The ten biggest companies in DIA hold 55.3% of it as of Jul 2026 — up from 53.1% in Oct 2019. The top five hold 35.1%, and Goldman Sachs Group Inc/The alone holds 11.5%. Weights are from DIA's quarterly SEC filings, so they reconcile with the holdings list.
Each band is a rank slot, not a fixed company — band 1 is whoever is biggest in that filing. Hover a band to see who holds that slot today; switch between the top 1, 3, 5 and 10.
Largestcompanies vs the rest
25%50%75%2020202220242026
Jul 2026
#1GS11.53%
#2CAT9.23%
#3MSFT5.26%
#4UNH4.69%
#5AMGN4.36%
#6TRV4.24%
#7V4.15%
#8GOOGL4.03%
#9JPM3.98%
#10SHW3.86%
Top 10 55.34%The rest 44.66%
Share of Dow Jones by weight in its tracking fund, as the fund filed it each quarter.
The effective number of stocks — one over the sum of squared weights — is how many equally weighted stocks would be exactly as concentrated. The Dow Jones Industrial Average has 30 members and behaves like 21 at the Jul 2026 filing, against 23 in Oct 2019.
Quarterly: each bar is one quarter, the index's total return from one of the fund's quarterly filings to the next, rebuilt from its members' own total returns and filed weights — split into what the ten largest at the start of the quarter added and what everyone else added. Bars are labelled by the month the quarter ends; point at one for its figures.
Top 10 at the start of each quarterEveryone else·white tick = the index
Since Oct 2019 the index returned +125.1% (total return, from its members): the ten largest at each filing added +65.8% of it and everyone else +59.3%.
Share of weight vs share of revenue, profit and cash#
The ten largest members' share of DIA's weight (the Dow weights by share price, not size), dashed, against their share of its members' combined trailing-twelve-month revenue, net income, operating cash flow and free cash flow — at every filing. At the Jul 2026 filing they hold 55% of the weight and produce 33% of the revenue and 45% of the net income. Weight above the other lines means the market values each dollar they earn above the rest of the fund's.
Each company's share of DIA's weight and of its members' combined trailing-twelve-month revenue, net income, operating cash flow (OCF) and free cash flow (FCF), at the Jul 2026 filing. Hover a figure for the dollars behind it.
The twenty largest members at the Jul 2026 filing, market cap against trailing-twelve-month net income. The line's slope is the index's own price-to-earnings ratio (23.9×): a company above it is priced richer per dollar of earnings than the index, below it cheaper. It is the members' aggregate, not the S&P 500's published P/E.
Net income, trailing twelve months →Market cap →
Index P/E 23.9×GS
GS · Goldman Sachs Group Inc.
Market cap $297B
P/S 4.5×— below the index's 5.3×
P/E 14.1×— below the index's 23.9×
Revenue $66B · net income $21B (trailing 12 months)
CAT
CAT · Caterpillar Inc.
Market cap $375B
P/S 5.0×— below the index's 5.3×
P/E 34.5×— above the index's 23.9×
Revenue $75B · net income $11B (trailing 12 months)
MSFT
MSFT · Microsoft Corporation
Market cap $3.5T
P/S 10.4×— above the index's 5.3×
P/E 25.8×— above the index's 23.9×
Revenue $332B · net income $134B (trailing 12 months)
UNH
UNH · UnitedHealth Group Incorporated Common Stock (DE)
Market cap $372B
P/S 0.8×— below the index's 5.3×
P/E 26.3×— above the index's 23.9×
Revenue $450B · net income $14B (trailing 12 months)
AMGN
AMGN · Amgen Inc.
Market cap $208B
P/S 5.5×— above the index's 5.3×
P/E 23.8×— below the index's 23.9×
Revenue $38B · net income $9B (trailing 12 months)
TRV
TRV · The Travelers Companies Inc.
Market cap $78B
P/S 1.6×— below the index's 5.3×
P/E 9.4×— below the index's 23.9×
Revenue $49B · net income $8B (trailing 12 months)
V
V · Visa Inc.
Market cap $684B
P/S 15.4×— above the index's 5.3×
P/E 30.3×— above the index's 23.9×
Revenue $44B · net income $23B (trailing 12 months)
GOOGL
GOOGL · Alphabet Inc. Class A
Market cap $4.4T
P/S 9.8×— above the index's 5.3×
P/E 17.8×— below the index's 23.9×
Revenue $446B · net income $244B (trailing 12 months)
JPM
JPM · JPMorgan Chase & Co.
Market cap $935B
P/S 4.7×— below the index's 5.3×
P/E 14.4×— below the index's 23.9×
Revenue $199B · net income $65B (trailing 12 months)
SHW
SHW · Sherwin-Williams Company (The)
Market cap $83B
P/S 3.4×— below the index's 5.3×
P/E 30.8×— above the index's 23.9×
Revenue $24B · net income $3B (trailing 12 months)
AXP · American Express Company
Market cap $227B
P/S 3.0×— below the index's 5.3×
P/E 19.8×— below the index's 23.9×
Revenue $76B · net income $11B (trailing 12 months)
HD · The Home Depot Inc.
Market cap $331B
P/S 2.0×— below the index's 5.3×
P/E 23.3×— below the index's 23.9×
Revenue $169B · net income $14B (trailing 12 months)
AAPL · Apple Inc.
Market cap $4.5T
P/S 9.7×— above the index's 5.3×
P/E 35.0×— above the index's 23.9×
Revenue $467B · net income $129B (trailing 12 months)
AMZN · Amazon.com Inc.
Market cap $2.9T
P/S 3.8×— below the index's 5.3×
P/E 21.7×— below the index's 23.9×
Revenue $776B · net income $135B (trailing 12 months)
MCD · McDonald's Corporation
Market cap $192B
P/S 6.9×— above the index's 5.3×
P/E 21.8×— below the index's 23.9×
Revenue $28B · net income $9B (trailing 12 months)
JNJ · Johnson & Johnson
Market cap $618B
P/S 6.3×— above the index's 5.3×
P/E 29.4×— above the index's 23.9×
Revenue $98B · net income $21B (trailing 12 months)
HON · Honeywell International Inc.
Market cap $77B
P/S 2.1×— below the index's 5.3×
P/E 9.4×— below the index's 23.9×
Revenue $37B · net income $8B (trailing 12 months)
IBM · International Business Machines Corporation
Market cap $211B
P/S 3.0×— below the index's 5.3×
P/E 19.6×— below the index's 23.9×
Revenue $69B · net income $11B (trailing 12 months)
BA · Boeing Company
Market cap $171B
P/S 1.8×— below the index's 5.3×
P/E 70.2×— above the index's 23.9×
Revenue $94B · net income $2B (trailing 12 months)
NVDA · NVIDIA Corporation
Market cap $4.8T
P/S 16.0×— above the index's 5.3×
P/E 25.1×— above the index's 23.9×
Revenue $303B · net income $193B (trailing 12 months)
$1.0T$2.0T$3.0T$4.0T$5.0T$50B$100B$150B$200B$250B
The line is the index's own P/E — all members' market value over all their net income — so a company on it is priced like the index per dollar of earnings; above it, richer; below, cheaper. The ten largest are labelled. Point at a company for its market cap, P/S and P/E against the index's.
The twenty largest members at the Jul 2026 filing, market cap against trailing-twelve-month revenue. The line's slope is the index's own price-to-sales ratio (5.3×): a company above it is priced richer per dollar of sales than the index, below it cheaper.
Revenue, trailing twelve months →Market cap →
Index P/S 5.3×GS
GS · Goldman Sachs Group Inc.
Market cap $297B
P/S 4.5×— below the index's 5.3×
P/E 14.1×— below the index's 23.9×
Revenue $66B · net income $21B (trailing 12 months)
CAT
CAT · Caterpillar Inc.
Market cap $375B
P/S 5.0×— below the index's 5.3×
P/E 34.5×— above the index's 23.9×
Revenue $75B · net income $11B (trailing 12 months)
MSFT
MSFT · Microsoft Corporation
Market cap $3.5T
P/S 10.4×— above the index's 5.3×
P/E 25.8×— above the index's 23.9×
Revenue $332B · net income $134B (trailing 12 months)
UNH
UNH · UnitedHealth Group Incorporated Common Stock (DE)
Market cap $372B
P/S 0.8×— below the index's 5.3×
P/E 26.3×— above the index's 23.9×
Revenue $450B · net income $14B (trailing 12 months)
AMGN
AMGN · Amgen Inc.
Market cap $208B
P/S 5.5×— above the index's 5.3×
P/E 23.8×— below the index's 23.9×
Revenue $38B · net income $9B (trailing 12 months)
TRV
TRV · The Travelers Companies Inc.
Market cap $78B
P/S 1.6×— below the index's 5.3×
P/E 9.4×— below the index's 23.9×
Revenue $49B · net income $8B (trailing 12 months)
V
V · Visa Inc.
Market cap $684B
P/S 15.4×— above the index's 5.3×
P/E 30.3×— above the index's 23.9×
Revenue $44B · net income $23B (trailing 12 months)
GOOGL
GOOGL · Alphabet Inc. Class A
Market cap $4.4T
P/S 9.8×— above the index's 5.3×
P/E 17.8×— below the index's 23.9×
Revenue $446B · net income $244B (trailing 12 months)
JPM
JPM · JPMorgan Chase & Co.
Market cap $935B
P/S 4.7×— below the index's 5.3×
P/E 14.4×— below the index's 23.9×
Revenue $199B · net income $65B (trailing 12 months)
SHW
SHW · Sherwin-Williams Company (The)
Market cap $83B
P/S 3.4×— below the index's 5.3×
P/E 30.8×— above the index's 23.9×
Revenue $24B · net income $3B (trailing 12 months)
AXP · American Express Company
Market cap $227B
P/S 3.0×— below the index's 5.3×
P/E 19.8×— below the index's 23.9×
Revenue $76B · net income $11B (trailing 12 months)
HD · The Home Depot Inc.
Market cap $331B
P/S 2.0×— below the index's 5.3×
P/E 23.3×— below the index's 23.9×
Revenue $169B · net income $14B (trailing 12 months)
AAPL · Apple Inc.
Market cap $4.5T
P/S 9.7×— above the index's 5.3×
P/E 35.0×— above the index's 23.9×
Revenue $467B · net income $129B (trailing 12 months)
AMZN · Amazon.com Inc.
Market cap $2.9T
P/S 3.8×— below the index's 5.3×
P/E 21.7×— below the index's 23.9×
Revenue $776B · net income $135B (trailing 12 months)
MCD · McDonald's Corporation
Market cap $192B
P/S 6.9×— above the index's 5.3×
P/E 21.8×— below the index's 23.9×
Revenue $28B · net income $9B (trailing 12 months)
JNJ · Johnson & Johnson
Market cap $618B
P/S 6.3×— above the index's 5.3×
P/E 29.4×— above the index's 23.9×
Revenue $98B · net income $21B (trailing 12 months)
HON · Honeywell International Inc.
Market cap $77B
P/S 2.1×— below the index's 5.3×
P/E 9.4×— below the index's 23.9×
Revenue $37B · net income $8B (trailing 12 months)
IBM · International Business Machines Corporation
Market cap $211B
P/S 3.0×— below the index's 5.3×
P/E 19.6×— below the index's 23.9×
Revenue $69B · net income $11B (trailing 12 months)
BA · Boeing Company
Market cap $171B
P/S 1.8×— below the index's 5.3×
P/E 70.2×— above the index's 23.9×
Revenue $94B · net income $2B (trailing 12 months)
NVDA · NVIDIA Corporation
Market cap $4.8T
P/S 16.0×— above the index's 5.3×
P/E 25.1×— above the index's 23.9×
Revenue $303B · net income $193B (trailing 12 months)
$1.0T$2.0T$3.0T$4.0T$5.0T$200B$400B$600B$800B
The line is the index's own P/S — all members' market value over all their revenue — so a company on it is priced like the index per dollar of sales; above it, richer; below, cheaper. The ten largest are labelled. Point at a company for its market cap, P/S and P/E against the index's.
The members' combined trailing-twelve-month figures at each filing, the top ten (colored) stacked on everyone else (gray) — so each bar is the index total and the colored part is what ten companies produce.
Revenue
Top 10The rest
20212223242526
Revenue · Oct 2019
trailing twelve months
Top 10$973B31.9%
The rest$2.1T68.1%
Index total $3.0T
Revenue · Jan 2020
trailing twelve months
Top 10$990B32.7%
The rest$2.0T67.3%
Index total $3.0T
Revenue · Apr 2020
trailing twelve months
Top 10$1.0T33.7%
The rest$2.0T66.3%
Index total $3.1T
Revenue · Jul 2020
trailing twelve months
Top 10$1.0T34.7%
The rest$2.0T65.3%
Index total $3.0T
Revenue · Oct 2020
trailing twelve months
Top 10$719B26.0%
The rest$2.1T74.0%
Index total $2.8T
Revenue · Jan 2021
trailing twelve months
Top 10$765B27.5%
The rest$2.0T72.5%
Index total $2.8T
Revenue · Apr 2021
trailing twelve months
Top 10$806B28.1%
The rest$2.1T71.9%
Index total $2.9T
Revenue · Jul 2021
trailing twelve months
Top 10$829B27.7%
The rest$2.2T72.3%
Index total $3.0T
Revenue · Oct 2021
trailing twelve months
Top 10$856B27.7%
The rest$2.2T72.3%
Index total $3.1T
Revenue · Jan 2022
trailing twelve months
Top 10$870B27.5%
The rest$2.3T72.5%
Index total $3.2T
Revenue · Apr 2022
trailing twelve months
Top 10$940B29.2%
The rest$2.3T70.8%
Index total $3.2T
Revenue · Jul 2022
trailing twelve months
Top 10$907B27.5%
The rest$2.4T72.5%
Index total $3.3T
Revenue · Oct 2022
trailing twelve months
Top 10$940B27.8%
The rest$2.4T72.2%
Index total $3.4T
Revenue · Jan 2023
trailing twelve months
Top 10$974B28.7%
The rest$2.4T71.3%
Index total $3.4T
Revenue · Apr 2023
trailing twelve months
Top 10$995B29.0%
The rest$2.4T71.0%
Index total $3.4T
Revenue · Jul 2023
trailing twelve months
Top 10$1.0T29.3%
The rest$2.4T70.7%
Index total $3.5T
Revenue · Oct 2023
trailing twelve months
Top 10$1.0T29.7%
The rest$2.5T70.3%
Index total $3.5T
Revenue · Jan 2024
trailing twelve months
Top 10$1.0T29.1%
The rest$2.5T70.9%
Index total $3.5T
Revenue · Apr 2024
trailing twelve months
Top 10$1.1T26.7%
The rest$2.9T73.3%
Index total $4.0T
Revenue · Jul 2024
trailing twelve months
Top 10$1.1T26.9%
The rest$3.0T73.1%
Index total $4.1T
Revenue · Oct 2024
trailing twelve months
Top 10$1.1T27.1%
The rest$3.0T72.9%
Index total $4.1T
Revenue · Jan 2025
trailing twelve months
Top 10$1.1T26.7%
The rest$3.1T73.3%
Index total $4.2T
Revenue · Apr 2025
trailing twelve months
Top 10$1.1T26.0%
The rest$3.2T74.0%
Index total $4.3T
Revenue · Jul 2025
trailing twelve months
Top 10$933B21.2%
The rest$3.5T78.8%
Index total $4.4T
Revenue · Oct 2025
trailing twelve months
Top 10$1.4T31.0%
The rest$3.1T69.0%
Index total $4.5T
Revenue · Jan 2026
trailing twelve months
Top 10$864B18.6%
The rest$3.8T81.4%
Index total $4.6T
Revenue · Apr 2026
trailing twelve months
Top 10$1.4T29.9%
The rest$3.3T70.1%
Index total $4.8T
Revenue · Jul 2026
trailing twelve months
Top 10$1.7T32.7%
The rest$3.5T67.3%
Index total $5.3T
$0$1.0T$2.0T$3.0T$4.0T$5.0T
Net income
Top 10The rest
20212223242526
Net income · Oct 2019
trailing twelve months
Top 10$162B42.4%
The rest$220B57.6%
Index total $382B
Net income · Jan 2020
trailing twelve months
Top 10$163B43.0%
The rest$216B57.0%
Index total $380B
Net income · Apr 2020
trailing twelve months
Top 10$172B48.0%
The rest$187B52.0%
Index total $359B
Net income · Jul 2020
trailing twelve months
Top 10$170B51.5%
The rest$161B48.5%
Index total $331B
Net income · Oct 2020
trailing twelve months
Top 10$120B37.3%
The rest$202B62.7%
Index total $322B
Net income · Jan 2021
trailing twelve months
Top 10$109B33.9%
The rest$212B66.1%
Index total $321B
Net income · Apr 2021
trailing twelve months
Top 10$122B33.5%
The rest$242B66.5%
Index total $363B
Net income · Jul 2021
trailing twelve months
Top 10$133B31.8%
The rest$285B68.2%
Index total $418B
Net income · Oct 2021
trailing twelve months
Top 10$145B31.6%
The rest$313B68.4%
Index total $458B
Net income · Jan 2022
trailing twelve months
Top 10$167B33.5%
The rest$331B66.5%
Index total $498B
Net income · Apr 2022
trailing twelve months
Top 10$184B36.8%
The rest$315B63.2%
Index total $499B
Net income · Jul 2022
trailing twelve months
Top 10$164B33.4%
The rest$328B66.6%
Index total $492B
Net income · Oct 2022
trailing twelve months
Top 10$165B35.4%
The rest$302B64.6%
Index total $467B
Net income · Jan 2023
trailing twelve months
Top 10$151B33.0%
The rest$305B67.0%
Index total $456B
Net income · Apr 2023
trailing twelve months
Top 10$156B34.9%
The rest$290B65.1%
Index total $446B
Net income · Jul 2023
trailing twelve months
Top 10$157B35.7%
The rest$283B64.3%
Index total $439B
Net income · Oct 2023
trailing twelve months
Top 10$164B34.4%
The rest$313B65.6%
Index total $477B
Net income · Jan 2024
trailing twelve months
Top 10$179B38.2%
The rest$290B61.8%
Index total $469B
Net income · Apr 2024
trailing twelve months
Top 10$182B35.0%
The rest$338B65.0%
Index total $521B
Net income · Jul 2024
trailing twelve months
Top 10$185B33.9%
The rest$361B66.1%
Index total $546B
Net income · Oct 2024
trailing twelve months
Top 10$190B37.9%
The rest$312B62.1%
Index total $503B
Net income · Jan 2025
trailing twelve months
Top 10$194B31.1%
The rest$431B68.9%
Index total $625B
Net income · Apr 2025
trailing twelve months
Top 10$201B30.5%
The rest$458B69.5%
Index total $659B
Net income · Jul 2025
trailing twelve months
Top 10$246B35.9%
The rest$440B64.1%
Index total $686B
Net income · Oct 2025
trailing twelve months
Top 10$262B35.8%
The rest$471B64.2%
Index total $733B
Net income · Jan 2026
trailing twelve months
Top 10$221B28.2%
The rest$560B71.8%
Index total $781B
Net income · Apr 2026
trailing twelve months
Top 10$282B33.7%
The rest$555B66.3%
Index total $836B
Net income · Jul 2026
trailing twelve months
Top 10$531B45.1%
The rest$648B54.9%
Index total $1.2T
$0$200B$400B$600B$800B$1.0T
Operating cash flow
Top 10The rest
20212223242526
Operating cash flow · Oct 2019
trailing twelve months
Top 10$175B37.9%
The rest$287B62.1%
Index total $462B
Operating cash flow · Jan 2020
trailing twelve months
Top 10$178B38.6%
The rest$283B61.4%
Index total $461B
Operating cash flow · Apr 2020
trailing twelve months
Top 10$195B42.2%
The rest$267B57.8%
Index total $462B
Operating cash flow · Jul 2020
trailing twelve months
Top 10$202B43.1%
The rest$268B56.9%
Index total $470B
Operating cash flow · Oct 2020
trailing twelve months
Top 10$144B31.8%
The rest$309B68.2%
Index total $453B
Operating cash flow · Jan 2021
trailing twelve months
Top 10$118B25.6%
The rest$343B74.4%
Index total $462B
Operating cash flow · Apr 2021
trailing twelve months
Top 10$130B27.1%
The rest$351B72.9%
Index total $481B
Operating cash flow · Jul 2021
trailing twelve months
Top 10$129B26.4%
The rest$361B73.6%
Index total $491B
Operating cash flow · Oct 2021
trailing twelve months
Top 10$143B27.9%
The rest$369B72.1%
Index total $513B
Operating cash flow · Jan 2022
trailing twelve months
Top 10$160B31.0%
The rest$356B69.0%
Index total $517B
Operating cash flow · Apr 2022
trailing twelve months
Top 10$176B34.4%
The rest$336B65.6%
Index total $512B
Operating cash flow · Jul 2022
trailing twelve months
Top 10$161B31.0%
The rest$358B69.0%
Index total $520B
Operating cash flow · Oct 2022
trailing twelve months
Top 10$166B31.1%
The rest$366B68.9%
Index total $532B
Operating cash flow · Jan 2023
trailing twelve months
Top 10$159B30.3%
The rest$366B69.7%
Index total $525B
Operating cash flow · Apr 2023
trailing twelve months
Top 10$173B32.1%
The rest$366B67.9%
Index total $540B
Operating cash flow · Jul 2023
trailing twelve months
Top 10$196B34.8%
The rest$366B65.2%
Index total $562B
Operating cash flow · Oct 2023
trailing twelve months
Top 10$193B34.6%
The rest$365B65.4%
Index total $558B
Operating cash flow · Jan 2024
trailing twelve months
Top 10$194B34.1%
The rest$375B65.9%
Index total $569B
Operating cash flow · Apr 2024
trailing twelve months
Top 10$188B28.7%
The rest$467B71.3%
Index total $655B
Operating cash flow · Jul 2024
trailing twelve months
Top 10$189B28.8%
The rest$469B71.2%
Index total $658B
Operating cash flow · Oct 2024
trailing twelve months
Top 10$200B29.8%
The rest$472B70.2%
Index total $672B
Operating cash flow · Jan 2025
trailing twelve months
Top 10$207B28.5%
The rest$520B71.5%
Index total $727B
Operating cash flow · Apr 2025
trailing twelve months
Top 10$227B30.6%
The rest$516B69.4%
Index total $743B
Operating cash flow · Jul 2025
trailing twelve months
Top 10$190B25.1%
The rest$566B74.9%
Index total $757B
Operating cash flow · Oct 2025
trailing twelve months
Top 10$214B26.9%
The rest$583B73.1%
Index total $797B
Operating cash flow · Jan 2026
trailing twelve months
Top 10$226B26.3%
The rest$633B73.7%
Index total $859B
Operating cash flow · Apr 2026
trailing twelve months
Top 10$238B25.9%
The rest$681B74.1%
Index total $919B
Operating cash flow · Jul 2026
trailing twelve months
Top 10$426B37.1%
The rest$723B62.9%
Index total $1.1T
$0$200B$400B$600B$800B$1.0T
Free cash flow
Top 10The rest
20212223242526
Free cash flow · Oct 2019
trailing twelve months
Top 10$138B43.9%
The rest$176B56.1%
Index total $314B
Free cash flow · Jan 2020
trailing twelve months
Top 10$143B45.7%
The rest$169B54.3%
Index total $312B
Free cash flow · Apr 2020
trailing twelve months
Top 10$158B50.7%
The rest$153B49.3%
Index total $311B
Free cash flow · Jul 2020
trailing twelve months
Top 10$166B51.1%
The rest$159B48.9%
Index total $324B
Free cash flow · Oct 2020
trailing twelve months
Top 10$117B34.8%
The rest$218B65.2%
Index total $335B
Free cash flow · Jan 2021
trailing twelve months
Top 10$91B26.2%
The rest$257B73.8%
Index total $348B
Free cash flow · Apr 2021
trailing twelve months
Top 10$101B27.5%
The rest$267B72.5%
Index total $368B
Free cash flow · Jul 2021
trailing twelve months
Top 10$99B26.5%
The rest$274B73.5%
Index total $373B
Free cash flow · Oct 2021
trailing twelve months
Top 10$111B28.6%
The rest$278B71.4%
Index total $390B
Free cash flow · Jan 2022
trailing twelve months
Top 10$125B32.5%
The rest$260B67.5%
Index total $385B
Free cash flow · Apr 2022
trailing twelve months
Top 10$137B36.6%
The rest$238B63.4%
Index total $375B
Free cash flow · Jul 2022
trailing twelve months
Top 10$125B33.3%
The rest$250B66.7%
Index total $375B
Free cash flow · Oct 2022
trailing twelve months
Top 10$129B33.9%
The rest$252B66.1%
Index total $381B
Free cash flow · Jan 2023
trailing twelve months
Top 10$121B32.6%
The rest$249B67.4%
Index total $370B
Free cash flow · Apr 2023
trailing twelve months
Top 10$133B35.3%
The rest$244B64.7%
Index total $377B
Free cash flow · Jul 2023
trailing twelve months
Top 10$153B38.5%
The rest$244B61.5%
Index total $397B
Free cash flow · Oct 2023
trailing twelve months
Top 10$146B37.4%
The rest$244B62.6%
Index total $390B
Free cash flow · Jan 2024
trailing twelve months
Top 10$145B36.3%
The rest$254B63.7%
Index total $399B
Free cash flow · Apr 2024
trailing twelve months
Top 10$135B31.2%
The rest$297B68.8%
Index total $432B
Free cash flow · Jul 2024
trailing twelve months
Top 10$131B31.0%
The rest$292B69.0%
Index total $423B
Free cash flow · Oct 2024
trailing twelve months
Top 10$137B32.6%
The rest$283B67.4%
Index total $420B
Free cash flow · Jan 2025
trailing twelve months
Top 10$137B28.9%
The rest$338B71.1%
Index total $475B
Free cash flow · Apr 2025
trailing twelve months
Top 10$150B31.7%
The rest$322B68.3%
Index total $472B
Free cash flow · Jul 2025
trailing twelve months
Top 10$113B24.4%
The rest$350B75.6%
Index total $463B
Free cash flow · Oct 2025
trailing twelve months
Top 10$131B27.2%
The rest$350B72.8%
Index total $482B
Free cash flow · Jan 2026
trailing twelve months
Top 10$127B24.7%
The rest$387B75.3%
Index total $514B
Free cash flow · Apr 2026
trailing twelve months
Top 10$126B23.5%
The rest$412B76.5%
Index total $538B
Free cash flow · Jul 2026
trailing twelve months
Top 10$166B27.3%
The rest$443B72.7%
Index total $609B
$0$100B$200B$300B$400B$500B$600B
Members, ranks and weights are the fund's own filings, so these are the same ten companies the weight chart ranks (share classes combined), and a total moves with membership as well as with business — a company joining the index adds its whole trailing year to the bar. Each company's figures are the trailing twelve months it had filed for the quarter the index counts at that date, as reported to the SEC. Operating and free cash flow (operating cash flow less capex) leave financials out of both the top ten and the total: a bank's operating cash flow swings with its trading book and it reports no capex. A company with no figure is left out of both sides; members with figures hold at least 100.0% of the weight at every filing for revenue and 100.0% (of non-financial weight) for free cash flow, and a filing below 95% would be left blank.
The ten largest against the rest: margins, growth and capex#
The ten largest members combined against everyone else combined, at every filing. Each ratio is summed over the members that carry both of its inputs.
Net margin · net income ÷ revenue
10%15%20%25%30%
2020202120222023202420252026
Top 1031%Rest18%
Jul 2026
Top 1031%
Rest18%
Revenue growth · trailing twelve months vs a year earlier
What the market pays for the ten largest members combined against everyone else combined: total market value over total trailing-twelve-month revenue (P/S) or net income (P/E), at every filing — and the top ten's multiple divided by the rest's. These are aggregates of each group, not the S&P 500's own P/E.
Into the top ten since Oct 2019: Caterpillar Inc, Amgen Inc, Travelers Cos Inc/The, Alphabet Inc, JPMorgan Chase & Co, Sherwin-Williams Co/The. Out of it: Boeing Co/The, Apple Inc, Home Depot Inc/The, McDonald's Corp, 3M Co, United Technologies Corp. The largest member has changed too — Boeing Co/The then, Goldman Sachs Group Inc/The now. Arrivals and departures are matched by ticker, so a company that renamed or re-listed in between (Facebook to Meta) can show up on both lists.
How concentrated is the Dow Jones Industrial Average?
The ten largest companies hold 55.3% of DIA as of Jul 2026, and the largest alone (Goldman Sachs Group Inc/The) holds 11.5%. In Oct 2019 the top ten held 53.1%, so the index has become markedly more top-heavy over that span.
When was Dow most concentrated?
On the filings we hold, the top ten peaked at 58.6% in Oct 2024, against 55.3% now. Our weights run from Oct 2019 onward.
How many stocks does the Dow really behave like?
By its weights, about 21 equally weighted stocks as of the Jul 2026 filing, against 23 in Oct 2019. That "effective number" is one over the sum of squared weights: the count of equal-weight stocks that would be exactly as concentrated as the index is, whatever its member count.
Do the largest Dow companies earn as much as their weight?
As of the Jul 2026 filing, the ten largest hold 55% of the fund's weight but produce 33% of its members' combined revenue, 45% of their net income and 27% of their free cash flow (financials excluded from the cash figures). Where the weight runs ahead of the earnings share, the market is paying more for each dollar those companies earn than for the rest of the fund's.
Does concentration make the index riskier?
It makes it less diversified than the member count suggests: when ten names are a third of the fund, its return is largely their return, and a sector shock that hits them hits everything. It is not a market-timing signal — concentration has risen for long stretches while the index compounded — but it does mean a cap-weighted position is a much more concentrated bet than "500 companies" sounds.
Weights are as filed by the tracking fund on Form N-PORT each quarter — the index's own weights, not a market-cap approximation — and a company's share classes are combined into one row, so “top ten” means ten companies. Our filings begin Oct 2019. See also the sector mix — the other way an index can be less diversified than its member count suggests. Not investment advice.
ChartRow is not affiliated with, sponsored by, or endorsed by S&P Dow Jones Indices LLC, S&P Global, Nasdaq, Inc., FTSE Russell, MSCI Inc., Robert Shiller, RSBB-I, LLC, or Yale University. "S&P 500®" and "S&P®" are registered trademarks of Standard & Poor's Financial Services LLC and "Dow Jones®" of Dow Jones Trademark Holdings LLC, both licensed to S&P Dow Jones Indices LLC; "Nasdaq-100®" is a registered trademark of Nasdaq, Inc.; "GICS®" is a trademark of MSCI Inc. and S&P Global; "CAPE®" is a registered trademark of RSBB-I, LLC; all other index names are trademarks of their owners. They are used here only to identify the index a fund tracks. ChartRow receives no data from, and holds no licence from, any index provider: the constituents and weights shown are the tracking fund's own holdings as reported in its public SEC filings, rolled forward by ChartRow from daily prices; returns are the fund's own market prices; long-run S&P 500 history comes from public research datasets, Robert Shiller's and Aswath Damodaran's, credited where used; and a current index level is ChartRow's estimate from the fund's price. These figures are ChartRow's own estimates and computations from public filings, prices and research records, provided for information only and without warranty of accuracy; they are not the fund's or any index provider's official figures and may differ from them.
