ACWI vs DIA: Correlation & Overlap
How closely do iShares MSCI ACWI ETF (ACWI) and SPDR Dow Jones Industrial Average ETF (DIA) trade together? Their weekly returns over three years give a correlation of 0.87, which is very strong. By holdings, the two funds overlap 21.0% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and DIA?
Across a 3-year window, the weekly returns of ACWI and DIA correlate at 0.87, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.85 lands near the 3-year figure. Stretching to 5 years gives 0.90, with an annualized covariance of 156.4 %².
Among the 119 assets we track against ACWI, DIA ranks #22 by 3-year correlation. Twelve-month performance is nearly a tie, at +22.7% for ACWI and +19.2% for DIA. The rolling one-year correlation stayed in a tight band between 0.75 and 0.93 over the past three years, which points to a structural rather than episodic relationship.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
ACWI vs DIA: side by side
| ACWI (iShares MSCI ACWI ETF) | DIA (SPDR Dow Jones Industrial Average ETF) | |
|---|---|---|
| 1-year return | +22.7% | +19.2% |
| 5-year return | +69.0% | +64.8% |
| Volatility (ann.) | 13.8% | 13.0% |
| Beta vs S&P 500 | 0.92 | 0.79 |
| Max drawdown (3Y) | -16.5% | -16.0% |
| Dividend yield | 1.44% | 1.37% |
| Expense ratio | 0.32% | 0.16% |
| Assets under management | $32.5B | $45.2B |
| Sector / category | ETF · Global | ETF · US Large Cap |
ACWI, iShares's Global Large-Stock Blend fund, carries $32.5B under management, 1590 holdings, a 0.32% expense ratio, a 1.44% trailing dividend yield. DIA is a Large Value fund from State Street Investment Management: $45.2B under management, 30 holdings, a 0.16% expense ratio, a 1.37% trailing dividend yield.
Portfolio overlap between ACWI and DIA
The two portfolios partially overlap: 21.0% of the funds' weight sits in the same underlying holdings (30 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in ACWI | Weight in DIA |
|---|---|---|
| AAPL | 4.41% | 3.48% |
| MSFT | 3.35% | 5.51% |
| AMZN | 2.41% | 2.89% |
| NVDA | 4.64% | 2.33% |
| GOOGL | 1.91% | 3.80% |
| JPM | 0.92% | 3.96% |
| V | 0.62% | 4.26% |
| JNJ | 0.62% | 3.00% |
| WMT | 0.44% | 1.16% |
| CSCO | 0.43% | 1.25% |
| MRK | 0.38% | 1.70% |
| CAT | 0.37% | 9.13% |
| CVX | 0.35% | 2.22% |
| UNH | 0.35% | 4.45% |
| KO | 0.34% | 1.00% |
Largest positions held only by ACWI: 2330 (1.79%), AVGO (1.53%), GOOG (1.50%), META (1.21%), MU (1.01%). Only by DIA: .
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 15 common positions shown.
Year-by-year returns
| Year | ACWI | DIA |
|---|---|---|
| 2022 | -18.4% | -7.0% |
| 2023 | +22.3% | +16.0% |
| 2024 | +17.4% | +14.8% |
| 2025 | +22.4% | +14.7% |
| 2026 | +14.9% | +12.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACWI and DIA good diversifiers for each other?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between ACWI and DIA?
Using weekly returns as of 2026-08-27: 0.87 over 3 years, with 0.85 over the last year and 0.90 over 5 years.
Is DIA a good diversifier for ACWI?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
How much do ACWI and DIA overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 21.0% by weight over 30 common positions.
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Hubs: ACWI correlations · DIA correlations
