DGRO vs FDX: Correlation
How closely do iShares Core Dividend Growth ETF (DGRO) and FedEx (FDX) 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 DGRO and FDX?
On 3 years of weekly data the DGRO/FDX correlation comes out at 0.55, moderate. Little has changed lately, as the 1-year reading of 0.64 lands near the 3-year figure. The 5-year figure is 0.53, and annualized covariance runs at 191.3 %².
Among the 138 assets we track against DGRO, FDX ranks #88 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FDX outperformed by 59.6 percentage points (+21.0% for DGRO against +80.6% for FDX). Across three years, the rolling one-year figure varied moderately, from 0.28 to 0.74. Note the risk asymmetry: FDX runs 2.7 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 FDX: side by side
| DGRO (iShares Core Dividend Growth ETF) | FDX (FedEx) | |
|---|---|---|
| 1-year return | +21.0% | +80.6% |
| 5-year return | +67.9% | +71.0% |
| Volatility (ann.) | 11.4% | 30.7% |
| Beta vs S&P 500 | 0.65 | 0.89 |
| Max drawdown (3Y) | -14.0% | -35.9% |
| Market cap | – | $78.4B |
| P/E (trailing) | – | 18.1 |
| Dividend yield | 1.89% | 1.66% |
| Expense ratio | 0.08% | – |
| Assets under management | $42.8B | – |
| Sector / category | ETF · Dividend | Industrials |
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 | FDX |
|---|---|---|
| 2022 | -7.9% | -31.6% |
| 2023 | +10.5% | +49.1% |
| 2024 | +16.6% | +13.5% |
| 2025 | +15.7% | +5.1% |
| 2026 | +15.2% | +43.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.28% of DGRO is FDX itself, so the fund partly moves with the stock by construction.
Are DGRO and FDX good diversifiers for each other?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between DGRO and FDX?
The DGRO/FDX correlation stands at 0.55 on a 3-year window (1 year: 0.64, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is FDX a good diversifier for DGRO?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.55 mean?
On the −1 to +1 scale, 0.55 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-fdx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgro-vs-fdx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGRO correlations · FDX correlations
