DGRO vs ICLN: Correlation & Overlap
How closely do iShares Core Dividend Growth ETF (DGRO) and iShares Global Clean Energy ETF (ICLN) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate. 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 ICLN?
Across a 3-year window, the weekly returns of DGRO and ICLN correlate at 0.43, moderate. The link has loosened recently: the 1-year correlation (0.25) runs below the 3-year figure (0.43). Stretching to 5 years gives 0.50, with an annualized covariance of 117.2 %².
By 3-year correlation, ICLN places #120 of the 138 assets tracked against DGRO. Neither side won the trailing year by much: +21.0% against +25.6%. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.23 to 0.76. One caveat on sizing: ICLN 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 ICLN: side by side
| DGRO (iShares Core Dividend Growth ETF) | ICLN (iShares Global Clean Energy ETF) | |
|---|---|---|
| 1-year return | +21.0% | +25.6% |
| 5-year return | +67.9% | -18.4% |
| Volatility (ann.) | 11.4% | 24.0% |
| Beta vs S&P 500 | 0.65 | 0.78 |
| Max drawdown (3Y) | -14.0% | -34.6% |
| Dividend yield | 1.89% | 1.05% |
| Expense ratio | 0.08% | 0.39% |
| Assets under management | $42.8B | $2.3B |
| Sector / category | ETF · Dividend | ETF · Thematic |
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. ICLN, iShares's Miscellaneous Sector fund, carries $2.3B under management, 102 holdings, a 0.39% expense ratio, a 1.05% trailing dividend yield.
Portfolio overlap between DGRO and ICLN
The two portfolios are largely distinct: 0% of the funds' weight sits in the same underlying holdings (0 common positions). Correlation tells you they move together; overlap tells you why.
Largest positions held only by DGRO: MSFT (3.39%), JNJ (3.16%), JPM (3.14%), ABBV (3.03%), XOM (2.86%). Only by ICLN: FSLR (7.87%), 600900 (7.64%), BE (7.36%), NXT (6.81%), ENPH (4.70%).
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 | ICLN |
|---|---|---|
| 2022 | -7.9% | -5.4% |
| 2023 | +10.5% | -20.4% |
| 2024 | +16.6% | -25.7% |
| 2025 | +15.7% | +47.0% |
| 2026 | +15.2% | +8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGRO and ICLN good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DGRO and ICLN?
The DGRO/ICLN correlation stands at 0.43 on a 3-year window (1 year: 0.25, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is ICLN a good diversifier for DGRO?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
How much do DGRO and ICLN 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-icln.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dgro-vs-icln/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DGRO correlations · ICLN correlations
