DIA vs RSP: Correlation & Overlap
How closely do SPDR Dow Jones Industrial Average ETF (DIA) and Invesco S&P 500 Equal Weight ETF (RSP) trade together? Their weekly returns over three years give a correlation of 0.91, which is very strong. By holdings, the two funds overlap 5.9% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DIA and RSP?
On 3 years of weekly data the DIA/RSP correlation comes out at 0.91, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.86) sits close to the 3-year figure. The 5-year figure is 0.93, and annualized covariance runs at 157.0 %².
By 3-year correlation, RSP places #4 of the 116 assets tracked against DIA. Their 12-month results are close: +19.2% for DIA against +19.2% for RSP. The link looks structural: the rolling one-year correlation barely moved, holding between 0.87 and 0.95.
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 RSP: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | +19.2% | +19.2% |
| 5-year return | +64.8% | +53.9% |
| Volatility (ann.) | 13.0% | 13.2% |
| Beta vs S&P 500 | 0.79 | 0.77 |
| Max drawdown (3Y) | -16.0% | -17.8% |
| Dividend yield | 1.37% | 1.49% |
| Expense ratio | 0.16% | 0.20% |
| Assets under management | $45.2B | $97.3B |
| Sector / category | ETF · US Large Cap | ETF · US Large Cap |
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. On the fund side, RSP sits in the Large Blend category at Invesco, with $97.3B under management, 505 holdings, a 0.20% expense ratio, a 1.49% trailing dividend yield.
Portfolio overlap between DIA and RSP
The two portfolios are largely distinct: 5.9% of the funds' weight sits in the same underlying holdings (30 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in DIA | Weight in RSP |
|---|---|---|
| AMGN | 4.89% | 0.24% |
| MRK | 1.70% | 0.24% |
| MSFT | 5.51% | 0.23% |
| TRV | 4.12% | 0.23% |
| CRM | 2.28% | 0.22% |
| V | 4.26% | 0.22% |
| MMM | 2.00% | 0.21% |
| JPM | 3.96% | 0.21% |
| SHW | 3.87% | 0.21% |
| JNJ | 3.00% | 0.21% |
| DIS | 1.22% | 0.21% |
| AMZN | 2.89% | 0.20% |
| KO | 1.00% | 0.20% |
| AAPL | 3.48% | 0.20% |
| AXP | 3.73% | 0.20% |
Largest positions held only by DIA: . Only by RSP: MRNA (0.61%), ZBRA (0.31%), CRL (0.29%), DASH (0.29%), EXPE (0.28%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 15 common positions shown.
Year-by-year returns
| Year | DIA | RSP |
|---|---|---|
| 2022 | -7.0% | -11.6% |
| 2023 | +16.0% | +13.7% |
| 2024 | +14.8% | +12.8% |
| 2025 | +14.7% | +11.2% |
| 2026 | +12.3% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and RSP good diversifiers for each other?
No. With a correlation of 0.91, DIA and RSP move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between DIA and RSP?
The DIA/RSP correlation stands at 0.91 on a 3-year window (1 year: 0.86, 5 years: 0.93), computed from weekly returns as of 2026-08-27.
Is RSP a good diversifier for DIA?
No. With a correlation of 0.91, DIA and RSP move nearly in lockstep, so holding both adds very little diversification.
How much do DIA and RSP overlap?
The two funds share 30 holdings amounting to 5.9% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dia-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dia-vs-rsp/)
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Related comparisons
Hubs: DIA correlations · RSP correlations
