DIA vs MS: Correlation
How closely do SPDR Dow Jones Industrial Average ETF (DIA) and Morgan Stanley (MS) 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 MS?
Across a 3-year window, the weekly returns of DIA and MS correlate at 0.77, strong. The link has loosened recently: the 1-year correlation (0.66) runs below the 3-year figure (0.77). Stretching to 5 years gives 0.73, with an annualized covariance of 285.8 %².
Within DIA's tracked universe of 116 assets, MS comes in at #21 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MS outperformed by 27.9 percentage points (+19.2% for DIA against +47.1% for MS). On a rolling one-year basis the correlation drifted between 0.62 and 0.88, a moderate band. One caveat on sizing: MS is 2.2 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 MS: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | MS (Morgan Stanley) | |
|---|---|---|
| 1-year return | +19.2% | +47.1% |
| 5-year return | +64.8% | +142.0% |
| Volatility (ann.) | 13.0% | 28.3% |
| Beta vs S&P 500 | 0.79 | 1.43 |
| Max drawdown (3Y) | -16.0% | -29.2% |
| Market cap | – | $337.5B |
| P/E (trailing) | – | 17.4 |
| Dividend yield | 1.37% | 1.94% |
| Expense ratio | 0.16% | – |
| Assets under management | $45.2B | – |
| Sector / category | ETF · US Large Cap | Financials |
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 | MS |
|---|---|---|
| 2022 | -7.0% | -10.3% |
| 2023 | +16.0% | +13.9% |
| 2024 | +14.8% | +39.7% |
| 2025 | +14.7% | +45.2% |
| 2026 | +12.3% | +23.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and MS good diversifiers for each other?
To a limited degree. At 0.77 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 MS?
The DIA/MS correlation stands at 0.77 on a 3-year window (1 year: 0.66, 5 years: 0.73), computed from weekly returns as of 2026-08-27.
Is MS a good diversifier for DIA?
To a limited degree. At 0.77 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.77 mean?
On the −1 to +1 scale, 0.77 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dia-vs-ms.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dia-vs-ms/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DIA correlations · MS correlations
