Dow Jones concentration (2026)
The ten biggest companies in the Dow Jones Industrial Average hold 56.5% of it as of Apr 2026 — up from 53.1% in Oct 2019. The top five hold 36.4%, and Goldman Sachs Group Inc/The alone holds 11.5%. Weights are the index's own, from the tracking fund's quarterly SEC filings, so they reconcile with the constituents list.
Share of the index held by its largest members#
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.
Share of Dow Jones by index weight, as filed by the tracking fund each quarter.
Who is in the top ten now, and who was then#
| # | Apr 2026 | Weight | Oct 2019 | Weight |
|---|---|---|---|---|
| 1 | Goldman Sachs Group Inc/The | 11.45% | Boeing Co/The | 8.51% |
| 2 | Caterpillar Inc | 11.03% | UnitedHealth Group Inc | 6.33% |
| 3 | Microsoft Corp | 5.05% | Apple Inc | 6.23% |
| 4 | UnitedHealth Group Inc | 4.59% | Home Depot Inc/The | 5.87% |
| 5 | Amgen Inc | 4.29% | Goldman Sachs Group Inc/The | 5.34% |
| 6 | Visa Inc | 4.09% | McDonald's Corp | 4.93% |
| 7 | Home Depot Inc/The | 4.08% | Visa Inc | 4.48% |
| 8 | American Express Co | 4.00% | 3M Co | 4.13% |
| 9 | Sherwin-Williams Co/The | 3.99% | United Technologies Corp | 3.60% |
| 10 | JPMorgan Chase & Co | 3.88% | Microsoft Corp | 3.59% |
Into the top ten since Oct 2019: Caterpillar Inc, Amgen Inc, American Express Co, Sherwin-Williams Co/The, JPMorgan Chase & Co. Out of it: Boeing Co/The, Apple Inc, 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.
FAQ#
- How concentrated is the Dow Jones Industrial Average?
- The ten largest companies hold 56.5% of the index as of Apr 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 56.5% now. Our weights run from Oct 2019 onward.
- Does concentration make the index riskier?
- It makes it less diversified than the member count suggests: when ten names are a third of the index, the index's 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.
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