DIA vs SPY: Correlation & Overlap
Measured on weekly returns over the past three years, SPDR Dow Jones Industrial Average ETF (DIA) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.88, a very strong link. Looking through to holdings, 28.9% 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 SPY?
Across a 3-year window, the weekly returns of DIA and SPY correlate at 0.88, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.83) sits close to the 3-year figure. Stretching to 5 years gives 0.91, with an annualized covariance of 165.5 %².
Among the 116 assets we track against DIA, SPY ranks #11 by 3-year correlation. Twelve-month performance is nearly a tie, at +19.2% for DIA and +20.6% for SPY. The rolling one-year correlation stayed in a tight band between 0.73 and 0.94 over the past three years, which points to a structural rather than episodic relationship.
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 SPY: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +19.2% | +20.6% |
| 5-year return | +64.8% | +82.4% |
| Volatility (ann.) | 13.0% | 14.5% |
| Beta vs S&P 500 | 0.79 | 1.00 |
| Max drawdown (3Y) | -16.0% | -18.8% |
| Dividend yield | 1.37% | 1.01% |
| Expense ratio | 0.16% | 0.09% |
| Assets under management | $45.2B | $795.3B |
| 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. SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Portfolio overlap between DIA and SPY
The two portfolios partially overlap: 28.9% 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 SPY |
|---|---|---|
| MSFT | 5.51% | 5.58% |
| AAPL | 3.48% | 6.96% |
| GOOGL | 3.80% | 3.03% |
| AMZN | 2.89% | 3.85% |
| NVDA | 2.33% | 7.68% |
| JPM | 3.96% | 1.44% |
| JNJ | 3.00% | 0.98% |
| V | 4.26% | 0.96% |
| WMT | 1.16% | 0.69% |
| CSCO | 1.25% | 0.67% |
| CAT | 9.13% | 0.57% |
| MRK | 1.70% | 0.57% |
| CVX | 2.22% | 0.57% |
| UNH | 4.45% | 0.55% |
| KO | 1.00% | 0.53% |
Largest positions held only by DIA: . Only by SPY: AVGO (2.55%), GOOG (2.42%), META (1.91%), MU (1.60%), TSLA (1.47%).
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 | SPY |
|---|---|---|
| 2022 | -7.0% | -18.2% |
| 2023 | +16.0% | +26.2% |
| 2024 | +14.8% | +24.9% |
| 2025 | +14.7% | +17.7% |
| 2026 | +12.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and SPY 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 SPY?
As of 2026-08-27, the correlation of weekly returns between DIA and SPY is 0.88 over 3 years, 0.83 over 1 year and 0.91 over 5 years.
Is SPY 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 SPY overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 28.9% by weight over 30 common positions.
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