DIA vs SCHD: 18% overlap
SPDR Dow Jones Industrial Average ETF and Schwab U.S. Dividend Equity ETF share 18.0% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
Different holding dates. These holdings were published about 2 months apart — SCHD as of 2026-05-31, the rest through 2026-07-23. Each fund is compared using its most recent file, so any trading in between shows up as a difference.
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 SCHD hold 7 of the same securities. The ten contributing most to the overlap figure:
| Holding | in DIA | in SCHD | Δ |
|---|---|---|---|
| UNH | 4.9% | 5.1% | 0.2% |
| AMGN | 4.3% | 3.5% | 0.8% |
| HD | 3.7% | 3.4% | 0.4% |
| CVX | 2.2% | 3.8% | 1.6% |
| PG | 1.7% | 3.5% | 1.9% |
| MRK | 1.5% | 3.9% | 2.4% |
| KO | 0.9% | 4.0% | 3.0% |
Where DIA and SCHD 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 | SCHD | Δ |
|---|---|---|---|
| Financials | 28.6% | 8.8% | +19.8pp |
| Consumer Staples | 3.9% | 18.4% | −14.6pp |
| Energy | 2.2% | 14.6% | −12.3pp |
| Industrials | 17.5% | 10.8% | +6.6pp |
| Health Care | 13.6% | 18.3% | −4.7pp |
| Materials | 3.6% | 0.1% | +3.5pp |
| Consumer Discretionary | 9.9% | 6.8% | +3.1pp |
| Information Technology | 15.9% | 12.9% | +3.0pp |
Δ is DIA minus SCHD, 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
80.7% of DIA by weight, held in no part of SCHD.
72.7% of SCHD 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 | SCHD | |
|---|---|---|
| Top 10 holdings | 56.2% | 43.6% |
| Positions held | 31 | 101 |
| Cost per $10,000 held, per year | $16 | $6 |
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 SCHD overlap?
DIA and SCHD overlap 18.0% by portfolio weight — moderate overlap. They share 7 holdings. The figure comes from current issuer holdings files (DIA as of 2026-07-23, SCHD as of 2026-05-31).
How is the overlap between DIA and SCHD 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 SCHD 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 SCHD?
That depends on your goals — we state facts, not advice. At 18.0% overlap, each fund still contributes meaningfully distinct exposure.
What does DIA own that SCHD doesn't?
DIA holds 31 positions and SCHD holds 101; 23 of DIA's positions don't appear in SCHD at all, and they are 80.7% of DIA by weight.
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Related comparisons
Sources: issuer holdings files, DIA as of 2026-07-23, SCHD as of 2026-05-31. Weights are fractions of each fund. Diagnostics, not advice.