DIA vs IEMG: Correlation & Overlap
Measured on weekly returns over the past three years, SPDR Dow Jones Industrial Average ETF (DIA) and iShares Core MSCI Emerging Markets ETF (IEMG) carry a correlation of 0.58, a moderate link. By holdings, the two funds overlap 0% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DIA and IEMG?
Over the past 3 years, DIA and IEMG moved with a correlation of 0.58, which is moderate. The relationship has been stable: the 1-year correlation (0.59) sits close to the 3-year figure. Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 132.7 %².
Within DIA's tracked universe of 116 assets, IEMG comes in at #72 by 3-year correlation. The last year tells two different stories: IEMG led by 16.8 percentage points, +19.2% for DIA against +36.0% for IEMG. Across three years, the rolling one-year figure varied moderately, from 0.39 to 0.77.
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 IEMG: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | IEMG (iShares Core MSCI Emerging Markets ETF) | |
|---|---|---|
| 1-year return | +19.2% | +36.0% |
| 5-year return | +64.8% | +50.7% |
| Volatility (ann.) | 13.0% | 17.4% |
| Beta vs S&P 500 | 0.79 | 0.84 |
| Max drawdown (3Y) | -16.0% | -17.2% |
| Dividend yield | 1.37% | 2.31% |
| Expense ratio | 0.16% | 0.09% |
| Assets under management | $45.2B | $152.2B |
| Sector / category | ETF · US Large Cap | ETF · International |
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. IEMG, iShares's Diversified Emerging Mkts fund, carries $152.2B under management, 1824 holdings, a 0.09% expense ratio, a 2.31% trailing dividend yield.
Portfolio overlap between DIA and IEMG
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 IEMG: 2330 (13.28%), 005930 (6.27%), 000660 (4.78%), 700 (2.49%), 9988 (1.77%).
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 | IEMG |
|---|---|---|
| 2022 | -7.0% | -20.0% |
| 2023 | +16.0% | +11.5% |
| 2024 | +14.8% | +6.5% |
| 2025 | +14.7% | +32.6% |
| 2026 | +12.3% | +23.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and IEMG good diversifiers for each other?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between DIA and IEMG?
As of 2026-08-27, the correlation of weekly returns between DIA and IEMG is 0.58 over 3 years, 0.59 over 1 year and 0.58 over 5 years.
Is IEMG a good diversifier for DIA?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
How much do DIA and IEMG 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-iemg.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dia-vs-iemg/)
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Related comparisons
Hubs: DIA correlations · IEMG correlations
