DIA vs EEM: Correlation & Overlap
SPDR Dow Jones Industrial Average ETF (DIA) and iShares MSCI Emerging Markets ETF (EEM) show a moderate relationship: their 3-year correlation of weekly returns is 0.57. By holdings, the two funds overlap 0% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DIA and EEM?
On 3 years of weekly data the DIA/EEM correlation comes out at 0.57, moderate. Little has changed lately, as the 1-year reading of 0.58 lands near the 3-year figure. The 5-year figure is 0.57, and annualized covariance runs at 134.7 %².
Among the 116 assets we track against DIA, EEM ranks #78 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months EEM outperformed by 18.9 percentage points (+19.2% for DIA against +38.1% for EEM). The rolling one-year correlation moved between 0.39 and 0.76 over the past three years, a moderate range.
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.
DIA vs EEM: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | EEM (iShares MSCI Emerging Markets ETF) | |
|---|---|---|
| 1-year return | +19.2% | +38.1% |
| 5-year return | +64.8% | +47.1% |
| Volatility (ann.) | 13.0% | 18.0% |
| Beta vs S&P 500 | 0.79 | 0.85 |
| Max drawdown (3Y) | -16.0% | -17.3% |
| Dividend yield | 1.37% | 1.73% |
| Expense ratio | 0.16% | 0.72% |
| Assets under management | $45.2B | $29.2B |
| Sector / category | ETF · US Large Cap | ETF · International |
DIA, State Street Investment Management's Large Value fund, carries $45.2B under management, 30 holdings, a 0.16% expense ratio, a 1.37% trailing dividend yield. EEM is a Diversified Emerging Mkts fund from iShares: $29.2B under management, 968 holdings, a 0.72% expense ratio, a 1.73% trailing dividend yield.
Portfolio overlap between DIA and EEM
The two portfolios are largely distinct. Weighing the shared positions, 0% of the two funds is identical, spread across 0 common holdings. That shared book is a large part of why the returns line up.
Largest positions held only by DIA: GS (11.56%), CAT (9.13%), MSFT (5.51%), AMGN (4.89%), UNH (4.45%). Only by EEM: 2330 (15.14%), 005930 (7.15%), 000660 (5.45%), 700 (2.83%), 9988 (2.02%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26.
Year-by-year returns
| Year | DIA | EEM |
|---|---|---|
| 2022 | -7.0% | -20.6% |
| 2023 | +16.0% | +8.9% |
| 2024 | +14.8% | +6.5% |
| 2025 | +14.7% | +34.0% |
| 2026 | +12.3% | +24.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and EEM 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 DIA and EEM?
As of 2026-08-27, the correlation of weekly returns between DIA and EEM is 0.57 over 3 years, 0.58 over 1 year and 0.57 over 5 years.
Is EEM a good diversifier for DIA?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
How much do DIA and EEM overlap?
0% by weight, across 0 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
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Related comparisons
Hubs: DIA correlations · EEM correlations
