DIA vs VO: 1% overlap
SPDR Dow Jones Industrial Average ETF and Vanguard Mid-Cap ETF share 0.6% 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 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
DIA and VO hold 2 of the same securities. The ten contributing most to the overlap figure:
| Holding | in DIA | in VO | Δ |
|---|---|---|---|
| TRV | 4.3% | 0.3% | 4.0% |
| NKE | 0.5% | 0.2% | 0.2% |
Where DIA and VO 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 | VO | Δ |
|---|---|---|---|
| Financials | 28.6% | 14.0% | +14.6pp |
| Utilities | 0.0% | 8.4% | −8.4pp |
| Health Care | 13.6% | 7.8% | +5.8pp |
| Energy | 2.2% | 7.3% | −5.1pp |
| Real Estate | 0.0% | 5.1% | −5.1pp |
| Industrials | 17.5% | 19.6% | −2.1pp |
| Communication Services | 4.7% | 2.8% | +1.9pp |
| Consumer Staples | 3.9% | 4.9% | −1.0pp |
Δ is DIA minus VO, 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
95.1% of DIA by weight, held in no part of VO.
99.4% of VO 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 | VO | |
|---|---|---|
| Top 10 holdings | 56.2% | 9.5% |
| Positions held | 31 | 283 |
| Cost per $10,000 held, per year | $16 | $3 |
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 VO overlap?
DIA and VO overlap 0.6% by portfolio weight — largely distinct portfolios. They share 2 holdings. The figure comes from current issuer holdings files (DIA as of 2026-07-23, VO as of 2026-06-30).
How is the overlap between DIA and VO 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 VO 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 VO?
That depends on your goals — we state facts, not advice. At 0.6% overlap, each fund still contributes meaningfully distinct exposure.
What does DIA own that VO doesn't?
DIA holds 31 positions and VO holds 283; 28 of DIA's positions don't appear in VO at all, and they are 95.1% of DIA by weight.
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Related comparisons
Sources: issuer holdings files, DIA as of 2026-07-23, VO as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.