DGRO vs FAST: Correlation
Measured on weekly returns over the past three years, iShares Core Dividend Growth ETF (DGRO) and Fastenal (FAST) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and FAST?
On 3 years of weekly data the DGRO/FAST correlation comes out at 0.52, moderate. Recent behaviour matches the longer record: 0.43 over 1 year against 0.52 over 3. The 5-year figure is 0.60, and annualized covariance runs at 142.9 %².
Within DGRO's tracked universe of 138 assets, FAST comes in at #98 by 3-year correlation. Correlation aside, the last 12 months split them widely, with DGRO ahead by 16.9 points (+21.0% versus +4.1%). The rolling one-year correlation moved between 0.41 and 0.67 over the past three years, a moderate range. One caveat on sizing: FAST is 2.1 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.
DGRO vs FAST: side by side
| DGRO (iShares Core Dividend Growth ETF) | FAST (Fastenal) | |
|---|---|---|
| 1-year return | +21.0% | +4.1% |
| 5-year return | +67.9% | +105.5% |
| Volatility (ann.) | 11.4% | 24.0% |
| Beta vs S&P 500 | 0.65 | 0.63 |
| Max drawdown (3Y) | -14.0% | -21.9% |
| Market cap | – | $58.7B |
| P/E (trailing) | – | 43.7 |
| Dividend yield | 1.89% | 1.80% |
| Expense ratio | 0.08% | – |
| Assets under management | $42.8B | – |
| Sector / category | ETF · Dividend | Industrials |
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 | DGRO | FAST |
|---|---|---|
| 2022 | -7.9% | -24.3% |
| 2023 | +10.5% | +41.3% |
| 2024 | +16.6% | +13.5% |
| 2025 | +15.7% | +14.0% |
| 2026 | +15.2% | +29.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
FAST represents 0.25% of DGRO's portfolio, so part of any move in DGRO is FAST itself, and the correlation between them is partly mechanical.
Are DGRO and FAST good diversifiers for each other?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between DGRO and FAST?
Using weekly returns as of 2026-08-27: 0.52 over 3 years, with 0.43 over the last year and 0.60 over 5 years.
Is FAST a good diversifier for DGRO?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.52 mean?
A reading of 0.52 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: DGRO correlations · FAST correlations
