DIA vs VTV: Correlation & Overlap
How closely do SPDR Dow Jones Industrial Average ETF (DIA) and Vanguard Value ETF (VTV) trade together? Their weekly returns over three years give a correlation of 0.90, which is very strong. By holdings, the two funds overlap 22.8% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DIA and VTV?
Over the past 3 years, DIA and VTV moved with a correlation of 0.90, which is very strong, meaning they move nearly in lockstep. The link has loosened recently: the 1-year correlation (0.79) runs below the 3-year figure (0.90). Over 5 years the correlation is 0.93, and the annualized covariance of weekly returns is 140.6 %².
Within DIA's tracked universe of 116 assets, VTV comes in at #6 by 3-year correlation. Over the last 12 months VTV came out ahead by 6.5 percentage points (+19.2% against +25.7%). The link looks structural: the rolling one-year correlation barely moved, holding between 0.82 and 0.97.
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 VTV: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | VTV (Vanguard Value ETF) | |
|---|---|---|
| 1-year return | +19.2% | +25.7% |
| 5-year return | +64.8% | +79.1% |
| Volatility (ann.) | 13.0% | 11.9% |
| Beta vs S&P 500 | 0.79 | 0.65 |
| Max drawdown (3Y) | -16.0% | -14.5% |
| Dividend yield | 1.37% | 1.86% |
| Expense ratio | 0.16% | 0.03% |
| Assets under management | $45.2B | $256.4B |
| 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. On the fund side, VTV sits in the Large Value category at Vanguard, with $256.4B under management, 308 holdings, a 0.03% expense ratio, a 1.86% trailing dividend yield.
Portfolio overlap between DIA and VTV
The two portfolios partially overlap, with 22 holdings in common adding up to 22.8% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in DIA | Weight in VTV |
|---|---|---|
| JPM | 3.96% | 3.51% |
| JNJ | 3.00% | 2.30% |
| UNH | 4.45% | 1.40% |
| CAT | 9.13% | 1.40% |
| CVX | 2.22% | 1.39% |
| PG | 1.61% | 1.25% |
| CSCO | 1.25% | 1.53% |
| HD | 3.72% | 1.23% |
| MRK | 1.70% | 1.20% |
| WMT | 1.16% | 1.82% |
| GS | 11.56% | 1.06% |
| KO | 1.00% | 1.12% |
| IBM | 2.55% | 0.78% |
| AMGN | 4.89% | 0.77% |
| AXP | 3.73% | 0.68% |
Largest positions held only by DIA: MSFT (5.51%), V (4.26%), GOOGL (3.80%), AAPL (3.48%), MCD (2.96%). Only by VTV: MU (3.46%), BRK.B (2.99%), XOM (2.40%), ABBV (1.65%), BAC (1.47%).
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 | VTV |
|---|---|---|
| 2022 | -7.0% | -2.1% |
| 2023 | +16.0% | +9.3% |
| 2024 | +14.8% | +16.0% |
| 2025 | +14.7% | +15.3% |
| 2026 | +12.3% | +19.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and VTV good diversifiers for each other?
Not really. At 0.90, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between DIA and VTV?
Using weekly returns as of 2026-08-27: 0.90 over 3 years, with 0.79 over the last year and 0.93 over 5 years.
Is VTV a good diversifier for DIA?
Not really. At 0.90, the two trade almost as one position, and owning both buys little extra protection.
How much do DIA and VTV overlap?
The two funds share 22 holdings amounting to 22.8% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dia-vs-vtv.json
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Related comparisons
Hubs: DIA correlations · VTV correlations
