DIA vs SCHD: Correlation & Overlap
Measured on weekly returns over the past three years, SPDR Dow Jones Industrial Average ETF (DIA) and Schwab US Dividend Equity ETF (SCHD) carry a correlation of 0.74, a strong link. The two funds also share 19.0% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DIA and SCHD?
Across a 3-year window, the weekly returns of DIA and SCHD correlate at 0.74, strong. The past 12 months show a weaker link (0.47) than the 3-year average (0.74). Stretching to 5 years gives 0.84, with an annualized covariance of 124.7 %².
Within DIA's tracked universe of 116 assets, SCHD comes in at #25 by 3-year correlation. The trailing year gives SCHD the advantage: +19.2% versus +29.6%, a 10.4-point spread. On a rolling one-year basis the correlation drifted between 0.52 and 0.94, 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 SCHD: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | SCHD (Schwab US Dividend Equity ETF) | |
|---|---|---|
| 1-year return | +19.2% | +29.6% |
| 5-year return | +64.8% | +60.9% |
| Volatility (ann.) | 13.0% | 12.9% |
| Beta vs S&P 500 | 0.79 | 0.52 |
| Max drawdown (3Y) | -16.0% | -16.1% |
| Dividend yield | 1.37% | 3.13% |
| Expense ratio | 0.16% | 0.06% |
| Assets under management | $45.2B | $104.2B |
| Sector / category | ETF · US Large Cap | ETF · Dividend |
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. SCHD, Schwab ETFs's Large Value fund, carries $104.2B under management, 101 holdings, a 0.06% expense ratio, a 3.13% trailing dividend yield.
Portfolio overlap between DIA and SCHD
The two portfolios partially overlap, with 7 holdings in common adding up to 19.0% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in DIA | Weight in SCHD |
|---|---|---|
| AMGN | 4.89% | 4.80% |
| UNH | 4.45% | 3.92% |
| HD | 3.72% | 3.94% |
| CVX | 2.22% | 3.89% |
| MRK | 1.70% | 4.92% |
| PG | 1.61% | 3.81% |
| KO | 1.00% | 4.22% |
Largest positions held only by DIA: GS (11.56%), CAT (9.13%), MSFT (5.51%), V (4.26%), TRV (4.12%). Only by SCHD: ABT (4.83%), VZ (3.97%), COP (3.86%), PEP (3.68%), BMY (3.35%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 7 common positions shown.
Year-by-year returns
| Year | DIA | SCHD |
|---|---|---|
| 2022 | -7.0% | -3.3% |
| 2023 | +16.0% | +4.5% |
| 2024 | +14.8% | +11.7% |
| 2025 | +14.7% | +4.3% |
| 2026 | +12.3% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and SCHD good diversifiers for each other?
Only partially. A correlation of 0.74 means DIA and SCHD share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between DIA and SCHD?
The DIA/SCHD correlation stands at 0.74 on a 3-year window (1 year: 0.47, 5 years: 0.84), computed from weekly returns as of 2026-08-27.
Is SCHD a good diversifier for DIA?
Only partially. A correlation of 0.74 means DIA and SCHD share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do DIA and SCHD overlap?
19.0% by weight, across 7 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dia-vs-schd.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dia-vs-schd/)
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Hubs: DIA correlations · SCHD correlations
