DIA vs VOO: Correlation & Overlap
How closely do SPDR Dow Jones Industrial Average ETF (DIA) and Vanguard S&P 500 ETF (VOO) trade together? Their weekly returns over three years give a correlation of 0.88, which is very strong. Looking through to holdings, 29.0% 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 VOO?
Across a 3-year window, the weekly returns of DIA and VOO correlate at 0.88, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.84 lands near the 3-year figure. Stretching to 5 years gives 0.91, with an annualized covariance of 164.5 %².
Among the 116 assets we track against DIA, VOO ranks #12 by 3-year correlation. Their 12-month results are close: +19.2% for DIA against +20.6% for VOO. The link looks structural: the rolling one-year correlation barely moved, holding between 0.72 and 0.94.
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 VOO: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | VOO (Vanguard S&P 500 ETF) | |
|---|---|---|
| 1-year return | +19.2% | +20.6% |
| 5-year return | +64.8% | +83.0% |
| Volatility (ann.) | 13.0% | 14.4% |
| Beta vs S&P 500 | 0.79 | 0.99 |
| Max drawdown (3Y) | -16.0% | -18.7% |
| Dividend yield | 1.37% | 1.07% |
| Expense ratio | 0.16% | 0.03% |
| Assets under management | $45.2B | $1,686.9B |
| 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. VOO, Vanguard's Large Blend fund, carries $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% trailing dividend yield.
Portfolio overlap between DIA and VOO
The two portfolios partially overlap, with 30 holdings in common adding up to 29.0% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in DIA | Weight in VOO |
|---|---|---|
| MSFT | 5.51% | 5.37% |
| AAPL | 3.48% | 7.05% |
| GOOGL | 3.80% | 3.25% |
| AMZN | 2.89% | 4.13% |
| NVDA | 2.33% | 7.56% |
| JPM | 3.96% | 1.47% |
| JNJ | 3.00% | 0.96% |
| V | 4.26% | 0.93% |
| WMT | 1.16% | 0.76% |
| CSCO | 1.25% | 0.71% |
| UNH | 4.45% | 0.58% |
| CAT | 9.13% | 0.58% |
| CVX | 2.22% | 0.57% |
| KO | 1.00% | 0.53% |
| PG | 1.61% | 0.52% |
Largest positions held only by DIA: . Only by VOO: AVGO (2.87%), GOOG (2.62%), META (1.90%), BRK.B (1.46%), MU (1.44%).
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 | VOO |
|---|---|---|
| 2022 | -7.0% | -18.2% |
| 2023 | +16.0% | +26.3% |
| 2024 | +14.8% | +25.0% |
| 2025 | +14.7% | +17.8% |
| 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 VOO 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 VOO?
Using weekly returns as of 2026-08-27: 0.88 over 3 years, with 0.84 over the last year and 0.91 over 5 years.
Is VOO 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 VOO overlap?
The two funds share 30 holdings amounting to 29.0% of weight, per issuer portfolio files dated 2026-08-26.
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Hubs: DIA correlations · VOO correlations
