AVY vs DGRO: Correlation
How closely do Avery Dennison (AVY) and iShares Core Dividend Growth ETF (DGRO) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVY and DGRO?
Across a 3-year window, the weekly returns of AVY and DGRO correlate at 0.58, moderate. Little has changed lately, as the 1-year reading of 0.54 lands near the 3-year figure. Stretching to 5 years gives 0.65, with an annualized covariance of 134.7 %².
Within AVY's tracked universe of 38 assets, DGRO comes in at #10 by 3-year correlation. Correlation aside, the last 12 months split them widely, with DGRO ahead by 15.7 points (+5.3% versus +21.0%). The rolling one-year correlation moved between 0.50 and 0.75 over the past three years, a moderate range. One caveat on sizing: AVY is 1.8 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.
AVY vs DGRO: side by side
| AVY (Avery Dennison) | DGRO (iShares Core Dividend Growth ETF) | |
|---|---|---|
| 1-year return | +5.3% | +21.0% |
| 5-year return | -14.0% | +67.9% |
| Volatility (ann.) | 20.2% | 11.4% |
| Beta vs S&P 500 | 0.61 | 0.65 |
| Max drawdown (3Y) | -30.6% | -14.0% |
| Market cap | $13.5B | – |
| P/E (trailing) | 20.0 | – |
| Dividend yield | 2.10% | 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 | AVY | DGRO |
|---|---|---|
| 2022 | -15.1% | -7.9% |
| 2023 | +13.7% | +10.5% |
| 2024 | -5.9% | +16.6% |
| 2025 | -0.7% | +15.7% |
| 2026 | -0.8% | +15.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.07% of DGRO is AVY itself, so the fund partly moves with the stock by construction.
Are AVY and DGRO good diversifiers for each other?
Only partially. A correlation of 0.58 means AVY 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 AVY and DGRO?
As of 2026-08-27, the correlation of weekly returns between AVY and DGRO is 0.58 over 3 years, 0.54 over 1 year and 0.65 over 5 years.
Is DGRO a good diversifier for AVY?
Only partially. A correlation of 0.58 means AVY 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 0.58 mean?
A reading of 0.58 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/avy-vs-dgro.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/avy-vs-dgro/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AVY correlations · DGRO correlations
