DIA vs EFA: Correlation & Overlap
How closely do SPDR Dow Jones Industrial Average ETF (DIA) and iShares MSCI EAFE ETF (EFA) trade together? Their weekly returns over three years give a correlation of 0.73, which is strong. By holdings, the two funds overlap 0.5% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DIA and EFA?
Across a 3-year window, the weekly returns of DIA and EFA correlate at 0.73, strong. The relationship has been stable: the 1-year correlation (0.78) sits close to the 3-year figure. Stretching to 5 years gives 0.77, with an annualized covariance of 142.8 %².
Among the 116 assets we track against DIA, EFA ranks #28 by 3-year correlation. Their 12-month results are close: +19.2% for DIA against +21.9% for EFA. The rolling one-year correlation moved between 0.59 and 0.86 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 EFA: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | EFA (iShares MSCI EAFE ETF) | |
|---|---|---|
| 1-year return | +19.2% | +21.9% |
| 5-year return | +64.8% | +56.7% |
| Volatility (ann.) | 13.0% | 14.9% |
| Beta vs S&P 500 | 0.79 | 0.77 |
| Max drawdown (3Y) | -16.0% | -14.1% |
| Dividend yield | 1.37% | 3.19% |
| Expense ratio | 0.16% | 0.32% |
| Assets under management | $45.2B | $78.0B |
| Sector / category | ETF · US Large Cap | ETF · International |
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. EFA is a Foreign Large Blend fund from iShares: $78.0B under management, 666 holdings, a 0.32% expense ratio, a 3.19% trailing dividend yield.
Portfolio overlap between DIA and EFA
The two portfolios are largely distinct: 0.5% of the funds' weight sits in the same underlying holdings (2 common positions). Correlation tells you they move together; overlap tells you why.
Largest positions held only by DIA: GS (11.56%), CAT (9.13%), MSFT (5.51%), AMGN (4.89%), UNH (4.45%). Only by EFA: ASML (2.99%), HSBA (1.57%), ROP (1.42%), SAN (1.38%), NOVN (1.28%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 2 common positions shown.
Year-by-year returns
| Year | DIA | EFA |
|---|---|---|
| 2022 | -7.0% | -14.4% |
| 2023 | +16.0% | +18.4% |
| 2024 | +14.8% | +3.5% |
| 2025 | +14.7% | +31.5% |
| 2026 | +12.3% | +14.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and EFA good diversifiers for each other?
Only partially. A correlation of 0.73 means DIA and EFA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between DIA and EFA?
As of 2026-08-27, the correlation of weekly returns between DIA and EFA is 0.73 over 3 years, 0.78 over 1 year and 0.77 over 5 years.
Is EFA a good diversifier for DIA?
Only partially. A correlation of 0.73 means DIA and EFA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do DIA and EFA overlap?
The two funds share 2 holdings amounting to 0.5% of weight, per issuer portfolio files dated 2026-08-26.
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Related comparisons
Hubs: DIA correlations · EFA correlations
