Goldman's $272 billion.

This price weighting can lead to sector distortions, as the fund tends to carry a heavier financials weight and a lighter tech weight compared to a market cap-weighted S&P 500 fund.