DAL vs DIA: Correlation
How closely do Delta Air Lines (DAL) and SPDR Dow Jones Industrial Average ETF (DIA) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DAL and DIA?
Across a 3-year window, the weekly returns of DAL and DIA correlate at 0.57, moderate. The relationship has been stable: the 1-year correlation (0.53) sits close to the 3-year figure. Stretching to 5 years gives 0.58, with an annualized covariance of 273.4 %².
Within DAL's tracked universe of 33 assets, DIA comes in at #13 by 3-year correlation. Over the last 12 months DAL came out ahead by 14.7 percentage points (+33.9% against +19.2%). The rolling one-year correlation moved between 0.30 and 0.70 over the past three years, a moderate range. Risk is not evenly split, since DAL carries 2.9 times the volatility of the other side.
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.
DAL vs DIA: side by side
| DAL (Delta Air Lines) | DIA (SPDR Dow Jones Industrial Average ETF) | |
|---|---|---|
| 1-year return | +33.9% | +19.2% |
| 5-year return | +110.6% | +64.8% |
| Volatility (ann.) | 37.1% | 13.0% |
| Beta vs S&P 500 | 1.17 | 0.79 |
| Max drawdown (3Y) | -47.9% | -16.0% |
| Market cap | – | – |
| P/E (trailing) | 13.8 | – |
| Dividend yield | 0.94% | 1.37% |
| Expense ratio | – | 0.16% |
| Assets under management | – | $45.2B |
| Sector / category | Industrials | ETF · US Large Cap |
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.
Year-by-year returns
| Year | DAL | DIA |
|---|---|---|
| 2022 | -15.9% | -7.0% |
| 2023 | +23.0% | +16.0% |
| 2024 | +52.0% | +14.8% |
| 2025 | +16.1% | +14.7% |
| 2026 | +17.8% | +12.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DAL and DIA good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between DAL and DIA?
As of 2026-08-27, the correlation of weekly returns between DAL and DIA is 0.57 over 3 years, 0.53 over 1 year and 0.58 over 5 years.
Is DIA a good diversifier for DAL?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 mean?
On the −1 to +1 scale, 0.57 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dal-vs-dia.json
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Related comparisons
Hubs: DAL correlations · DIA correlations
