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With Apple (NASDAQ:AAPL) getting close to $400 today and giving Exxon Mobil (NYSE:XOM) a run for its money as the largest company in the world, many are once again wondering why Apple isn't in the Dow Jones Industrial Average (DJIA)? While we can't answer that question, we can tell you what might have been.

Back in June 2009, DJIA removed General Motors from the index and added shares of Cisco (NASDAQ:CSCO). While CSCO was one of the largest companies in the country at the time and certainly was a viable candidate for inclusion in the index, the case for AAPL was just as -- if not even more -- compelling. After all, just as there used to be a General Motors (NYSE:GM) car in nearly every driveway, there is now an AAPL product in practically every American household.

Below is a price chart of the Dow since the beginning of 2007 compared to how it would have done if AAPL were added instead of CSCO. Below that we also show the percentage spread between where the DJIA would currently be with APPL instead of CSCO. Because AAPL has done much better than CSCO and the fact that the DJIA is a price weighted index, had AAPL been added instead of CSCO back in June 2009, the index would be more than 10% higher than it is now. At a level of 13,928, it would be within 2% of its all-time high of 14,164.