DIA vs XLK: Correlation & Overlap
Measured on weekly returns over the past three years, SPDR Dow Jones Industrial Average ETF (DIA) and Technology Select Sector SPDR Fund (XLK) carry a correlation of 0.68, a strong link. The two funds also share 15.1% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DIA and XLK?
Across a 3-year window, the weekly returns of DIA and XLK correlate at 0.68, strong. Recent behaviour matches the longer record: 0.61 over 1 year against 0.68 over 3. Stretching to 5 years gives 0.74, with an annualized covariance of 212.7 %².
Within DIA's tracked universe of 116 assets, XLK comes in at #47 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months XLK outperformed by 24.2 percentage points (+19.2% for DIA against +43.4% for XLK). The rolling one-year correlation moved between 0.48 and 0.84 over the past three years, a moderate range. Risk is not evenly split, since XLK carries 1.8 times the volatility of the other side.
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 XLK: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | XLK (Technology Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +19.2% | +43.4% |
| 5-year return | +64.8% | +145.2% |
| Volatility (ann.) | 13.0% | 24.0% |
| Beta vs S&P 500 | 0.79 | 1.50 |
| Max drawdown (3Y) | -16.0% | -25.7% |
| Dividend yield | 1.37% | 0.45% |
| Expense ratio | 0.16% | 0.08% |
| Assets under management | $45.2B | $115.4B |
| Sector / category | ETF · US Large Cap | Sector ETF |
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, XLK sits in the Technology category at State Street Investment Management, with $115.4B under management, 73 holdings, a 0.08% expense ratio, a 0.45% trailing dividend yield.
Portfolio overlap between DIA and XLK
The two portfolios partially overlap. Weighing the shared positions, 15.1% of the two funds is identical, spread across 6 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in DIA | Weight in XLK |
|---|---|---|
| MSFT | 5.51% | 10.10% |
| AAPL | 3.48% | 12.61% |
| NVDA | 2.33% | 13.91% |
| IBM | 2.55% | 1.45% |
| CSCO | 1.25% | 2.97% |
| CRM | 2.28% | 1.13% |
Largest positions held only by DIA: GS (11.56%), CAT (9.13%), AMGN (4.89%), UNH (4.45%), V (4.26%). Only by XLK: AVGO (4.61%), AMD (4.09%), MU (3.99%), INTC (2.92%), PLTR (2.73%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 6 common positions shown.
Year-by-year returns
| Year | DIA | XLK |
|---|---|---|
| 2022 | -7.0% | -27.7% |
| 2023 | +16.0% | +56.0% |
| 2024 | +14.8% | +21.6% |
| 2025 | +14.7% | +24.6% |
| 2026 | +12.3% | +31.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and XLK good diversifiers for each other?
To a limited degree. At 0.68 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 XLK?
Using weekly returns as of 2026-08-27: 0.68 over 3 years, with 0.61 over the last year and 0.74 over 5 years.
Is XLK a good diversifier for DIA?
To a limited degree. At 0.68 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 XLK overlap?
The two funds share 6 holdings amounting to 15.1% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dia-vs-xlk.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dia-vs-xlk/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DIA correlations · XLK correlations
