DGRO vs DIA: Correlation & Overlap
How closely do iShares Core Dividend Growth ETF (DGRO) and SPDR Dow Jones Industrial Average ETF (DIA) trade together? Their weekly returns over three years give a correlation of 0.93, which is very strong. Looking through to holdings, 30.1% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and DIA?
On 3 years of weekly data the DGRO/DIA correlation comes out at 0.93, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.85) sits close to the 3-year figure. The 5-year figure is 0.95, and annualized covariance runs at 138.3 %².
Among the 138 assets we track against DGRO, DIA ranks #6 by 3-year correlation. Twelve-month performance is nearly a tie, at +21.0% for DGRO and +19.2% for DIA. The link looks structural: the rolling one-year correlation barely moved, holding between 0.86 and 0.97.
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.
DGRO vs DIA: side by side
| DGRO (iShares Core Dividend Growth ETF) | DIA (SPDR Dow Jones Industrial Average ETF) | |
|---|---|---|
| 1-year return | +21.0% | +19.2% |
| 5-year return | +67.9% | +64.8% |
| Volatility (ann.) | 11.4% | 13.0% |
| Beta vs S&P 500 | 0.65 | 0.79 |
| Max drawdown (3Y) | -14.0% | -16.0% |
| Dividend yield | 1.89% | 1.37% |
| Expense ratio | 0.08% | 0.16% |
| Assets under management | $42.8B | $45.2B |
| Sector / category | ETF · Dividend | ETF · US Large Cap |
On the fund side, DGRO sits in the Large Value category at iShares, with $42.8B under management, 383 holdings, a 0.08% expense ratio, a 1.89% 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 DGRO and DIA
The two portfolios partially overlap. Weighing the shared positions, 30.1% of the two funds is identical, spread across 21 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in DGRO | Weight in DIA |
|---|---|---|
| MSFT | 3.39% | 5.51% |
| JPM | 3.14% | 3.96% |
| JNJ | 3.16% | 3.00% |
| AAPL | 2.85% | 3.48% |
| HD | 2.11% | 3.72% |
| MRK | 2.20% | 1.70% |
| UNH | 1.67% | 4.45% |
| PG | 2.13% | 1.61% |
| AMGN | 1.45% | 4.89% |
| CSCO | 1.27% | 1.25% |
| V | 1.13% | 4.26% |
| GS | 1.11% | 11.56% |
| IBM | 1.09% | 2.55% |
| MCD | 1.07% | 2.96% |
| KO | 1.98% | 1.00% |
Largest positions held only by DGRO: ABBV (3.03%), XOM (2.86%), AVGO (2.28%), PM (2.12%), BAC (1.80%). Only by DIA: GOOGL (3.80%), AMZN (2.89%), BA (2.36%), NVDA (2.33%), CRM (2.28%).
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 | DGRO | DIA |
|---|---|---|
| 2022 | -7.9% | -7.0% |
| 2023 | +10.5% | +16.0% |
| 2024 | +16.6% | +14.8% |
| 2025 | +15.7% | +14.7% |
| 2026 | +15.2% | +12.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGRO and DIA good diversifiers for each other?
No: a correlation of 0.93 means DGRO and DIA tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between DGRO and DIA?
As of 2026-08-27, the correlation of weekly returns between DGRO and DIA is 0.93 over 3 years, 0.85 over 1 year and 0.95 over 5 years.
Is DIA a good diversifier for DGRO?
No: a correlation of 0.93 means DGRO and DIA tend to fall together, which is precisely when diversification is supposed to help.
How much do DGRO and DIA overlap?
The two funds share 21 holdings amounting to 30.1% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dgro-vs-dia.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgro-vs-dia/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGRO correlations · DIA correlations
