DIA vs VNQ: how much do they really overlap?
DIA (SPDR Dow Jones Industrial Average ETF, tracking the Dow Jones Industrial Average) and VNQ (Vanguard Real Estate ETF, tracking the MSCI US IMI Real Estate 25/50) overlap by roughly 0% by weight. 0 of DIA's top 10 holdings also appear in VNQ. A 50/50 blend of the two behaves like about 41 equally-weighted bets (diversification grade B). In short, the two funds hold almost none of the same securities — they are complementary, not redundant.
The same companies, in both funds
These 0 holdings appear in both DIA and VNQ. The weight columns show how much of each fund each name represents.
| Holding | in DIA | in VNQ |
|---|
Only in DIA
SPDR Dow Jones Industrial Average ETF — US blue-chip (Dow 30). Its biggest holdings that VNQ doesn’t have:
| CAT Caterpillar Inc. | 11.76% |
| GS The Goldman Sachs Group, Inc. | 11.61% |
| UNH UnitedHealth Group Incorporated | 4.78% |
| MSFT Microsoft Corporation | 4.20% |
| AMGN Amgen Inc. | 4.10% |
| GOOGL Alphabet Inc. | 4.03% |
| HD The Home Depot, Inc. | 3.99% |
| SHW The Sherwin-Williams Company | 3.92% |
Only in VNQ
Vanguard Real Estate ETF — US real estate. Its biggest holdings that DIA doesn’t have:
| VRTPX Vanguard Real Estate II Index Fund Institutional Plus Shares | 14.54% |
| WELL Welltower Inc. | 7.68% |
| PLD Prologis Inc. | 7.17% |
| EQIX Equinix Inc. | 5.65% |
| AMT American Tower Corp. | 4.67% |
| SPG Simon Property Group Inc. | 3.57% |
| DLR Digital Realty Trust Inc. | 3.50% |
| O Realty Income Corp. | 3.04% |
So — essentially different. Should you hold both?
DIA and VNQ hold almost none of the same securities — they are complementary, not redundant. Held together they genuinely broaden your exposure — a 50/50 blend reaches ~41 effective positions (grade B), because they hold largely different securities.
Holdings as of — DIA: Jun 29, 2026 (State Street Global Advisors); VNQ: May 31, 2026 (Vanguard). Refreshed monthly. Overlap is measured across each fund’s largest holdings (top 50); the diffuse long tail barely moves the math.
See this for YOUR whole portfolio, free →DIA vs VNQ — FAQ
- How much do DIA and VNQ overlap?
- DIA and VNQ overlap by approximately 0% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 0 of DIA's 10 largest holdings are also held by VNQ. They share 0 of their listed top holdings in total.
- Is it redundant to hold both DIA and VNQ?
- Because they hold almost none of the same securities — they are complementary, not redundant, holding both is not redundant — each fund covers largely different holdings, so together they broaden your exposure. A 50/50 blend has an effective 41 positions and a B diversification grade.
- What does VNQ hold that DIA doesn't?
- VNQ's largest holdings that DIA doesn't hold include VRTPX, WELL, PLD, EQIX, AMT. Its category is US real estate, versus DIA's US blue-chip (Dow 30).
- Which is more concentrated, DIA or VNQ?
- DIA's top 10 holdings are 59% of its listed weight; VNQ's are 62%. The more concentrated fund leans harder on its largest names.