CTAS vs DGRO: Correlation
How closely do Cintas (CTAS) and iShares Core Dividend Growth ETF (DGRO) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CTAS and DGRO?
Across a 3-year window, the weekly returns of CTAS and DGRO correlate at 0.55, moderate. The link has loosened recently: the 1-year correlation (0.44) runs below the 3-year figure (0.55). Stretching to 5 years gives 0.67, with an annualized covariance of 145.5 %².
Few assets follow CTAS as closely as DGRO, which ranks #2 of 38 tracked partners. The last year tells two different stories: DGRO led by 24.3 percentage points, -3.3% for CTAS against +21.0% for DGRO. Across three years, the rolling one-year figure varied moderately, from 0.42 to 0.81. Risk is not evenly split, since CTAS carries 2.0 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.
CTAS vs DGRO: side by side
| CTAS (Cintas) | DGRO (iShares Core Dividend Growth ETF) | |
|---|---|---|
| 1-year return | -3.3% | +21.0% |
| 5-year return | +117.4% | +67.9% |
| Volatility (ann.) | 23.2% | 11.4% |
| Beta vs S&P 500 | 0.71 | 0.65 |
| Max drawdown (3Y) | -27.7% | -14.0% |
| Market cap | $81.7B | – |
| P/E (trailing) | 41.8 | – |
| Dividend yield | 0.87% | 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 | CTAS | DGRO |
|---|---|---|
| 2022 | +3.0% | -7.9% |
| 2023 | +34.8% | +10.5% |
| 2024 | +22.2% | +16.6% |
| 2025 | +3.8% | +15.7% |
| 2026 | +9.4% | +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 CTAS at a 0.15% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are CTAS and DGRO good diversifiers for each other?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CTAS and DGRO?
The CTAS/DGRO correlation stands at 0.55 on a 3-year window (1 year: 0.44, 5 years: 0.67), computed from weekly returns as of 2026-08-27.
Is DGRO a good diversifier for CTAS?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.55 mean?
A reading of 0.55 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/ctas-vs-dgro.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ctas-vs-dgro/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CTAS correlations · DGRO correlations
