DIA vs VNQ: Correlation & Overlap
SPDR Dow Jones Industrial Average ETF (DIA) and Vanguard Real Estate ETF (VNQ) show a strong relationship: their 3-year correlation of weekly returns is 0.61. Looking through to holdings, 0% 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 VNQ?
Across a 3-year window, the weekly returns of DIA and VNQ correlate at 0.61, strong. Lately the two have drifted apart, with the 1-year correlation at 0.45 versus 0.61 over 3 years. Stretching to 5 years gives 0.72, with an annualized covariance of 131.1 %².
Among the 116 assets we track against DIA, VNQ ranks #61 by 3-year correlation. Over the last 12 months DIA came out ahead by 8.9 percentage points (+19.2% against +10.3%). The rolling one-year correlation moved between 0.47 and 0.85 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 VNQ: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | VNQ (Vanguard Real Estate ETF) | |
|---|---|---|
| 1-year return | +19.2% | +10.3% |
| 5-year return | +64.8% | +9.5% |
| Volatility (ann.) | 13.0% | 16.6% |
| Beta vs S&P 500 | 0.79 | 0.59 |
| Max drawdown (3Y) | -16.0% | -17.5% |
| Dividend yield | 1.37% | 3.51% |
| Expense ratio | 0.16% | 0.13% |
| Assets under management | $45.2B | $73.1B |
| Sector / category | ETF · US Large Cap | ETF · Real Estate |
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. VNQ is a Real Estate fund from Vanguard: $73.1B under management, 140 holdings, a 0.13% expense ratio, a 3.51% trailing dividend yield.
Portfolio overlap between DIA and VNQ
The two portfolios are largely distinct: 0% of the funds' weight sits in the same underlying holdings (0 common positions). Correlation tells you they move together; overlap tells you why.
Largest positions held only by DIA: GS (11.56%), CAT (9.13%), MSFT (5.51%), AMGN (4.89%), UNH (4.45%). Only by VNQ: VRTPX (14.54%), WELL (8.54%), PLD (7.04%), EQIX (5.25%), AMT (4.22%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26.
Year-by-year returns
| Year | DIA | VNQ |
|---|---|---|
| 2022 | -7.0% | -26.3% |
| 2023 | +16.0% | +11.9% |
| 2024 | +14.8% | +4.8% |
| 2025 | +14.7% | +3.2% |
| 2026 | +12.3% | +12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and VNQ good diversifiers for each other?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between DIA and VNQ?
As of 2026-08-27, the correlation of weekly returns between DIA and VNQ is 0.61 over 3 years, 0.45 over 1 year and 0.72 over 5 years.
Is VNQ a good diversifier for DIA?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
How much do DIA and VNQ overlap?
The two funds share 0 holdings amounting to 0% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dia-vs-vnq.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dia-vs-vnq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DIA correlations · VNQ correlations
