DIA vs QQQM: Correlation & Overlap
SPDR Dow Jones Industrial Average ETF (DIA) and Invesco Nasdaq 100 ETF (QQQM) show a strong relationship: their 3-year correlation of weekly returns is 0.73. Looking through to holdings, 21.2% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DIA and QQQM?
Over the past 3 years, DIA and QQQM moved with a correlation of 0.73, which is strong. Little has changed lately, as the 1-year reading of 0.67 lands near the 3-year figure. Over 5 years the correlation is 0.77, and the annualized covariance of weekly returns is 185.8 %².
Among the 116 assets we track against DIA, QQQM ranks #32 by 3-year correlation. Over the last 12 months QQQM came out ahead by 7.2 percentage points (+19.2% against +26.4%). On a rolling one-year basis the correlation drifted between 0.52 and 0.87, a moderate band. One caveat on sizing: QQQM 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 QQQM: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | QQQM (Invesco Nasdaq 100 ETF) | |
|---|---|---|
| 1-year return | +19.2% | +26.4% |
| 5-year return | +64.8% | +96.1% |
| Volatility (ann.) | 13.0% | 19.5% |
| Beta vs S&P 500 | 0.79 | 1.28 |
| Max drawdown (3Y) | -16.0% | -22.7% |
| Dividend yield | 1.37% | 0.46% |
| Expense ratio | 0.16% | 0.15% |
| Assets under management | $45.2B | $97.1B |
| 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. QQQM is a Large Growth fund from Invesco: $97.1B under management, 105 holdings, a 0.15% expense ratio, a 0.46% trailing dividend yield.
Portfolio overlap between DIA and QQQM
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 QQQM |
|---|---|---|
| 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 QQQM: 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 | QQQM |
|---|---|---|
| 2022 | -7.0% | -32.5% |
| 2023 | +16.0% | +55.0% |
| 2024 | +14.8% | +25.7% |
| 2025 | +14.7% | +20.9% |
| 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 QQQM 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 QQQM?
As of 2026-08-27, the correlation of weekly returns between DIA and QQQM is 0.73 over 3 years, 0.67 over 1 year and 0.77 over 5 years.
Is QQQM 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 QQQM overlap?
21.2% by weight, across 9 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
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Hubs: DIA correlations · QQQM correlations
