DIA vs NKE: Correlation
How closely do SPDR Dow Jones Industrial Average ETF (DIA) and Nike, Inc. (NKE) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DIA and NKE?
Over the past 3 years, DIA and NKE moved with a correlation of 0.41, which is moderate. The relationship has been stable: the 1-year correlation (0.44) sits close to the 3-year figure. Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 197.4 %².
Among the 116 assets we track against DIA, NKE ranks #102 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months DIA outperformed by 68.6 percentage points (+19.2% for DIA against -49.4% for NKE). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.17 to 0.69. Risk is not evenly split, since NKE carries 2.8 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 NKE: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | NKE (Nike, Inc.) | |
|---|---|---|
| 1-year return | +19.2% | -49.4% |
| 5-year return | +64.8% | -75.2% |
| Volatility (ann.) | 13.0% | 36.6% |
| Beta vs S&P 500 | 0.79 | 0.93 |
| Max drawdown (3Y) | -16.0% | -66.9% |
| Market cap | – | $57.0B |
| P/E (trailing) | – | 18.4 |
| Dividend yield | 1.37% | 4.22% |
| Expense ratio | 0.16% | – |
| Assets under management | $45.2B | – |
| Sector / category | ETF · US Large Cap | Consumer Discretionary |
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.
Year-by-year returns
| Year | DIA | NKE |
|---|---|---|
| 2022 | -7.0% | -29.0% |
| 2023 | +16.0% | -6.0% |
| 2024 | +14.8% | -29.1% |
| 2025 | +14.7% | -13.8% |
| 2026 | +12.3% | -38.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that DIA holds NKE at a 0.43% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are DIA and NKE good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DIA and NKE?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.44 over the last year and 0.51 over 5 years.
Is NKE a good diversifier for DIA?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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.
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Related comparisons
Hubs: DIA correlations · NKE correlations
