DIA vs XLV: Correlation & Overlap
Measured on weekly returns over the past three years, SPDR Dow Jones Industrial Average ETF (DIA) and Health Care Select Sector SPDR Fund (XLV) carry a correlation of 0.57, a moderate link. Looking through to holdings, 12.9% 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 XLV?
Across a 3-year window, the weekly returns of DIA and XLV correlate at 0.57, moderate. The link has loosened recently: the 1-year correlation (0.38) runs below the 3-year figure (0.57). Stretching to 5 years gives 0.67, with an annualized covariance of 110.1 %².
Among the 116 assets we track against DIA, XLV ranks #80 by 3-year correlation. Over the last 12 months XLV came out ahead by 8.3 percentage points (+19.2% against +27.5%). Across three years, the rolling one-year figure varied moderately, from 0.45 to 0.81.
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 XLV: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +19.2% | +27.5% |
| 5-year return | +64.8% | +37.4% |
| Volatility (ann.) | 13.0% | 14.7% |
| Beta vs S&P 500 | 0.79 | 0.42 |
| Max drawdown (3Y) | -16.0% | -17.1% |
| Dividend yield | 1.37% | 1.56% |
| Expense ratio | 0.16% | 0.08% |
| Assets under management | $45.2B | $41.7B |
| 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, XLV sits in the Health category at State Street Investment Management, with $41.7B under management, 61 holdings, a 0.08% expense ratio, a 1.56% trailing dividend yield.
Portfolio overlap between DIA and XLV
The two portfolios are largely distinct, with 4 holdings in common adding up to 12.9% 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%), V (4.26%), TRV (4.12%). Only by XLV: LLY (15.03%), ABBV (7.42%), TMO (3.76%), ABT (3.17%), GILD (2.94%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 4 common positions shown.
Year-by-year returns
| Year | DIA | XLV |
|---|---|---|
| 2022 | -7.0% | -2.1% |
| 2023 | +16.0% | +2.1% |
| 2024 | +14.8% | +2.5% |
| 2025 | +14.7% | +14.5% |
| 2026 | +12.3% | +11.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and XLV good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between DIA and XLV?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.38 over the last year and 0.67 over 5 years.
Is XLV a good diversifier for DIA?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
How much do DIA and XLV overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 12.9% by weight over 4 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dia-vs-xlv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dia-vs-xlv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DIA correlations · XLV correlations
