DIA vs SWPPX: 28% overlap
SPDR Dow Jones Industrial Average ETF and Schwab S&P 500 Index share 28.5% 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 3 months apart — SWPPX as of 2026-04-30, 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 1.7. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
DIA and SWPPX hold 30 of the same securities. The ten contributing most to the overlap figure:
| Holding | in DIA | in SWPPX | Δ |
|---|---|---|---|
| MSFT | 4.4% | 4.9% | 0.5% |
| AAPL | 3.7% | 6.4% | 2.7% |
| GOOGL | 3.6% | 3.6% | 0.0% |
| AMZN | 2.7% | 4.2% | 1.5% |
| NVDA | 2.4% | 7.8% | 5.4% |
| JPM | 4.0% | 1.4% | 2.7% |
| WMT | 1.2% | 0.9% | 0.3% |
| V | 4.0% | 0.9% | 3.1% |
| JNJ | 3.0% | 0.9% | 2.1% |
| CAT | 10.3% | 0.7% | 9.6% |
Where DIA and SWPPX 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 | SWPPX | Δ |
|---|---|---|---|
| Information Technology | 15.9% | 34.2% | −18.3pp |
| Financials | 28.6% | 11.5% | +17.1pp |
| Industrials | 17.5% | 8.1% | +9.3pp |
| Communication Services | 4.7% | 11.0% | −6.3pp |
| Health Care | 13.6% | 8.3% | +5.4pp |
| Unclassified | 0.0% | 2.8% | −2.8pp |
| Utilities | 0.0% | 2.3% | −2.3pp |
| Materials | 3.6% | 1.3% | +2.3pp |
Δ is DIA minus SWPPX, 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
0.0% of DIA by weight, held in no part of SWPPX.
61.0% of SWPPX 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 | SWPPX | |
|---|---|---|
| Top 10 holdings | 56.2% | 38.3% |
| Positions held | 31 | 503 |
| Cost per $10,000 held, per year | $16 | $2 |
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 SWPPX overlap?
DIA and SWPPX overlap 28.5% by portfolio weight — moderate overlap. They share 30 holdings. The figure comes from current issuer holdings files (DIA as of 2026-07-23, SWPPX as of 2026-04-30).
How is the overlap between DIA and SWPPX 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 SWPPX 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 SWPPX?
That depends on your goals — we state facts, not advice. At 28.5% overlap, each fund still contributes meaningfully distinct exposure.
What does DIA own that SWPPX doesn't?
DIA holds 31 positions and SWPPX holds 503; 0 of DIA's positions don't appear in SWPPX at all, and they are 0.0% of DIA by weight.
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Related comparisons
Sources: issuer holdings files, DIA as of 2026-07-23, SWPPX as of 2026-04-30. Weights are fractions of each fund. Diagnostics, not advice.