DIA vs IEFA: Correlation & Overlap
How closely do SPDR Dow Jones Industrial Average ETF (DIA) and iShares Core MSCI EAFE ETF (IEFA) trade together? Their weekly returns over three years give a correlation of 0.73, which is strong. Looking through to holdings, 0.4% 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 IEFA?
Over the past 3 years, DIA and IEFA moved with a correlation of 0.73, which is strong. The relationship has been stable: the 1-year correlation (0.78) sits close to the 3-year figure. Over 5 years the correlation is 0.77, and the annualized covariance of weekly returns is 143.1 %².
By 3-year correlation, IEFA places #29 of the 116 assets tracked against DIA. Twelve-month performance is nearly a tie, at +19.2% for DIA and +21.8% for IEFA. The rolling one-year correlation moved between 0.58 and 0.85 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 IEFA: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | IEFA (iShares Core MSCI EAFE ETF) | |
|---|---|---|
| 1-year return | +19.2% | +21.8% |
| 5-year return | +64.8% | +54.5% |
| Volatility (ann.) | 13.0% | 15.0% |
| Beta vs S&P 500 | 0.79 | 0.77 |
| Max drawdown (3Y) | -16.0% | -13.8% |
| Dividend yield | 1.37% | 3.35% |
| Expense ratio | 0.16% | 0.07% |
| Assets under management | $45.2B | $190.1B |
| 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. IEFA, iShares's Foreign Large Blend fund, carries $190.1B under management, 1620 holdings, a 0.07% expense ratio, a 3.35% trailing dividend yield.
Portfolio overlap between DIA and IEFA
The two portfolios are largely distinct. Weighing the shared positions, 0.4% of the two funds is identical, spread across 2 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 IEFA: ASML (2.57%), HSBA (1.35%), ROP (1.22%), SAN (1.17%), NOVN (1.10%).
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 | IEFA |
|---|---|---|
| 2022 | -7.0% | -15.2% |
| 2023 | +16.0% | +18.0% |
| 2024 | +14.8% | +3.3% |
| 2025 | +14.7% | +32.1% |
| 2026 | +12.3% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and IEFA good diversifiers for each other?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between DIA and IEFA?
As of 2026-08-27, the correlation of weekly returns between DIA and IEFA is 0.73 over 3 years, 0.78 over 1 year and 0.77 over 5 years.
Is IEFA a good diversifier for DIA?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
How much do DIA and IEFA overlap?
The two funds share 2 holdings amounting to 0.4% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dia-vs-iefa.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dia-vs-iefa/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DIA correlations · IEFA correlations
