DIA vs HWM: Correlation
How closely do SPDR Dow Jones Industrial Average ETF (DIA) and Howmet Aerospace (HWM) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DIA and HWM?
Over the past 3 years, DIA and HWM moved with a correlation of 0.56, which is moderate. The past 12 months show a weaker link (0.36) than the 3-year average (0.56). Over 5 years the correlation is 0.61, and the annualized covariance of weekly returns is 234.1 %².
Within DIA's tracked universe of 116 assets, HWM comes in at #81 by 3-year correlation. Correlation aside, the last 12 months split them widely, with HWM ahead by 33.5 points (+19.2% versus +52.7%). The rolling one-year correlation moved between 0.31 and 0.80 over the past three years, a moderate range. Risk is not evenly split, since HWM carries 2.5 times the volatility of the other side.
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 HWM: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | HWM (Howmet Aerospace) | |
|---|---|---|
| 1-year return | +19.2% | +52.7% |
| 5-year return | +64.8% | +754.4% |
| Volatility (ann.) | 13.0% | 32.1% |
| Beta vs S&P 500 | 0.79 | 1.24 |
| Max drawdown (3Y) | -16.0% | -19.4% |
| Market cap | – | $106.7B |
| P/E (trailing) | – | 58.2 |
| Dividend yield | 1.37% | 0.18% |
| Expense ratio | 0.16% | – |
| Assets under management | $45.2B | – |
| Sector / category | ETF · US Large Cap | Industrials |
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.
Year-by-year returns
| Year | DIA | HWM |
|---|---|---|
| 2022 | -7.0% | +24.2% |
| 2023 | +16.0% | +37.8% |
| 2024 | +14.8% | +102.7% |
| 2025 | +14.7% | +88.0% |
| 2026 | +12.3% | +30.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and HWM good diversifiers for each other?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between DIA and HWM?
The DIA/HWM correlation stands at 0.56 on a 3-year window (1 year: 0.36, 5 years: 0.61), computed from weekly returns as of 2026-08-27.
Is HWM a good diversifier for DIA?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.56 mean?
On the −1 to +1 scale, 0.56 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: DIA correlations · HWM correlations
