The similar S&W models are the small S&W "J" framed "kit guns".
These, like the Diamondback are small framed revolvers with adjustable sights.
The Diamondback will typically out-shoot these small S&W revolvers for a number of reasons.
The Diamondback was a higher grade gun than the usual S&W counterparts.
The Colt had a higher quality barrel, with a faster rifling twist that stabilized the bullet better.
The old Colt action was noted for producing better consistent accuracy then S&W's due to the old Colt "bank vault" lockup which allowed the bullet to enter the bore in perfect alignment, reducing deformation of the bullet.
Another advantage of the Colt was it's availability with a 6" barrel.
Last, the Diamondback's frame and cylinder was slightly larger and noticeably stronger than the S&W "J" frame revolvers.
This extra size made it easier to shoot the revolver well.
Best accuracy is a matter of finding THE load or brand that THAT specific revolver "likes".
Typically, the classic 148 grain, wad cutter, Mid-range target load will be the most accurate.
For defense loads, again, it's a matter of trying different brands/types to find the most accurate in that revolver.