DGRO vs GPN: Correlation
How closely do iShares Core Dividend Growth ETF (DGRO) and Global Payments (GPN) 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 GPN?
On 3 years of weekly data the DGRO/GPN correlation comes out at 0.55, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.43 versus 0.55 over 3 years. The 5-year figure is 0.55, and annualized covariance runs at 225.9 %².
Among the 138 assets we track against DGRO, GPN ranks #89 by 3-year correlation. Over the last 12 months DGRO came out ahead by 14.0 percentage points (+21.0% against +7.0%). Across three years, the rolling one-year figure varied moderately, from 0.41 to 0.69. One caveat on sizing: GPN is 3.1 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 GPN: side by side
| DGRO (iShares Core Dividend Growth ETF) | GPN (Global Payments) | |
|---|---|---|
| 1-year return | +21.0% | +7.0% |
| 5-year return | +67.9% | -39.6% |
| Volatility (ann.) | 11.4% | 35.9% |
| Beta vs S&P 500 | 0.65 | 1.22 |
| Max drawdown (3Y) | -14.0% | -54.0% |
| Market cap | – | $24.5B |
| P/E (trailing) | – | 44.0 |
| Dividend yield | 1.89% | 1.08% |
| Expense ratio | 0.08% | – |
| Assets under management | $42.8B | – |
| Sector / category | ETF · Dividend | Financials |
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 | GPN |
|---|---|---|
| 2022 | -7.9% | -25.9% |
| 2023 | +10.5% | +29.0% |
| 2024 | +16.6% | -11.0% |
| 2025 | +15.7% | -30.1% |
| 2026 | +15.2% | +20.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGRO and GPN good diversifiers for each other?
Only partially. A correlation of 0.55 means DGRO and GPN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between DGRO and GPN?
The DGRO/GPN correlation stands at 0.55 on a 3-year window (1 year: 0.43, 5 years: 0.55), computed from weekly returns as of 2026-08-27.
Is GPN a good diversifier for DGRO?
Only partially. A correlation of 0.55 means DGRO and GPN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.55 mean?
A reading of 0.55 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-gpn.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgro-vs-gpn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGRO correlations · GPN correlations
