DGRO vs MLP: Correlation
Measured on weekly returns over the past three years, iShares Core Dividend Growth ETF (DGRO) and Maui Land & Pineapple Company, Inc. (MLP) carry a correlation of 0.48, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and MLP?
On 3 years of weekly data the DGRO/MLP correlation comes out at 0.48, moderate. The link has loosened recently: the 1-year correlation (0.34) runs below the 3-year figure (0.48). The 5-year figure is 0.36, and annualized covariance runs at 214.7 %².
Within DGRO's tracked universe of 138 assets, MLP comes in at #111 by 3-year correlation. The last year tells two different stories: DGRO led by 29.2 percentage points, +21.0% for DGRO against -8.2% for MLP. Note the risk asymmetry: MLP runs 3.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 MLP: side by side
| DGRO (iShares Core Dividend Growth ETF) | MLP (Maui Land & Pineapple Company, Inc.) | |
|---|---|---|
| 1-year return | +21.0% | -8.2% |
| 5-year return | +67.9% | +43.7% |
| Volatility (ann.) | 11.4% | 39.6% |
| Beta vs S&P 500 | 0.65 | 1.03 |
| Max drawdown (3Y) | -14.0% | -45.5% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | – |
| Dividend yield | 1.89% | 0.00% |
| Expense ratio | 0.08% | – |
| Assets under management | $42.8B | – |
| Sector / category | ETF · Dividend | US Listed |
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 | MLP |
|---|---|---|
| 2022 | -7.9% | -5.4% |
| 2023 | +10.5% | +68.7% |
| 2024 | +16.6% | +38.3% |
| 2025 | +15.7% | -22.9% |
| 2026 | +15.2% | -6.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGRO and MLP good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between DGRO and MLP?
As of 2026-08-27, the correlation of weekly returns between DGRO and MLP is 0.48 over 3 years, 0.34 over 1 year and 0.36 over 5 years.
Is MLP a good diversifier for DGRO?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 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-mlp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dgro-vs-mlp/)
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Related comparisons
Hubs: DGRO correlations · MLP correlations
