DIA vs GS: Correlation
How closely do SPDR Dow Jones Industrial Average ETF (DIA) and Goldman Sachs (GS) trade together? Their weekly returns over three years give a correlation of 0.77, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DIA and GS?
Across a 3-year window, the weekly returns of DIA and GS correlate at 0.77, strong. The link has loosened recently: the 1-year correlation (0.55) runs below the 3-year figure (0.77). Stretching to 5 years gives 0.77, with an annualized covariance of 270.9 %².
By 3-year correlation, GS places #20 of the 116 assets tracked against DIA. Their recent paths diverged sharply: over the last 12 months GS outperformed by 22.4 percentage points (+19.2% for DIA against +41.6% for GS). Across three years, the rolling one-year figure varied moderately, from 0.55 to 0.85. One caveat on sizing: GS is 2.1 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 GS: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | GS (Goldman Sachs) | |
|---|---|---|
| 1-year return | +19.2% | +41.6% |
| 5-year return | +64.8% | +184.1% |
| Volatility (ann.) | 13.0% | 27.0% |
| Beta vs S&P 500 | 0.79 | 1.34 |
| Max drawdown (3Y) | -16.0% | -30.9% |
| Market cap | – | $303.1B |
| P/E (trailing) | – | 16.1 |
| Dividend yield | 1.37% | 1.63% |
| Expense ratio | 0.16% | – |
| Assets under management | $45.2B | – |
| Sector / category | ETF · US Large Cap | Financials |
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.
Year-by-year returns
| Year | DIA | GS |
|---|---|---|
| 2022 | -7.0% | -7.9% |
| 2023 | +16.0% | +15.9% |
| 2024 | +14.8% | +52.0% |
| 2025 | +14.7% | +56.6% |
| 2026 | +12.3% | +19.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
GS represents 11.56% of DIA's portfolio, so part of any move in DIA is GS itself, and the correlation between them is partly mechanical.
Are DIA and GS good diversifiers for each other?
Only partially. A correlation of 0.77 means DIA and GS 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 GS?
As of 2026-08-27, the correlation of weekly returns between DIA and GS is 0.77 over 3 years, 0.55 over 1 year and 0.77 over 5 years.
Is GS a good diversifier for DIA?
Only partially. A correlation of 0.77 means DIA and GS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.77 mean?
A reading of 0.77 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dia-vs-gs.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dia-vs-gs/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DIA correlations · GS correlations
