CARR vs DGRO: Correlation
How closely do Carrier Global (CARR) and iShares Core Dividend Growth ETF (DGRO) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CARR and DGRO?
On 3 years of weekly data the CARR/DGRO correlation comes out at 0.57, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.38 versus 0.57 over 3 years. The 5-year figure is 0.63, and annualized covariance runs at 212.7 %².
Within CARR's tracked universe of 29 assets, DGRO comes in at #13 by 3-year correlation. Correlation aside, the last 12 months split them widely, with DGRO ahead by 32.6 points (-11.6% versus +21.0%). On a rolling one-year basis the correlation drifted between 0.38 and 0.72, a moderate band. One caveat on sizing: CARR is 2.9 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.
CARR vs DGRO: side by side
| CARR (Carrier Global) | DGRO (iShares Core Dividend Growth ETF) | |
|---|---|---|
| 1-year return | -11.6% | +21.0% |
| 5-year return | +8.8% | +67.9% |
| Volatility (ann.) | 32.6% | 11.4% |
| Beta vs S&P 500 | 1.21 | 0.65 |
| Max drawdown (3Y) | -38.1% | -14.0% |
| Market cap | $48.5B | – |
| P/E (trailing) | 42.0 | – |
| Dividend yield | 1.61% | 1.89% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $42.8B |
| Sector / category | Industrials | 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 | CARR | DGRO |
|---|---|---|
| 2022 | -22.7% | -7.9% |
| 2023 | +41.5% | +10.5% |
| 2024 | +20.3% | +16.6% |
| 2025 | -21.8% | +15.7% |
| 2026 | +12.6% | +15.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that DGRO holds CARR at a 0.14% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are CARR and DGRO good diversifiers for each other?
Only partially. A correlation of 0.57 means CARR 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 CARR and DGRO?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.38 over the last year and 0.63 over 5 years.
Is DGRO a good diversifier for CARR?
Only partially. A correlation of 0.57 means CARR 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 0.57 mean?
A reading of 0.57 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/carr-vs-dgro.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/carr-vs-dgro/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CARR correlations · DGRO correlations
