DIA vs SPYV: Correlation & Overlap
Measured on weekly returns over the past three years, SPDR Dow Jones Industrial Average ETF (DIA) and SPDR Portfolio S&P 500 Value ETF (SPYV) carry a correlation of 0.93, a very strong link. Looking through to holdings, 21.8% 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 SPYV?
On 3 years of weekly data the DIA/SPYV correlation comes out at 0.93, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.90) sits close to the 3-year figure. The 5-year figure is 0.94, and annualized covariance runs at 146.6 %².
In DIA's tracked universe of 116 assets, SPYV sits right near the top at #3. Neither side won the trailing year by much: +19.2% against +18.5%. Stability stands out here, with the rolling one-year correlation confined to 0.90 through 0.96.
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 SPYV: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +19.2% | +18.5% |
| 5-year return | +64.8% | +73.5% |
| Volatility (ann.) | 13.0% | 12.1% |
| Beta vs S&P 500 | 0.79 | 0.70 |
| Max drawdown (3Y) | -16.0% | -17.5% |
| Dividend yield | 1.37% | 1.69% |
| Expense ratio | 0.16% | 0.04% |
| Assets under management | $45.2B | $36.2B |
| Sector / category | ETF · US Large Cap | ETF · US Style |
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. SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Portfolio overlap between DIA and SPYV
The two portfolios partially overlap: 21.8% of the funds' weight sits in the same underlying holdings (26 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in DIA | Weight in SPYV |
|---|---|---|
| AAPL | 3.48% | 7.58% |
| AMZN | 2.89% | 3.95% |
| MRK | 1.70% | 1.25% |
| CVX | 2.22% | 1.23% |
| UNH | 4.45% | 1.20% |
| WMT | 1.16% | 1.51% |
| PG | 1.61% | 1.11% |
| HD | 3.72% | 1.10% |
| JPM | 3.96% | 1.01% |
| V | 4.26% | 0.94% |
| JNJ | 3.00% | 0.88% |
| CSCO | 1.25% | 0.69% |
| KO | 1.00% | 0.67% |
| DIS | 1.22% | 0.63% |
| CRM | 2.28% | 0.55% |
Largest positions held only by DIA: CAT (9.13%), MSFT (5.51%), GOOGL (3.80%), NVDA (2.33%). Only by SPYV: XOM (2.16%), INTC (1.44%), COST (1.40%), BAC (1.34%), TSLA (1.22%).
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 | SPYV |
|---|---|---|
| 2022 | -7.0% | -5.3% |
| 2023 | +16.0% | +22.2% |
| 2024 | +14.8% | +12.2% |
| 2025 | +14.7% | +13.2% |
| 2026 | +12.3% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and SPYV good diversifiers for each other?
Not really. At 0.93, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between DIA and SPYV?
Using weekly returns as of 2026-08-27: 0.93 over 3 years, with 0.90 over the last year and 0.94 over 5 years.
Is SPYV a good diversifier for DIA?
Not really. At 0.93, the two trade almost as one position, and owning both buys little extra protection.
How much do DIA and SPYV overlap?
The two funds share 26 holdings amounting to 21.8% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
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Related comparisons
Hubs: DIA correlations · SPYV correlations
