DGRO vs DIA Overlap
DGRO is a dividend-focused equity ETF from IShares, while DIA is an industrials ETF from SPDR. DGRO and DIA show meaningful overlap, with an estimated weighted overlap of 29%. They share 21 holdings in the loaded dataset, led by JNJ, AAPL, and JPM.
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Quick Answer
DGRO is a dividend-focused equity ETF from IShares, while DIA is an industrials ETF from SPDR. DGRO and DIA show meaningful overlap, with an estimated weighted overlap of 29%. They share 21 holdings in the loaded dataset, led by JNJ, AAPL, and JPM.
- 29% weighted overlap across 21 shared holdings.
- The top three shared holdings explain 28.91% of the measured overlap.
- DGRO is the broader fund, while DIA is more targeted.
- The overlap is mostly explained by the top shared positions rather than sector labels alone.
- Holding both may add less diversification than the fund names imply.
Data Freshness
- DGRO holdings
- Mar 12, 2026
- DIA holdings
- Mar 12, 2026
- Overlap computed
- Mar 13, 2026
- Data source
- Financial Modeling Prep
Review the methodology for the overlap formula and refresh policy.
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About These ETFs
What Stands Out In This Comparison
What This Means
DGRO is a dividend-focused equity ETF from IShares, while DIA is an industrials ETF from SPDR. DGRO and DIA overlap enough to matter, but they still bring different exposures to a portfolio. The overlap is concentrated in holdings such as JNJ, AAPL, and JPM, which explains why the score lands at 29%.
How They Differ
DGRO is a dividend-focused equity ETF from IShares, while DIA is an industrials ETF from SPDR. DGRO is the broader fund, while DIA is the more targeted sleeve. DGRO has the lower expense ratio, while DIA charges more for its exposure.
What Drives The Overlap
The overlap is driven by a relatively small set of large shared positions. The top three shared holdings account for 28.91% of the score, which means the result is heavily influenced by the biggest common weights rather than a long tail of tiny positions.
When One May Fit Better
If you want the broader portfolio building block, DGRO is usually the wider choice. If you want the more focused tilt, DIA is the narrower expression. DGRO has the lower expense ratio, while DIA charges more for its exposure.
Overlap Driver Snapshot
Concentration
The top three shared holdings explain 28.91% of the full overlap score.
That helps show whether the score comes from a handful of giant shared positions or from a broader mix of common holdings.
Shared Sector Tilt
Sector tags are not consistently available for the biggest shared positions in this dataset, so this comparison leans more on the specific holdings than on sector labels.
Top Shared Holdings
These are the holdings contributing the most to the overlap score between DGRO and DIA.
| Holding | Name | DGRO Wt. | DIA Wt. | Overlap |
|---|---|---|---|---|
| JNJ | JOHNSON & JOHNSON | 3.39% | 3.14% | 3.14% |
| AAPL | APPLE INC | 2.65% | 3.36% | 2.65% |
| JPM | JPMORGAN CHASE & CO | 2.59% | 3.72% | 2.59% |
| MSFT | MICROSOFT CORP | 2.39% | 5.23% | 2.39% |
| HD | HOME DEPOT INC | 2.09% | 4.60% | 2.09% |
| PG | PROCTER & GAMBLE | 2.50% | 2.01% | 2.01% |
| UNH | UNITEDHEALTH GROUP INC | 1.57% | 3.64% | 1.57% |
| MRK | MERCK & CO INC | 2.13% | 1.51% | 1.51% |
| AMGN | AMGEN INC | 1.34% | 4.84% | 1.34% |
| MCD | MCDONALDS CORP | 1.20% | 4.22% | 1.20% |
Why These ETFs Overlap
DGRO is a dividend-focused equity ETF from IShares, while DIA is an industrials ETF from SPDR. The overlap exists because both funds allocate meaningful weight to the same holdings. In this dataset, the biggest shared drivers are JNJ, AAPL, and JPM, which appear in both portfolios and push the overlap score higher.
Holding both DGRO and DIA can still be reasonable, but you should expect some duplication. The decision comes down to whether the non-overlapping parts of each ETF are important enough for your strategy.
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Frequently Asked Questions About DGRO and DIA
What is the overlap between DGRO and DIA?+
How many holdings do DGRO and DIA share?+
Is the DGRO and DIA overlap high?+
Why do DGRO and DIA overlap?+
Which ETF is broader, DGRO or DIA?+
How Overlap Is Calculated
A straightforward approach used by portfolio analysts.
For every stock that appears in both ETFs, we take the smaller of the two weights. Adding up all those minimums gives the total overlap percentage. A score of 100% means the two ETFs hold the exact same stocks in the same proportions.
Want the full explanation? Read the methodology page.