DGRO vs IVV: Correlation & Overlap
How closely do iShares Core Dividend Growth ETF (DGRO) and iShares Core S&P 500 ETF (IVV) trade together? Their weekly returns over three years give a correlation of 0.82, which is very strong. By holdings, the two funds overlap 42.9% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and IVV?
Over the past 3 years, DGRO and IVV moved with a correlation of 0.82, which is very strong, meaning they move nearly in lockstep. The link has loosened recently: the 1-year correlation (0.61) runs below the 3-year figure (0.82). Over 5 years the correlation is 0.89, and the annualized covariance of weekly returns is 136.7 %².
By 3-year correlation, IVV places #21 of the 138 assets tracked against DGRO. Their 12-month results are close: +21.0% for DGRO against +20.7% for IVV. On a rolling one-year basis the correlation drifted between 0.61 and 0.93, a moderate band.
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 IVV: side by side
| DGRO (iShares Core Dividend Growth ETF) | IVV (iShares Core S&P 500 ETF) | |
|---|---|---|
| 1-year return | +21.0% | +20.7% |
| 5-year return | +67.9% | +83.0% |
| Volatility (ann.) | 11.4% | 14.5% |
| Beta vs S&P 500 | 0.65 | 1.00 |
| Max drawdown (3Y) | -14.0% | -18.8% |
| Dividend yield | 1.89% | 1.09% |
| Expense ratio | 0.08% | 0.03% |
| Assets under management | $42.8B | $869.2B |
| Sector / category | ETF · Dividend | ETF · US Large Cap |
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. IVV is a Large Blend fund from iShares: $869.2B under management, 503 holdings, a 0.03% expense ratio, a 1.09% trailing dividend yield.
Portfolio overlap between DGRO and IVV
The two portfolios overlap heavily. Weighing the shared positions, 42.9% of the two funds is identical, spread across 229 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in DGRO | Weight in IVV |
|---|---|---|
| MSFT | 3.39% | 5.57% |
| AAPL | 2.85% | 6.96% |
| AVGO | 2.28% | 2.54% |
| JPM | 3.14% | 1.44% |
| LLY | 1.21% | 1.42% |
| XOM | 2.86% | 0.99% |
| JNJ | 3.16% | 0.98% |
| V | 1.13% | 0.96% |
| MA | 0.73% | 0.73% |
| ABBV | 3.03% | 0.70% |
| WMT | 0.80% | 0.69% |
| CSCO | 1.27% | 0.67% |
| BAC | 1.80% | 0.61% |
| MRK | 2.20% | 0.57% |
| UNH | 1.67% | 0.55% |
Largest positions held only by DGRO: LNG (0.12%), FNF (0.10%), EWBC (0.10%), WTRG (0.09%), RPRX (0.08%). Only by IVV: NVDA (7.67%), AMZN (3.85%), GOOGL (3.03%), GOOG (2.42%), META (1.91%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 15 common positions shown.
Year-by-year returns
| Year | DGRO | IVV |
|---|---|---|
| 2022 | -7.9% | -18.2% |
| 2023 | +10.5% | +26.3% |
| 2024 | +16.6% | +24.9% |
| 2025 | +15.7% | +17.8% |
| 2026 | +15.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGRO and IVV good diversifiers for each other?
No: a correlation of 0.82 means DGRO and IVV tend to fall together, which is precisely when diversification is supposed to help. The 42.9% holdings overlap makes the redundancy concrete: much of it is the same book twice.
FAQ
What is the correlation between DGRO and IVV?
The DGRO/IVV correlation stands at 0.82 on a 3-year window (1 year: 0.61, 5 years: 0.89), computed from weekly returns as of 2026-08-27.
Is IVV a good diversifier for DGRO?
No: a correlation of 0.82 means DGRO and IVV tend to fall together, which is precisely when diversification is supposed to help. The 42.9% holdings overlap makes the redundancy concrete: much of it is the same book twice.
How much do DGRO and IVV overlap?
The two funds share 229 holdings amounting to 42.9% of weight, per issuer portfolio files dated 2026-08-26.
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Related comparisons
Hubs: DGRO correlations · IVV correlations
