DGRO vs IEX: Correlation
iShares Core Dividend Growth ETF (DGRO) and IDEX Corporation (IEX) show a strong relationship: their 3-year correlation of weekly returns is 0.66.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and IEX?
On 3 years of weekly data the DGRO/IEX correlation comes out at 0.66, strong. The past 12 months show a weaker link (0.55) than the 3-year average (0.66). The 5-year figure is 0.67, and annualized covariance runs at 176.2 %².
Within DGRO's tracked universe of 138 assets, IEX comes in at #43 by 3-year correlation. The last year tells two different stories: IEX led by 22.0 percentage points, +21.0% for DGRO against +43.0% for IEX. The rolling one-year correlation stayed in a tight band between 0.56 and 0.76 over the past three years, which points to a structural rather than episodic relationship. One caveat on sizing: IEX is 2.0 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 IEX: side by side
| DGRO (iShares Core Dividend Growth ETF) | IEX (IDEX Corporation) | |
|---|---|---|
| 1-year return | +21.0% | +43.0% |
| 5-year return | +67.9% | +10.5% |
| Volatility (ann.) | 11.4% | 23.3% |
| Beta vs S&P 500 | 0.65 | 0.89 |
| Max drawdown (3Y) | -14.0% | -34.6% |
| Market cap | – | $17.2B |
| P/E (trailing) | – | 33.8 |
| Dividend yield | 1.89% | 1.23% |
| 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 | IEX |
|---|---|---|
| 2022 | -7.9% | -2.2% |
| 2023 | +10.5% | -3.8% |
| 2024 | +16.6% | -2.4% |
| 2025 | +15.7% | -13.7% |
| 2026 | +15.2% | +32.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that DGRO holds IEX at a 0.05% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are DGRO and IEX good diversifiers for each other?
Somewhat, no more. With 0.66 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between DGRO and IEX?
Using weekly returns as of 2026-08-27: 0.66 over 3 years, with 0.55 over the last year and 0.67 over 5 years.
Is IEX a good diversifier for DGRO?
Somewhat, no more. With 0.66 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.66 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dgro-vs-iex.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dgro-vs-iex/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGRO correlations · IEX correlations
