DIA vs ZBRA: Correlation
How closely do SPDR Dow Jones Industrial Average ETF (DIA) and Zebra Technologies (ZBRA) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DIA and ZBRA?
Over the past 3 years, DIA and ZBRA moved with a correlation of 0.56, which is moderate. Recent behaviour matches the longer record: 0.52 over 1 year against 0.56 over 3. Over 5 years the correlation is 0.62, and the annualized covariance of weekly returns is 297.5 %².
By 3-year correlation, ZBRA places #82 of the 116 assets tracked against DIA. The trailing year gives DIA the advantage: +19.2% versus +12.3%, a 6.9-point spread. On a rolling one-year basis the correlation drifted between 0.39 and 0.74, a moderate band. Note the risk asymmetry: ZBRA runs 3.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 ZBRA: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | ZBRA (Zebra Technologies) | |
|---|---|---|
| 1-year return | +19.2% | +12.3% |
| 5-year return | +64.8% | -38.2% |
| Volatility (ann.) | 13.0% | 40.8% |
| Beta vs S&P 500 | 0.79 | 1.54 |
| Max drawdown (3Y) | -16.0% | -52.7% |
| Market cap | – | $17.1B |
| P/E (trailing) | – | 33.0 |
| Dividend yield | 1.37% | 0.00% |
| Expense ratio | 0.16% | – |
| Assets under management | $45.2B | – |
| Sector / category | ETF · US Large Cap | Information Technology |
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.
Year-by-year returns
| Year | DIA | ZBRA |
|---|---|---|
| 2022 | -7.0% | -56.9% |
| 2023 | +16.0% | +6.6% |
| 2024 | +14.8% | +41.3% |
| 2025 | +14.7% | -37.1% |
| 2026 | +12.3% | +48.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and ZBRA good diversifiers for each other?
Only partially. A correlation of 0.56 means DIA and ZBRA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between DIA and ZBRA?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.52 over the last year and 0.62 over 5 years.
Is ZBRA a good diversifier for DIA?
Only partially. A correlation of 0.56 means DIA and ZBRA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.56 mean?
A reading of 0.56 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dia-vs-zbra.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dia-vs-zbra/)
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Related comparisons
Hubs: DIA correlations · ZBRA correlations
