DGRO vs MDT: Correlation
iShares Core Dividend Growth ETF (DGRO) and Medtronic (MDT) show a moderate relationship: their 3-year correlation of weekly returns is 0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and MDT?
On 3 years of weekly data the DGRO/MDT correlation comes out at 0.50, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.39 versus 0.50 over 3 years. The 5-year figure is 0.52, and annualized covariance runs at 120.4 %².
Within DGRO's tracked universe of 138 assets, MDT comes in at #103 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months DGRO outperformed by 20.1 percentage points (+21.0% for DGRO against +0.9% for MDT). On a rolling one-year basis the correlation drifted between 0.33 and 0.67, a moderate band. One caveat on sizing: MDT is 1.8 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 MDT: side by side
| DGRO (iShares Core Dividend Growth ETF) | MDT (Medtronic) | |
|---|---|---|
| 1-year return | +21.0% | +0.9% |
| 5-year return | +67.9% | -21.4% |
| Volatility (ann.) | 11.4% | 21.0% |
| Beta vs S&P 500 | 0.65 | 0.37 |
| Max drawdown (3Y) | -14.0% | -28.9% |
| Market cap | – | $115.2B |
| P/E (trailing) | – | 24.1 |
| Dividend yield | 1.89% | 3.09% |
| Expense ratio | 0.08% | – |
| Assets under management | $42.8B | – |
| Sector / category | ETF · Dividend | Health Care |
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 | MDT |
|---|---|---|
| 2022 | -7.9% | -22.6% |
| 2023 | +10.5% | +9.6% |
| 2024 | +16.6% | +0.3% |
| 2025 | +15.7% | +24.0% |
| 2026 | +15.2% | -4.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.88% of DGRO is MDT itself, so the fund partly moves with the stock by construction.
Are DGRO and MDT good diversifiers for each other?
To a limited degree. At 0.50 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 MDT?
As of 2026-08-27, the correlation of weekly returns between DGRO and MDT is 0.50 over 3 years, 0.39 over 1 year and 0.52 over 5 years.
Is MDT a good diversifier for DGRO?
To a limited degree. At 0.50 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 0.50 mean?
A reading of 0.50 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-mdt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgro-vs-mdt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DGRO correlations · MDT correlations
