DGRO vs DOV: Correlation
Measured on weekly returns over the past three years, iShares Core Dividend Growth ETF (DGRO) and Dover Corporation (DOV) carry a correlation of 0.71, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and DOV?
Over the past 3 years, DGRO and DOV moved with a correlation of 0.71, which is strong. The past 12 months show a weaker link (0.38) than the 3-year average (0.71). Over 5 years the correlation is 0.72, and the annualized covariance of weekly returns is 185.0 %².
By 3-year correlation, DOV places #34 of the 138 assets tracked against DGRO. The trailing year gives DGRO the advantage: +21.0% versus +11.6%, a 9.4-point spread. The relationship is regime-dependent: the rolling one-year correlation swung between 0.40 and 0.90 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: DOV runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
DGRO vs DOV: side by side
| DGRO (iShares Core Dividend Growth ETF) | DOV (Dover Corporation) | |
|---|---|---|
| 1-year return | +21.0% | +11.6% |
| 5-year return | +67.9% | +21.8% |
| Volatility (ann.) | 11.4% | 22.8% |
| Beta vs S&P 500 | 0.65 | 0.99 |
| Max drawdown (3Y) | -14.0% | -26.6% |
| Market cap | – | $27.2B |
| P/E (trailing) | – | 24.8 |
| Dividend yield | 1.89% | 1.02% |
| Expense ratio | 0.08% | – |
| Assets under management | $42.8B | – |
| Sector / category | ETF · Dividend | Industrials |
DGRO, iShares's Large Value fund, carries $42.8B under management, 383 holdings, a 0.08% expense ratio, a 1.89% trailing dividend yield.
Year-by-year returns
| Year | DGRO | DOV |
|---|---|---|
| 2022 | -7.9% | -24.3% |
| 2023 | +10.5% | +15.2% |
| 2024 | +16.6% | +23.3% |
| 2025 | +15.7% | +5.2% |
| 2026 | +15.2% | +3.9% |
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 DOV at a 0.06% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are DGRO and DOV good diversifiers for each other?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between DGRO and DOV?
The DGRO/DOV correlation stands at 0.71 on a 3-year window (1 year: 0.38, 5 years: 0.72), computed from weekly returns as of 2026-08-27.
Is DOV a good diversifier for DGRO?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.71 mean?
A reading of 0.71 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/dgro-vs-dov.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dgro-vs-dov/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DGRO correlations · DOV correlations
