DIA vs NSC: Correlation
Measured on weekly returns over the past three years, SPDR Dow Jones Industrial Average ETF (DIA) and Norfolk Southern (NSC) carry a correlation of 0.58, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DIA and NSC?
Over the past 3 years, DIA and NSC moved with a correlation of 0.58, which is moderate. The link has loosened recently: the 1-year correlation (0.23) runs below the 3-year figure (0.58). Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 166.0 %².
By 3-year correlation, NSC places #73 of the 116 assets tracked against DIA. Over the last 12 months NSC came out ahead by 10.8 percentage points (+19.2% against +30.0%). This link changes with the market regime, having swung between 0.27 and 0.77 on a rolling one-year basis. One caveat on sizing: NSC is 1.7 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 NSC: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | NSC (Norfolk Southern) | |
|---|---|---|
| 1-year return | +19.2% | +30.0% |
| 5-year return | +64.8% | +49.6% |
| Volatility (ann.) | 13.0% | 22.0% |
| Beta vs S&P 500 | 0.79 | 0.69 |
| Max drawdown (3Y) | -16.0% | -25.1% |
| Market cap | – | $78.1B |
| P/E (trailing) | – | 30.1 |
| Dividend yield | 1.37% | 1.53% |
| Expense ratio | 0.16% | – |
| Assets under management | $45.2B | – |
| Sector / category | ETF · US Large Cap | Industrials |
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 | NSC |
|---|---|---|
| 2022 | -7.0% | -15.6% |
| 2023 | +16.0% | -1.6% |
| 2024 | +14.8% | +1.6% |
| 2025 | +14.7% | +25.6% |
| 2026 | +12.3% | +22.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and NSC good diversifiers for each other?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between DIA and NSC?
As of 2026-08-27, the correlation of weekly returns between DIA and NSC is 0.58 over 3 years, 0.23 over 1 year and 0.58 over 5 years.
Is NSC a good diversifier for DIA?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.58 mean?
On the −1 to +1 scale, 0.58 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-nsc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dia-vs-nsc/)
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Related comparisons
Hubs: DIA correlations · NSC correlations
