Goldman Sachs Outshines Microsoft in Dow ETF Due to Price Weighting

The SPDR Dow Jones Industrial Average ETF (DIA) holds a surprising weight in its index, with Goldman Sachs outweighing Microsoft despite Microsoft's massive market capitalization. This anomaly is due to price weighting, not market value.

Goldman Sachs has a market value of around $272 billion, while Microsoft boasts a staggering $3.7 trillion. However, DIA's price-weighted index favors companies with higher dollar prices per share, regardless of their market capitalization or revenue. On September 24, 2026, Goldman Sachs closed at $923.99, while Microsoft closed at $497.15.

This means that if Goldman Sachs were to undergo a 2-for-1 stock split tomorrow, its weight in the Dow would roughly halve, even though nothing about the company's business or performance has changed.