DIA is up just 0.7% since June 9, the day Apple (NasdaqGS: AAPL), long mentioned as a possible addition to the Dow, debuted at its post-split price. That seven-for-one split lowered Apple’s share price, though not its market cap, stoking speculation the company’s addition to the Dow was imminent. [An Apple Invite from the Dow ETF?]

That has been the case and that is too bad. As Colas notes, “We’d hazard the company’s weight would total about 3.8% based on its stock price relative to comparables within the Dow currently. Had the Dow committee added Apple on the day of its debut of its new lower stock price—June 9, 2014—the company would have contributed about 39 points to the Dow, having climbed 6% since then. “

SPDR Dow Jones Industrial Average ETF

Tom Lydon’s clients own shares of Apple, Microsoft, QQQ and SPY.