DGRO vs MMM: Correlation
Measured on weekly returns over the past three years, iShares Core Dividend Growth ETF (DGRO) and 3M (MMM) carry a correlation of 0.58, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and MMM?
On 3 years of weekly data the DGRO/MMM correlation comes out at 0.58, moderate. The past 12 months show a tighter link (0.68) than the 3-year average (0.58). The 5-year figure is 0.64, and annualized covariance runs at 199.1 %².
Among the 138 assets we track against DGRO, MMM ranks #76 by 3-year correlation. Their 12-month results are close: +21.0% for DGRO against +16.4% for MMM. The rolling one-year correlation moved between 0.32 and 0.80 over the past three years, a moderate range. One caveat on sizing: MMM is 2.6 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 MMM: side by side
| DGRO (iShares Core Dividend Growth ETF) | MMM (3M) | |
|---|---|---|
| 1-year return | +21.0% | +16.4% |
| 5-year return | +67.9% | +29.9% |
| Volatility (ann.) | 11.4% | 29.8% |
| Beta vs S&P 500 | 0.65 | 0.89 |
| Max drawdown (3Y) | -14.0% | -20.7% |
| Market cap | – | $92.2B |
| P/E (trailing) | – | 31.9 |
| Dividend yield | 1.89% | 1.68% |
| Expense ratio | 0.08% | – |
| Assets under management | $42.8B | – |
| Sector / category | ETF · Dividend | Industrials |
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 | MMM |
|---|---|---|
| 2022 | -7.9% | -29.6% |
| 2023 | +10.5% | -3.3% |
| 2024 | +16.6% | +46.1% |
| 2025 | +15.7% | +26.4% |
| 2026 | +15.2% | +13.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGRO and MMM good diversifiers for each other?
To a limited degree. At 0.58 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 MMM?
As of 2026-08-27, the correlation of weekly returns between DGRO and MMM is 0.58 over 3 years, 0.68 over 1 year and 0.64 over 5 years.
Is MMM a good diversifier for DGRO?
To a limited degree. At 0.58 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 0.58 mean?
A reading of 0.58 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-mmm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgro-vs-mmm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGRO correlations · MMM correlations
