DIA vs FXI: Correlation & Overlap
Measured on weekly returns over the past three years, SPDR Dow Jones Industrial Average ETF (DIA) and iShares China Large-Cap ETF (FXI) carry a correlation of 0.33, a moderate link. Looking through to holdings, 0% 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 DIA and FXI?
On 3 years of weekly data the DIA/FXI correlation comes out at 0.33, moderate. Recent behaviour matches the longer record: 0.40 over 1 year against 0.33 over 3. The 5-year figure is 0.30, and annualized covariance runs at 109.8 %².
Among the 116 assets we track against DIA, FXI ranks #104 by 3-year correlation. The last year tells two different stories: DIA led by 25.3 percentage points, +19.2% for DIA against -6.1% for FXI. The rolling one-year correlation moved between 0.21 and 0.66 over the past three years, a moderate range. Note the risk asymmetry: FXI runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 FXI: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | FXI (iShares China Large-Cap ETF) | |
|---|---|---|
| 1-year return | +19.2% | -6.1% |
| 5-year return | +64.8% | -1.4% |
| Volatility (ann.) | 13.0% | 25.3% |
| Beta vs S&P 500 | 0.79 | 0.68 |
| Max drawdown (3Y) | -16.0% | -23.2% |
| Dividend yield | 1.37% | 1.87% |
| Expense ratio | 0.16% | 0.73% |
| Assets under management | $45.2B | $4.3B |
| 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. FXI, iShares's Greater China Region fund, carries $4.3B under management, 50 holdings, a 0.73% expense ratio, a 1.87% trailing dividend yield.
Portfolio overlap between DIA and FXI
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 FXI: 9988 (9.72%), 939 (9.09%), 700 (8.51%), 1398 (6.35%), 1810 (5.16%).
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 | FXI |
|---|---|---|
| 2022 | -7.0% | -20.7% |
| 2023 | +16.0% | -12.4% |
| 2024 | +14.8% | +29.0% |
| 2025 | +14.7% | +28.9% |
| 2026 | +12.3% | -7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and FXI good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between DIA and FXI?
The DIA/FXI correlation stands at 0.33 on a 3-year window (1 year: 0.40, 5 years: 0.30), computed from weekly returns as of 2026-08-27.
Is FXI a good diversifier for DIA?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
How much do DIA and FXI overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 0% by weight over 0 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dia-vs-fxi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dia-vs-fxi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DIA correlations · FXI correlations
