DIA vs VWO: Correlation & Overlap
How closely do SPDR Dow Jones Industrial Average ETF (DIA) and Vanguard FTSE Emerging Markets ETF (VWO) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong. 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 VWO?
On 3 years of weekly data the DIA/VWO correlation comes out at 0.62, strong. The relationship has been stable: the 1-year correlation (0.72) sits close to the 3-year figure. The 5-year figure is 0.58, and annualized covariance runs at 122.2 %².
By 3-year correlation, VWO places #60 of the 116 assets tracked against DIA. Their 12-month results are close: +19.2% for DIA against +21.6% for VWO. The rolling one-year correlation moved between 0.36 and 0.80 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 VWO: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | VWO (Vanguard FTSE Emerging Markets ETF) | |
|---|---|---|
| 1-year return | +19.2% | +21.6% |
| 5-year return | +64.8% | +38.2% |
| Volatility (ann.) | 13.0% | 15.2% |
| Beta vs S&P 500 | 0.79 | 0.75 |
| Max drawdown (3Y) | -16.0% | -17.4% |
| Dividend yield | 1.37% | 2.36% |
| Expense ratio | 0.16% | 0.06% |
| Assets under management | $45.2B | $162.0B |
| Sector / category | ETF · US Large Cap | ETF · International |
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. On the fund side, VWO sits in the Diversified Emerging Mkts category at Vanguard, with $162.0B under management, 4113 holdings, a 0.06% expense ratio, a 2.36% trailing dividend yield.
Portfolio overlap between DIA and VWO
The two portfolios are largely distinct, with 0 holdings in common adding up to 0% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
Largest positions held only by DIA: GS (11.56%), CAT (9.13%), MSFT (5.51%), AMGN (4.89%), UNH (4.45%). Only by VWO: 2330 (18.65%), 700 (3.97%), 9988 (2.90%), 2454 (1.62%), 939 (1.07%).
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 | VWO |
|---|---|---|
| 2022 | -7.0% | -18.0% |
| 2023 | +16.0% | +9.3% |
| 2024 | +14.8% | +10.6% |
| 2025 | +14.7% | +25.6% |
| 2026 | +12.3% | +13.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and VWO good diversifiers for each other?
To a limited degree. At 0.62 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between DIA and VWO?
As of 2026-08-27, the correlation of weekly returns between DIA and VWO is 0.62 over 3 years, 0.72 over 1 year and 0.58 over 5 years.
Is VWO a good diversifier for DIA?
To a limited degree. At 0.62 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
How much do DIA and VWO overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 0% by weight over 0 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dia-vs-vwo.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dia-vs-vwo/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DIA correlations · VWO correlations
