DGRO vs ECL: Correlation
Measured on weekly returns over the past three years, iShares Core Dividend Growth ETF (DGRO) and Ecolab (ECL) carry a correlation of 0.65, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and ECL?
Over the past 3 years, DGRO and ECL moved with a correlation of 0.65, which is strong. The relationship has been stable: the 1-year correlation (0.57) sits close to the 3-year figure. Over 5 years the correlation is 0.70, and the annualized covariance of weekly returns is 143.9 %².
By 3-year correlation, ECL places #47 of the 138 assets tracked against DGRO. Their recent paths diverged sharply: over the last 12 months DGRO outperformed by 17.9 percentage points (+21.0% for DGRO against +3.1% for ECL). Stability stands out here, with the rolling one-year correlation confined to 0.58 through 0.76. Note the risk asymmetry: ECL runs 1.7 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 ECL: side by side
| DGRO (iShares Core Dividend Growth ETF) | ECL (Ecolab) | |
|---|---|---|
| 1-year return | +21.0% | +3.1% |
| 5-year return | +67.9% | +34.0% |
| Volatility (ann.) | 11.4% | 19.5% |
| Beta vs S&P 500 | 0.65 | 0.64 |
| Max drawdown (3Y) | -14.0% | -20.1% |
| Market cap | – | $80.1B |
| P/E (trailing) | – | 39.1 |
| Dividend yield | 1.89% | 0.98% |
| Expense ratio | 0.08% | – |
| Assets under management | $42.8B | – |
| Sector / category | ETF · Dividend | Materials |
On the fund side, DGRO sits in the Large Value category at iShares, with $42.8B under management, 383 holdings, a 0.08% expense ratio, a 1.89% trailing dividend yield.
Year-by-year returns
| Year | DGRO | ECL |
|---|---|---|
| 2022 | -7.9% | -37.1% |
| 2023 | +10.5% | +37.9% |
| 2024 | +16.6% | +19.3% |
| 2025 | +15.7% | +13.2% |
| 2026 | +15.2% | +9.5% |
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 ECL at a 0.18% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are DGRO and ECL good diversifiers for each other?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between DGRO and ECL?
As of 2026-08-27, the correlation of weekly returns between DGRO and ECL is 0.65 over 3 years, 0.57 over 1 year and 0.70 over 5 years.
Is ECL a good diversifier for DGRO?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.65 mean?
On the −1 to +1 scale, 0.65 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dgro-vs-ecl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgro-vs-ecl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGRO correlations · ECL correlations
