DGRO vs MSI: Correlation
How closely do iShares Core Dividend Growth ETF (DGRO) and Motorola Solutions (MSI) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and MSI?
On 3 years of weekly data the DGRO/MSI correlation comes out at 0.48, moderate. The past 12 months show a weaker link (0.33) than the 3-year average (0.48). The 5-year figure is 0.58, and annualized covariance runs at 122.4 %².
Within DGRO's tracked universe of 138 assets, MSI comes in at #112 by 3-year correlation. Correlation aside, the last 12 months split them widely, with DGRO ahead by 15.1 points (+21.0% versus +5.9%). On a rolling one-year basis the correlation drifted between 0.25 and 0.71, a moderate band. Risk is not evenly split, since MSI carries 1.9 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 MSI: side by side
| DGRO (iShares Core Dividend Growth ETF) | MSI (Motorola Solutions) | |
|---|---|---|
| 1-year return | +21.0% | +5.9% |
| 5-year return | +67.9% | +111.1% |
| Volatility (ann.) | 11.4% | 22.1% |
| Beta vs S&P 500 | 0.65 | 0.61 |
| Max drawdown (3Y) | -14.0% | -27.0% |
| Market cap | – | $80.5B |
| P/E (trailing) | – | 38.5 |
| Dividend yield | 1.89% | 0.97% |
| Expense ratio | 0.08% | – |
| Assets under management | $42.8B | – |
| Sector / category | ETF · Dividend | Information Technology |
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 | MSI |
|---|---|---|
| 2022 | -7.9% | -3.8% |
| 2023 | +10.5% | +23.0% |
| 2024 | +16.6% | +49.1% |
| 2025 | +15.7% | -16.2% |
| 2026 | +15.2% | +27.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.2% of DGRO is MSI itself, so the fund partly moves with the stock by construction.
Are DGRO and MSI 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 MSI?
As of 2026-08-27, the correlation of weekly returns between DGRO and MSI is 0.48 over 3 years, 0.33 over 1 year and 0.58 over 5 years.
Is MSI 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-msi.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgro-vs-msi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGRO correlations · MSI correlations
