DIA vs QUAL: Correlation & Overlap
How closely do SPDR Dow Jones Industrial Average ETF (DIA) and iShares MSCI USA Quality Factor ETF (QUAL) trade together? Their weekly returns over three years give a correlation of 0.88, which is very strong. Looking through to holdings, 24.2% 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 QUAL?
Across a 3-year window, the weekly returns of DIA and QUAL correlate at 0.88, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.90 over 1 year against 0.88 over 3. Stretching to 5 years gives 0.90, with an annualized covariance of 159.6 %².
By 3-year correlation, QUAL places #10 of the 116 assets tracked against DIA. Their 12-month results are close: +19.2% for DIA against +19.7% for QUAL. On a rolling one-year basis the correlation drifted between 0.65 and 0.96, a moderate band.
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 QUAL: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | QUAL (iShares MSCI USA Quality Factor ETF) | |
|---|---|---|
| 1-year return | +19.2% | +19.7% |
| 5-year return | +64.8% | +68.0% |
| Volatility (ann.) | 13.0% | 14.0% |
| Beta vs S&P 500 | 0.79 | 0.93 |
| Max drawdown (3Y) | -16.0% | -18.0% |
| Dividend yield | 1.37% | 0.86% |
| Expense ratio | 0.16% | 0.15% |
| Assets under management | $45.2B | $46.5B |
| 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. QUAL, iShares's Large Blend fund, carries $46.5B under management, 123 holdings, a 0.15% expense ratio, a 0.86% trailing dividend yield.
Portfolio overlap between DIA and QUAL
The two portfolios partially overlap, with 13 holdings in common adding up to 24.2% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in DIA | Weight in QUAL |
|---|---|---|
| MSFT | 5.51% | 7.51% |
| AAPL | 3.48% | 6.62% |
| V | 4.26% | 3.26% |
| NVDA | 2.33% | 6.00% |
| JNJ | 3.00% | 2.13% |
| GOOGL | 3.80% | 1.93% |
| MRK | 1.70% | 1.44% |
| MMM | 2.00% | 0.93% |
| WMT | 1.16% | 0.91% |
| KO | 1.00% | 0.82% |
| PG | 1.61% | 0.81% |
| SHW | 3.87% | 0.36% |
| TRV | 4.12% | 0.24% |
Largest positions held only by DIA: GS (11.56%), CAT (9.13%), AMGN (4.89%), UNH (4.45%), JPM (3.96%). Only by QUAL: META (3.75%), LLY (3.72%), LRCX (3.66%), TJX (3.40%), AMAT (2.88%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 13 common positions shown.
Year-by-year returns
| Year | DIA | QUAL |
|---|---|---|
| 2022 | -7.0% | -20.5% |
| 2023 | +16.0% | +30.9% |
| 2024 | +14.8% | +22.3% |
| 2025 | +14.7% | +12.7% |
| 2026 | +12.3% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and QUAL good diversifiers for each other?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between DIA and QUAL?
As of 2026-08-27, the correlation of weekly returns between DIA and QUAL is 0.88 over 3 years, 0.90 over 1 year and 0.90 over 5 years.
Is QUAL a good diversifier for DIA?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
How much do DIA and QUAL overlap?
The two funds share 13 holdings amounting to 24.2% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dia-vs-qual.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dia-vs-qual/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DIA correlations · QUAL correlations
