DIA vs IWM: Correlation & Overlap
SPDR Dow Jones Industrial Average ETF (DIA) and iShares Russell 2000 ETF (IWM) show a very strong relationship: their 3-year correlation of weekly returns is 0.82. 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 IWM?
Across a 3-year window, the weekly returns of DIA and IWM correlate at 0.82, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.81 lands near the 3-year figure. Stretching to 5 years gives 0.84, with an annualized covariance of 212.5 %².
Among the 116 assets we track against DIA, IWM ranks #19 by 3-year correlation. The trailing year gives IWM the advantage: +19.2% versus +28.4%, a 9.2-point spread. The rolling one-year correlation stayed in a tight band between 0.72 and 0.91 over the past three years, which points to a structural rather than episodic relationship. Risk is not evenly split, since IWM carries 1.5 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 IWM: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | +19.2% | +28.4% |
| 5-year return | +64.8% | +41.5% |
| Volatility (ann.) | 13.0% | 19.8% |
| Beta vs S&P 500 | 0.79 | 1.06 |
| Max drawdown (3Y) | -16.0% | -27.5% |
| Dividend yield | 1.37% | 0.91% |
| Expense ratio | 0.16% | 0.19% |
| Assets under management | $45.2B | $80.1B |
| Sector / category | ETF · US Large Cap | ETF · US Small & Mid Cap |
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. IWM, iShares's Small Blend fund, carries $80.1B under management, 1757 holdings, a 0.19% expense ratio, a 0.91% trailing dividend yield.
Portfolio overlap between DIA and IWM
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 IWM: MOGA (0.35%), UMBF (0.34%), CYTK (0.33%), GKOS (0.33%), EAT (0.33%).
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 | IWM |
|---|---|---|
| 2022 | -7.0% | -20.5% |
| 2023 | +16.0% | +16.8% |
| 2024 | +14.8% | +11.4% |
| 2025 | +14.7% | +12.7% |
| 2026 | +12.3% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and IWM good diversifiers for each other?
Not really. At 0.82, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between DIA and IWM?
As of 2026-08-27, the correlation of weekly returns between DIA and IWM is 0.82 over 3 years, 0.81 over 1 year and 0.84 over 5 years.
Is IWM a good diversifier for DIA?
Not really. At 0.82, the two trade almost as one position, and owning both buys little extra protection.
How much do DIA and IWM 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-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dia-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DIA correlations · IWM correlations
