APAM vs DGRO: Correlation
Artisan Partners Asset Management Inc. (APAM) and iShares Core Dividend Growth ETF (DGRO) show a strong relationship: their 3-year correlation of weekly returns is 0.71.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APAM and DGRO?
Over the past 3 years, APAM and DGRO moved with a correlation of 0.71, which is strong. The past 12 months show a weaker link (0.43) than the 3-year average (0.71). Over 5 years the correlation is 0.72, and the annualized covariance of weekly returns is 217.6 %².
By 3-year correlation, DGRO places #4 of the 17 assets tracked against APAM. The last year tells two different stories: DGRO led by 19.8 percentage points, +1.2% for APAM against +21.0% for DGRO. One caveat on sizing: APAM is 2.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
APAM vs DGRO: side by side
| APAM (Artisan Partners Asset Management Inc.) | DGRO (iShares Core Dividend Growth ETF) | |
|---|---|---|
| 1-year return | +1.2% | +21.0% |
| 5-year return | +28.1% | +67.9% |
| Volatility (ann.) | 27.0% | 11.4% |
| Beta vs S&P 500 | 1.14 | 0.65 |
| Max drawdown (3Y) | -28.9% | -14.0% |
| Market cap | $3.1B | – |
| P/E (trailing) | 10.4 | – |
| Dividend yield | 7.95% | 1.89% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $42.8B |
| Sector / category | US Listed | ETF · Dividend |
DGRO is a Large Value fund from iShares: $42.8B under management, 383 holdings, a 0.08% expense ratio, a 1.89% trailing dividend yield.
Year-by-year returns
| Year | APAM | DGRO |
|---|---|---|
| 2022 | -31.3% | -7.9% |
| 2023 | +60.3% | +10.5% |
| 2024 | +4.8% | +16.6% |
| 2025 | +2.7% | +15.7% |
| 2026 | +15.4% | +15.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APAM and DGRO good diversifiers for each other?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between APAM and DGRO?
The APAM/DGRO correlation stands at 0.71 on a 3-year window (1 year: 0.43, 5 years: 0.72), computed from weekly returns as of 2026-08-27.
Is DGRO a good diversifier for APAM?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.71 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/apam-vs-dgro.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/apam-vs-dgro/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: APAM correlations · DGRO correlations
