DGRO vs FXI: Correlation & Overlap
iShares Core Dividend Growth ETF (DGRO) and iShares China Large-Cap ETF (FXI) show a moderate relationship: their 3-year correlation of weekly returns is 0.37. The two funds also share 0% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and FXI?
Over the past 3 years, DGRO and FXI moved with a correlation of 0.37, which is moderate. Recent behaviour matches the longer record: 0.39 over 1 year against 0.37 over 3. Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 106.4 %².
Among the 138 assets we track against DGRO, FXI ranks #128 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months DGRO outperformed by 27.1 percentage points (+21.0% for DGRO against -6.1% for FXI). The rolling one-year correlation moved between 0.24 and 0.65 over the past three years, a moderate range. Note the risk asymmetry: FXI runs 2.2 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 FXI: side by side
| DGRO (iShares Core Dividend Growth ETF) | FXI (iShares China Large-Cap ETF) | |
|---|---|---|
| 1-year return | +21.0% | -6.1% |
| 5-year return | +67.9% | -1.4% |
| Volatility (ann.) | 11.4% | 25.3% |
| Beta vs S&P 500 | 0.65 | 0.68 |
| Max drawdown (3Y) | -14.0% | -23.2% |
| Dividend yield | 1.89% | 1.87% |
| Expense ratio | 0.08% | 0.73% |
| Assets under management | $42.8B | $4.3B |
| Sector / category | ETF · Dividend | ETF · International |
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. FXI, iShares's Greater China Region fund, carries $4.3B under management, 50 holdings, a 0.73% expense ratio, a 1.87% trailing dividend yield.
Portfolio overlap between DGRO and FXI
The two portfolios are largely distinct. Weighing the shared positions, 0% of the two funds is identical, spread across 0 common holdings. That shared book is a large part of why the returns line up.
Largest positions held only by DGRO: MSFT (3.39%), JNJ (3.16%), JPM (3.14%), ABBV (3.03%), XOM (2.86%). Only by FXI: 9988 (9.72%), 939 (9.09%), 700 (8.51%), 1398 (6.35%), 1810 (5.16%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26.
Year-by-year returns
| Year | DGRO | FXI |
|---|---|---|
| 2022 | -7.9% | -20.7% |
| 2023 | +10.5% | -12.4% |
| 2024 | +16.6% | +29.0% |
| 2025 | +15.7% | +28.9% |
| 2026 | +15.2% | -7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGRO and FXI good diversifiers for each other?
Reasonably. At 0.37, DGRO and FXI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DGRO and FXI?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with 0.39 over the last year and 0.32 over 5 years.
Is FXI a good diversifier for DGRO?
Reasonably. At 0.37, DGRO and FXI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
How much do DGRO and FXI overlap?
The two funds share 0 holdings amounting to 0% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dgro-vs-fxi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgro-vs-fxi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGRO correlations · FXI correlations
