Dow Rejects Beat Dow Replacements

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The Dow is up 20 percent since the most recent low on Nov. 15, but 12 stocks that have been kicked out of the index over the years have risen an average of 30 percent. These are all stocks of companies (or their descendants) that are former Dow components, comprising the ones that still trade in some form.

As a comparison, CNBC looked at the performance of the 10 new Dow members since November 1999, when Intel and Microsoft became the first tech and non-NYSE traded stocks to be included. Those 10 stocks had an average gain of 24 percent between the November low and now, better than the overall gain for the index but still shy of the 30 percent increase chalked up by the ousted stocks.

(Read More: Rotate! What's Fueling S&P 500 Rally)

Here is a look at the performance of the stocks in the "rejects" club since mid-November.

Mondelez Up 23.1% (formerly Kraft Foods)

Citigroup Up 40%

General Motors Up 34.3%

AIG Up 41.2%

Altria Up 19.8%

Honeywell Up 30.6%

International Paper Up 39.4%

Goodyear Tire Up 16.6%

Sears Down 10%

U.S. Steel Down 4.3%

Navistar Up 78.4%

Owens-Illinois Up 52.5%

Average gain: 30.2%

—By CNBC's Peter Schacknow and Giovanny Moreano