DGRO vs MA: Correlation
iShares Core Dividend Growth ETF (DGRO) and Mastercard (MA) show a strong relationship: their 3-year correlation of weekly returns is 0.62.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and MA?
Across a 3-year window, the weekly returns of DGRO and MA correlate at 0.62, strong. Lately the two have drifted apart, with the 1-year correlation at 0.44 versus 0.62 over 3 years. Stretching to 5 years gives 0.67, with an annualized covariance of 137.2 %².
By 3-year correlation, MA places #64 of the 138 assets tracked against DGRO. Their recent paths diverged sharply: over the last 12 months DGRO outperformed by 20.2 percentage points (+21.0% for DGRO against +0.8% for MA). The rolling one-year correlation moved between 0.40 and 0.83 over the past three years, a moderate range. Risk is not evenly split, since MA carries 1.7 times the volatility of the other side.
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 MA: side by side
| DGRO (iShares Core Dividend Growth ETF) | MA (Mastercard) | |
|---|---|---|
| 1-year return | +21.0% | +0.8% |
| 5-year return | +67.9% | +72.6% |
| Volatility (ann.) | 11.4% | 19.3% |
| Beta vs S&P 500 | 0.65 | 0.77 |
| Max drawdown (3Y) | -14.0% | -20.9% |
| Market cap | – | $518.4B |
| P/E (trailing) | – | 32.9 |
| Dividend yield | 1.89% | 0.56% |
| Expense ratio | 0.08% | – |
| Assets under management | $42.8B | – |
| Sector / category | ETF · Dividend | Financials |
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 | MA |
|---|---|---|
| 2022 | -7.9% | -2.7% |
| 2023 | +10.5% | +23.4% |
| 2024 | +16.6% | +24.2% |
| 2025 | +15.7% | +9.0% |
| 2026 | +15.2% | +4.2% |
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 MA at a 0.73% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are DGRO and MA good diversifiers for each other?
Only partially. A correlation of 0.62 means DGRO and MA 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 MA?
The DGRO/MA correlation stands at 0.62 on a 3-year window (1 year: 0.44, 5 years: 0.67), computed from weekly returns as of 2026-08-27.
Is MA a good diversifier for DGRO?
Only partially. A correlation of 0.62 means DGRO and MA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 mean?
A reading of 0.62 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-ma.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgro-vs-ma/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGRO correlations · MA correlations
