DIA vs EWJ: Correlation & Overlap
Measured on weekly returns over the past three years, SPDR Dow Jones Industrial Average ETF (DIA) and iShares MSCI Japan ETF (EWJ) carry a correlation of 0.66, a strong link. The two funds also share 0% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DIA and EWJ?
On 3 years of weekly data the DIA/EWJ correlation comes out at 0.66, strong. The relationship has been stable: the 1-year correlation (0.66) sits close to the 3-year figure. The 5-year figure is 0.66, and annualized covariance runs at 167.8 %².
By 3-year correlation, EWJ places #51 of the 116 assets tracked against DIA. On 12-month performance EWJ holds a 7.9-point edge, +19.2% against +27.1%. The link looks structural: the rolling one-year correlation barely moved, holding between 0.56 and 0.75. One caveat on sizing: EWJ is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 EWJ: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | EWJ (iShares MSCI Japan ETF) | |
|---|---|---|
| 1-year return | +19.2% | +27.1% |
| 5-year return | +64.8% | +58.6% |
| Volatility (ann.) | 13.0% | 19.6% |
| Beta vs S&P 500 | 0.79 | 0.94 |
| Max drawdown (3Y) | -16.0% | -14.7% |
| Dividend yield | 1.37% | 3.86% |
| Expense ratio | 0.16% | 0.49% |
| Assets under management | $45.2B | $21.8B |
| Sector / category | ETF · US Large Cap | ETF · International |
On the fund side, DIA sits in the Large Value category at State Street Investment Management, with $45.2B under management, 30 holdings, a 0.16% expense ratio, a 1.37% trailing dividend yield. EWJ, iShares's Japan Stock fund, carries $21.8B under management, 168 holdings, a 0.49% expense ratio, a 3.86% trailing dividend yield.
Portfolio overlap between DIA and EWJ
The two portfolios are largely distinct, with 0 holdings in common adding up to 0% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
Largest positions held only by DIA: GS (11.56%), CAT (9.13%), MSFT (5.51%), AMGN (4.89%), UNH (4.45%). Only by EWJ: 8306 (4.56%), 7203 (3.47%), 6857 (3.12%), 8035 (2.97%), 8316 (2.92%).
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 | EWJ |
|---|---|---|
| 2022 | -7.0% | -17.7% |
| 2023 | +16.0% | +20.3% |
| 2024 | +14.8% | +7.0% |
| 2025 | +14.7% | +25.8% |
| 2026 | +12.3% | +19.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and EWJ good diversifiers for each other?
Only partially. A correlation of 0.66 means DIA and EWJ 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 EWJ?
As of 2026-08-27, the correlation of weekly returns between DIA and EWJ is 0.66 over 3 years, 0.66 over 1 year and 0.66 over 5 years.
Is EWJ a good diversifier for DIA?
Only partially. A correlation of 0.66 means DIA and EWJ share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do DIA and EWJ overlap?
0% by weight, across 0 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dia-vs-ewj.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dia-vs-ewj/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DIA correlations · EWJ correlations
