DIA vs IWF: 20% overlap
SPDR Dow Jones Industrial Average ETF and iShares Russell 1000 Growth ETF share 19.8% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
You would hold two tickers and get the diversification of 1.8. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
DIA and IWF hold 15 of the same securities. The ten contributing most to the overlap figure:
| Holding | in DIA | in IWF | Δ |
|---|---|---|---|
| MSFT | 4.4% | 4.4% | 0.0% |
| AAPL | 3.7% | 7.8% | 4.1% |
| GOOGL | 3.6% | 5.7% | 2.1% |
| NVDA | 2.4% | 15.1% | 12.7% |
| V | 4.0% | 1.8% | 2.2% |
| CAT | 10.3% | 1.3% | 9.0% |
| HD | 3.7% | 0.7% | 3.0% |
| AMZN | 2.7% | 0.6% | 2.1% |
| AMGN | 4.3% | 0.4% | 3.8% |
| BA | 2.4% | 0.3% | 2.1% |
Where DIA and IWF differ
Sector weights as a share of each fund, ordered by the size of the gap rather than the size of the sector — two funds that overlap heavily still usually diverge somewhere.
| Sector | DIA | IWF | Δ |
|---|---|---|---|
| Information Technology | 15.9% | 55.0% | −39.0pp |
| Financials | 28.6% | 4.7% | +23.9pp |
| Communication Services | 4.7% | 15.7% | −11.0pp |
| Industrials | 17.5% | 8.5% | +8.9pp |
| Health Care | 13.6% | 5.6% | +8.0pp |
| Materials | 3.6% | 0.3% | +3.3pp |
| Consumer Staples | 3.9% | 1.3% | +2.5pp |
| Consumer Discretionary | 9.9% | 7.5% | +2.4pp |
Δ is DIA minus IWF, in percentage points. Sector data is not published by every issuer, so “Unclassified” is a real category rather than a gap in the table.
What each fund holds alone
46.8% of DIA by weight, held in no part of IWF.
61.3% of IWF by weight, held in no part of DIA.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| DIA | IWF | |
|---|---|---|
| Top 10 holdings | 56.2% | 56.1% |
| Positions held | 31 | 370 |
| Cost per $10,000 held, per year | $16 | $19 |
Cost is the expense ratio applied to $10,000; it excludes any brokerage commission, bid-ask spread or tax consequence. Figures are facts about the funds, not a suggestion about which to hold.
Frequently asked
How much do DIA and IWF overlap?
DIA and IWF overlap 19.8% by portfolio weight — moderate overlap. They share 15 holdings. The figure comes from current issuer holdings files (DIA as of 2026-07-23, IWF as of 2026-07-23).
How is the overlap between DIA and IWF calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If DIA holds a stock at 6% and IWF holds the same stock at 4%, 4% counts as shared. The result is bounded between 0% and 100%, and it is computed after looking through any fund-of-funds to the underlying holdings.
Is it redundant to hold both DIA and IWF?
That depends on your goals — we state facts, not advice. At 19.8% overlap, each fund still contributes meaningfully distinct exposure.
What does DIA own that IWF doesn't?
DIA holds 31 positions and IWF holds 370; 15 of DIA's positions don't appear in IWF at all, and they are 46.8% of DIA by weight.
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Related comparisons
Sources: issuer holdings files, DIA as of 2026-07-23, IWF as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.