DIA vs XLU: Correlation & Overlap
Measured on weekly returns over the past three years, SPDR Dow Jones Industrial Average ETF (DIA) and Utilities Select Sector SPDR Fund (XLU) carry a correlation of 0.32, a moderate link. The two funds also share 0% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DIA and XLU?
On 3 years of weekly data the DIA/XLU correlation comes out at 0.32, moderate. The past 12 months show a weaker link (0.02) than the 3-year average (0.32). The 5-year figure is 0.47, and annualized covariance runs at 65.6 %².
By 3-year correlation, XLU places #105 of the 116 assets tracked against DIA. The last year tells two different stories: DIA led by 15.1 percentage points, +19.2% for DIA against +4.1% for XLU. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.00 to 0.62.
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 XLU: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | XLU (Utilities Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +19.2% | +4.1% |
| 5-year return | +64.8% | +46.3% |
| Volatility (ann.) | 13.0% | 15.8% |
| Beta vs S&P 500 | 0.79 | 0.26 |
| Max drawdown (3Y) | -16.0% | -13.1% |
| Dividend yield | 1.37% | 2.70% |
| Expense ratio | 0.16% | 0.08% |
| Assets under management | $45.2B | $23.1B |
| Sector / category | ETF · US Large Cap | Sector ETF |
On the fund side, DIA sits in the Large Value category at State Street Investment Management, with $45.2B under management, 30 holdings, a 0.16% expense ratio, a 1.37% trailing dividend yield. XLU is an Utilities fund from State Street Investment Management: $23.1B under management, 31 holdings, a 0.08% expense ratio, a 2.70% trailing dividend yield.
Portfolio overlap between DIA and XLU
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 XLU: NEE (12.94%), SO (7.45%), DUK (7.00%), CEG (6.58%), AEP (4.94%).
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 | XLU |
|---|---|---|
| 2022 | -7.0% | +1.4% |
| 2023 | +16.0% | -7.2% |
| 2024 | +14.8% | +23.3% |
| 2025 | +14.7% | +16.0% |
| 2026 | +12.3% | +2.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and XLU good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between DIA and XLU?
Using weekly returns as of 2026-08-27: 0.32 over 3 years, with 0.02 over the last year and 0.47 over 5 years.
Is XLU a good diversifier for DIA?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
How much do DIA and XLU 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-xlu.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dia-vs-xlu/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DIA correlations · XLU correlations
