DIA vs USMV: Correlation & Overlap
SPDR Dow Jones Industrial Average ETF (DIA) and iShares MSCI USA Min Vol Factor ETF (USMV) show a very strong relationship: their 3-year correlation of weekly returns is 0.84. Looking through to holdings, 17.2% 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 USMV?
Across a 3-year window, the weekly returns of DIA and USMV correlate at 0.84, very strong, meaning they move nearly in lockstep. Lately the two have drifted apart, with the 1-year correlation at 0.64 versus 0.84 over 3 years. Stretching to 5 years gives 0.88, with an annualized covariance of 108.6 %².
Within DIA's tracked universe of 116 assets, USMV comes in at #18 by 3-year correlation. The trailing year gives DIA the advantage: +19.2% versus +10.1%, a 9.1-point spread. Across three years, the rolling one-year figure varied moderately, from 0.66 to 0.92.
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 USMV: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | +19.2% | +10.1% |
| 5-year return | +64.8% | +42.3% |
| Volatility (ann.) | 13.0% | 9.9% |
| Beta vs S&P 500 | 0.79 | 0.51 |
| Max drawdown (3Y) | -16.0% | -9.4% |
| Dividend yield | 1.37% | 1.48% |
| Expense ratio | 0.16% | 0.15% |
| Assets under management | $45.2B | $23.6B |
| 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. USMV, iShares's Large Blend fund, carries $23.6B under management, 164 holdings, a 0.15% expense ratio, a 1.48% trailing dividend yield.
Portfolio overlap between DIA and USMV
The two portfolios partially overlap: 17.2% of the funds' weight sits in the same underlying holdings (19 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in DIA | Weight in USMV |
|---|---|---|
| MSFT | 5.51% | 1.68% |
| JNJ | 3.00% | 1.58% |
| MRK | 1.70% | 1.54% |
| NVDA | 2.33% | 1.35% |
| CSCO | 1.25% | 1.38% |
| MCD | 2.96% | 1.06% |
| IBM | 2.55% | 1.03% |
| V | 4.26% | 1.02% |
| PG | 1.61% | 1.02% |
| KO | 1.00% | 1.28% |
| CRM | 2.28% | 0.96% |
| AAPL | 3.48% | 0.88% |
| TRV | 4.12% | 0.79% |
| WMT | 1.16% | 0.65% |
| UNH | 4.45% | 0.40% |
Largest positions held only by DIA: GS (11.56%), CAT (9.13%), JPM (3.96%), SHW (3.87%), GOOGL (3.80%). Only by USMV: NEM (1.65%), VRTX (1.63%), WELL (1.57%), APH (1.54%), MSI (1.51%).
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 | USMV |
|---|---|---|
| 2022 | -7.0% | -9.4% |
| 2023 | +16.0% | +10.3% |
| 2024 | +14.8% | +15.7% |
| 2025 | +14.7% | +7.6% |
| 2026 | +12.3% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and USMV good diversifiers for each other?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between DIA and USMV?
Using weekly returns as of 2026-08-27: 0.84 over 3 years, with 0.64 over the last year and 0.88 over 5 years.
Is USMV a good diversifier for DIA?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
How much do DIA and USMV overlap?
The two funds share 19 holdings amounting to 17.2% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dia-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dia-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DIA correlations · USMV correlations
