DIA vs SPYG: Correlation & Overlap
Measured on weekly returns over the past three years, SPDR Dow Jones Industrial Average ETF (DIA) and SPDR Portfolio S&P 500 Growth ETF (SPYG) carry a correlation of 0.74, a strong link. Looking through to holdings, 26.1% 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 SPYG?
On 3 years of weekly data the DIA/SPYG correlation comes out at 0.74, strong. The relationship has been stable: the 1-year correlation (0.70) sits close to the 3-year figure. The 5-year figure is 0.80, and annualized covariance runs at 183.3 %².
Among the 116 assets we track against DIA, SPYG ranks #26 by 3-year correlation. Their 12-month results are close: +19.2% for DIA against +22.4% for SPYG. The rolling one-year correlation moved between 0.48 and 0.88 over the past three years, a moderate range.
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 SPYG: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | +19.2% | +22.4% |
| 5-year return | +64.8% | +85.9% |
| Volatility (ann.) | 13.0% | 18.9% |
| Beta vs S&P 500 | 0.79 | 1.25 |
| Max drawdown (3Y) | -16.0% | -22.1% |
| Dividend yield | 1.37% | 0.49% |
| Expense ratio | 0.16% | 0.04% |
| Assets under management | $45.2B | $52.2B |
| 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. SPYG is a Large Growth fund from State Street Investment Management: $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield.
Portfolio overlap between DIA and SPYG
The two portfolios partially overlap. Weighing the shared positions, 26.1% of the two funds is identical, spread across 17 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in DIA | Weight in SPYG |
|---|---|---|
| MSFT | 5.51% | 10.32% |
| GOOGL | 3.80% | 5.61% |
| AAPL | 3.48% | 6.44% |
| AMZN | 2.89% | 3.78% |
| NVDA | 2.33% | 14.21% |
| JPM | 3.96% | 1.82% |
| JNJ | 3.00% | 1.07% |
| CAT | 9.13% | 1.06% |
| V | 4.26% | 0.98% |
| CSCO | 1.25% | 0.66% |
| GS | 11.56% | 0.56% |
| AMGN | 4.89% | 0.45% |
| KO | 1.00% | 0.41% |
| AXP | 3.73% | 0.34% |
| IBM | 2.55% | 0.31% |
Largest positions held only by DIA: UNH (4.45%), TRV (4.12%), SHW (3.87%), HD (3.72%), HON (2.45%). Only by SPYG: AVGO (4.71%), GOOG (4.49%), META (3.54%), MU (2.96%), LLY (2.63%).
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 | SPYG |
|---|---|---|
| 2022 | -7.0% | -29.4% |
| 2023 | +16.0% | +30.0% |
| 2024 | +14.8% | +36.0% |
| 2025 | +14.7% | +22.1% |
| 2026 | +12.3% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and SPYG good diversifiers for each other?
Only partially. A correlation of 0.74 means DIA and SPYG 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 SPYG?
Using weekly returns as of 2026-08-27: 0.74 over 3 years, with 0.70 over the last year and 0.80 over 5 years.
Is SPYG a good diversifier for DIA?
Only partially. A correlation of 0.74 means DIA and SPYG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do DIA and SPYG overlap?
26.1% by weight, across 17 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-spyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dia-vs-spyg/)
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Related comparisons
Hubs: DIA correlations · SPYG correlations
