DIA vs QQQ: Correlation & Overlap
Measured on weekly returns over the past three years, SPDR Dow Jones Industrial Average ETF (DIA) and Invesco QQQ Trust (QQQ) carry a correlation of 0.73, a strong link. By holdings, the two funds overlap 21.2% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DIA and QQQ?
On 3 years of weekly data the DIA/QQQ correlation comes out at 0.73, strong. Little has changed lately, as the 1-year reading of 0.67 lands near the 3-year figure. The 5-year figure is 0.77, and annualized covariance runs at 186.8 %².
By 3-year correlation, QQQ places #31 of the 116 assets tracked against DIA. Over the last 12 months QQQ came out ahead by 7.1 percentage points (+19.2% against +26.3%). On a rolling one-year basis the correlation drifted between 0.52 and 0.87, a moderate band. One caveat on sizing: QQQ is 1.5 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 QQQ: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +19.2% | +26.3% |
| 5-year return | +64.8% | +95.4% |
| Volatility (ann.) | 13.0% | 19.6% |
| Beta vs S&P 500 | 0.79 | 1.28 |
| Max drawdown (3Y) | -16.0% | -22.8% |
| Dividend yield | 1.37% | 0.44% |
| Expense ratio | 0.16% | 0.18% |
| Assets under management | $45.2B | $452.8B |
| Sector / category | ETF · US Large Cap | ETF · US Growth & Tech |
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. QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Portfolio overlap between DIA and QQQ
The two portfolios partially overlap, with 9 holdings in common adding up to 21.2% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in DIA | Weight in QQQ |
|---|---|---|
| MSFT | 5.51% | 5.93% |
| AAPL | 3.48% | 7.39% |
| GOOGL | 3.80% | 3.20% |
| AMZN | 2.89% | 4.50% |
| NVDA | 2.33% | 8.15% |
| CSCO | 1.25% | 1.96% |
| WMT | 1.16% | 2.26% |
| AMGN | 4.89% | 1.06% |
| HON | 2.45% | 0.31% |
Largest positions held only by DIA: GS (11.56%), CAT (9.13%), UNH (4.45%), V (4.26%), TRV (4.12%). Only by QQQ: MU (4.69%), AMD (3.48%), GOOG (2.97%), TSLA (2.77%), META (2.74%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 9 common positions shown.
Year-by-year returns
| Year | DIA | QQQ |
|---|---|---|
| 2022 | -7.0% | -32.6% |
| 2023 | +16.0% | +54.9% |
| 2024 | +14.8% | +25.6% |
| 2025 | +14.7% | +20.8% |
| 2026 | +12.3% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and QQQ good diversifiers for each other?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between DIA and QQQ?
Using weekly returns as of 2026-08-27: 0.73 over 3 years, with 0.67 over the last year and 0.77 over 5 years.
Is QQQ a good diversifier for DIA?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
How much do DIA and QQQ overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 21.2% by weight over 9 common positions.
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Hubs: DIA correlations · QQQ correlations
