• Dow’s reliance on blue chips is doing it a disservice in 2023
• The Dow outperformed the S&P by 11 percentage points in 2022

When the stock market reeled last year, the Dow Jones Industrial Average became a place where many found shelter. As risk appetite returns in 2023, they can’t exit fast enough. 

The 30-member gauge is up 2% this year, compared with a 7% gain in the S&P 500. The 5 percentage-point gap between the two makes the Dow’s start to a year the weakest relative to the S&P 500 since 1934, data compiled by Bloomberg show.