DGRO vs HON: Correlation
Measured on weekly returns over the past three years, iShares Core Dividend Growth ETF (DGRO) and Honeywell Technologies (HON) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and HON?
Across a 3-year window, the weekly returns of DGRO and HON correlate at 0.55, moderate. The past 12 months show a weaker link (0.42) than the 3-year average (0.55). Stretching to 5 years gives 0.62, with an annualized covariance of 146.8 %².
By 3-year correlation, HON places #90 of the 138 assets tracked against DGRO. Correlation aside, the last 12 months split them widely, with DGRO ahead by 18.3 points (+21.0% versus +2.7%). On a rolling one-year basis the correlation drifted between 0.41 and 0.76, a moderate band. Note the risk asymmetry: HON runs 2.0 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 HON: side by side
| DGRO (iShares Core Dividend Growth ETF) | HON (Honeywell Technologies) | |
|---|---|---|
| 1-year return | +21.0% | +2.7% |
| 5-year return | +67.9% | +6.6% |
| Volatility (ann.) | 11.4% | 23.2% |
| Beta vs S&P 500 | 0.65 | 0.74 |
| Max drawdown (3Y) | -14.0% | -22.1% |
| Market cap | – | $69.9B |
| P/E (trailing) | – | 8.5 |
| Dividend yield | 1.89% | 4.26% |
| Expense ratio | 0.08% | – |
| Assets under management | $42.8B | – |
| Sector / category | ETF · Dividend | Industrials |
DGRO, iShares's Large Value fund, carries $42.8B under management, 383 holdings, a 0.08% expense ratio, a 1.89% trailing dividend yield.
Year-by-year returns
| Year | DGRO | HON |
|---|---|---|
| 2022 | -7.9% | +4.9% |
| 2023 | +10.5% | +0.0% |
| 2024 | +16.6% | +10.0% |
| 2025 | +15.7% | -6.4% |
| 2026 | +15.2% | +9.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
HON represents 0.33% of DGRO's portfolio, so part of any move in DGRO is HON itself, and the correlation between them is partly mechanical.
Are DGRO and HON good diversifiers for each other?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between DGRO and HON?
As of 2026-08-27, the correlation of weekly returns between DGRO and HON is 0.55 over 3 years, 0.42 over 1 year and 0.62 over 5 years.
Is HON a good diversifier for DGRO?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
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-hon.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dgro-vs-hon/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DGRO correlations · HON correlations
