APD vs DGRO: Correlation
Measured on weekly returns over the past three years, Air Products (APD) and iShares Core Dividend Growth ETF (DGRO) carry a correlation of 0.50, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APD and DGRO?
On 3 years of weekly data the APD/DGRO correlation comes out at 0.50, moderate. The past 12 months show a weaker link (0.31) than the 3-year average (0.50). The 5-year figure is 0.55, and annualized covariance runs at 153.7 %².
In APD's tracked universe of 33 assets, DGRO sits right near the top at #3. The trailing year gives DGRO the advantage: +6.5% versus +21.0%, a 14.5-point spread. The rolling one-year correlation moved between 0.31 and 0.75 over the past three years, a moderate range. Risk is not evenly split, since APD carries 2.3 times the volatility of the other side.
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.
APD vs DGRO: side by side
| APD (Air Products) | DGRO (iShares Core Dividend Growth ETF) | |
|---|---|---|
| 1-year return | +6.5% | +21.0% |
| 5-year return | +28.2% | +67.9% |
| Volatility (ann.) | 26.7% | 11.4% |
| Beta vs S&P 500 | 0.64 | 0.65 |
| Max drawdown (3Y) | -30.4% | -14.0% |
| Market cap | $68.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.35% | 1.89% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $42.8B |
| Sector / category | Materials | 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 | APD | DGRO |
|---|---|---|
| 2022 | +3.9% | -7.9% |
| 2023 | -9.0% | +10.5% |
| 2024 | +8.1% | +16.6% |
| 2025 | -12.7% | +15.7% |
| 2026 | +26.1% | +15.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.38% of DGRO is APD itself, so the fund partly moves with the stock by construction.
Are APD and DGRO good diversifiers for each other?
Only partially. A correlation of 0.50 means APD and DGRO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between APD and DGRO?
As of 2026-08-27, the correlation of weekly returns between APD and DGRO is 0.50 over 3 years, 0.31 over 1 year and 0.55 over 5 years.
Is DGRO a good diversifier for APD?
Only partially. A correlation of 0.50 means APD and DGRO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.50 mean?
On the −1 to +1 scale, 0.50 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/apd-vs-dgro.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/apd-vs-dgro/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: APD correlations · DGRO correlations
