DIA vs VTV: how much do they really overlap?
DIA (SPDR Dow Jones Industrial Average ETF, tracking the Dow Jones Industrial Average) and VTV (Vanguard Value ETF, tracking the CRSP US Large Cap Value) overlap by roughly 32% by weight. 6 of DIA's top 10 holdings also appear in VTV. A 50/50 blend of the two behaves like about 53 equally-weighted bets (diversification grade B). In short, the two funds share a meaningful core of the same megacaps, but each also brings real exposure the other lacks.
The same companies, in both funds
These 12 holdings appear in both DIA and VTV. The weight columns show how much of each fund each name represents.
| Holding | in DIA | in VTV |
|---|---|---|
| JPM JPMorgan Chase & Co. | 3.75% | 3.06% |
| JNJ Johnson & Johnson | 2.94% | 2.29% |
| CAT Caterpillar Inc. | 11.76% | 1.84% |
| UNH UnitedHealth Group Incorporated | 4.78% | 1.41% |
| HD The Home Depot, Inc. | 3.99% | 1.32% |
| PG The Procter & Gamble Company | 1.69% | 1.28% |
| MRK Merck & Co., Inc. | 1.47% | 1.19% |
| CVX Chevron Corporation | 1.92% | 1.17% |
| GS The Goldman Sachs Group, Inc. | 11.61% | 1.06% |
| IBM International Business Machines Corporation | 3.16% | 0.99% |
| AMGN Amgen Inc. | 4.10% | 0.73% |
| AXP American Express Company | 3.88% | 0.69% |
Only in DIA
SPDR Dow Jones Industrial Average ETF — US blue-chip (Dow 30). Its biggest holdings that VTV doesn’t have:
| MSFT Microsoft Corporation | 4.20% |
| GOOGL Alphabet Inc. | 4.03% |
| SHW The Sherwin-Williams Company | 3.92% |
| V Visa Inc. | 3.89% |
| TRV The Travelers Companies, Inc. | 3.78% |
| AAPL Apple Inc. | 3.21% |
| MCD McDonald's Corporation | 3.04% |
| AMZN Amazon.com, Inc. | 2.73% |
Only in VTV
Vanguard Value ETF — US large-cap value. Its biggest holdings that DIA doesn’t have:
| MU Micron Technology Inc. | 4.87% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.95% |
| WMT Walmart Inc. | 1.86% |
| ABBV AbbVie Inc. | 1.66% |
| CSCO Cisco Systems Inc. | 1.56% |
| BAC Bank of America Corp. | 1.36% |
| PM Philip Morris International Inc. | 1.05% |
| INTC Intel Corp. | 1.05% |
So — partly overlapping. Should you hold both?
DIA and VTV share a meaningful core of the same megacaps, but each also brings real exposure the other lacks. Held together they keep a shared megacap core but each still pulls in exposure the other lacks, so a 50/50 blend spreads to ~53 effective positions (grade B).
Holdings as of — DIA: Jun 29, 2026 (State Street Global Advisors); VTV: Jun 30, 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 VTV — FAQ
- How much do DIA and VTV overlap?
- DIA and VTV overlap by approximately 32% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 6 of DIA's 10 largest holdings are also held by VTV. They share 12 of their listed top holdings in total.
- Is it redundant to hold both DIA and VTV?
- Because they share a meaningful core of the same megacaps, but each also brings real exposure the other lacks, holding both is partly redundant: you double up on a shared core (JPM) while each fund still adds distinct exposure. A 50/50 blend has an effective 53 positions and a B diversification grade.
- What does VTV hold that DIA doesn't?
- VTV's largest holdings that DIA doesn't hold include MU, BRK.B, WMT, ABBV, CSCO. Its category is US large-cap value, versus DIA's US blue-chip (Dow 30).
- Which is more concentrated, DIA or VTV?
- DIA's top 10 holdings are 59% of its listed weight; VTV's are 43%. The more concentrated fund leans harder on its largest names.