CPAY vs DGRO: Correlation
Measured on weekly returns over the past three years, Corpay (CPAY) and iShares Core Dividend Growth ETF (DGRO) carry a correlation of 0.64, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPAY and DGRO?
On 3 years of weekly data the CPAY/DGRO correlation comes out at 0.64, strong. Lately the two have drifted apart, with the 1-year correlation at 0.47 versus 0.64 over 3 years. The 5-year figure is 0.63, and annualized covariance runs at 232.2 %².
By 3-year correlation, DGRO places #8 of the 32 assets tracked against CPAY. Neither side won the trailing year by much: +24.1% against +21.0%. On a rolling one-year basis the correlation drifted between 0.47 and 0.83, a moderate band. One caveat on sizing: CPAY is 2.8 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.
CPAY vs DGRO: side by side
| CPAY (Corpay) | DGRO (iShares Core Dividend Growth ETF) | |
|---|---|---|
| 1-year return | +24.1% | +21.0% |
| 5-year return | +55.2% | +67.9% |
| Volatility (ann.) | 31.7% | 11.4% |
| Beta vs S&P 500 | 1.22 | 0.65 |
| Max drawdown (3Y) | -34.5% | -14.0% |
| Market cap | $26.5B | – |
| P/E (trailing) | 24.7 | – |
| Dividend yield | 0.00% | 1.89% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $42.8B |
| Sector / category | Financials | 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 | CPAY | DGRO |
|---|---|---|
| 2022 | -17.9% | -7.9% |
| 2023 | +53.9% | +10.5% |
| 2024 | +19.7% | +16.6% |
| 2025 | -11.1% | +15.7% |
| 2026 | +34.1% | +15.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPAY and DGRO good diversifiers for each other?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CPAY and DGRO?
As of 2026-08-27, the correlation of weekly returns between CPAY and DGRO is 0.64 over 3 years, 0.47 over 1 year and 0.63 over 5 years.
Is DGRO a good diversifier for CPAY?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.64 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/cpay-vs-dgro.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cpay-vs-dgro/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CPAY correlations · DGRO correlations
