DIA vs MTUM: Correlation & Overlap
Measured on weekly returns over the past three years, SPDR Dow Jones Industrial Average ETF (DIA) and iShares MSCI USA Momentum Factor ETF (MTUM) carry a correlation of 0.71, a strong link. The two funds also share 14.6% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DIA and MTUM?
Across a 3-year window, the weekly returns of DIA and MTUM correlate at 0.71, strong. The link has loosened recently: the 1-year correlation (0.56) runs below the 3-year figure (0.71). Stretching to 5 years gives 0.77, with an annualized covariance of 189.5 %².
By 3-year correlation, MTUM places #37 of the 116 assets tracked against DIA. On 12-month performance MTUM holds a 6.0-point edge, +19.2% against +25.2%. Across three years, the rolling one-year figure varied moderately, from 0.53 to 0.90. One caveat on sizing: MTUM is 1.6 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 MTUM: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | +19.2% | +25.2% |
| 5-year return | +64.8% | +76.1% |
| Volatility (ann.) | 13.0% | 20.6% |
| Beta vs S&P 500 | 0.79 | 1.25 |
| Max drawdown (3Y) | -16.0% | -21.0% |
| Dividend yield | 1.37% | 0.62% |
| Expense ratio | 0.16% | 0.15% |
| Assets under management | $45.2B | $25.3B |
| Sector / category | ETF · US Large Cap | ETF · US Style |
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. MTUM is a Large Blend fund from iShares: $25.3B under management, 126 holdings, a 0.15% expense ratio, a 0.62% trailing dividend yield.
Portfolio overlap between DIA and MTUM
The two portfolios are largely distinct. Weighing the shared positions, 14.6% of the two funds is identical, spread across 7 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in DIA | Weight in MTUM |
|---|---|---|
| CAT | 9.13% | 3.63% |
| JNJ | 3.00% | 3.67% |
| GOOGL | 3.80% | 2.44% |
| CVX | 2.22% | 1.75% |
| GS | 11.56% | 1.38% |
| CSCO | 1.25% | 2.43% |
| WMT | 1.16% | 2.44% |
Largest positions held only by DIA: MSFT (5.51%), AMGN (4.89%), UNH (4.45%), V (4.26%), TRV (4.12%). Only by MTUM: MU (6.60%), AMD (5.09%), AVGO (4.25%), INTC (3.91%), XOM (3.78%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 7 common positions shown.
Year-by-year returns
| Year | DIA | MTUM |
|---|---|---|
| 2022 | -7.0% | -18.3% |
| 2023 | +16.0% | +9.1% |
| 2024 | +14.8% | +32.9% |
| 2025 | +14.7% | +22.1% |
| 2026 | +12.3% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and MTUM good diversifiers for each other?
To a limited degree. At 0.71 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 MTUM?
As of 2026-08-27, the correlation of weekly returns between DIA and MTUM is 0.71 over 3 years, 0.56 over 1 year and 0.77 over 5 years.
Is MTUM a good diversifier for DIA?
To a limited degree. At 0.71 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 MTUM overlap?
The two funds share 7 holdings amounting to 14.6% of weight, per issuer portfolio files dated 2026-08-26.
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Hubs: DIA correlations · MTUM correlations
