DGRO vs MTUM: Correlation & Overlap
Measured on weekly returns over the past three years, iShares Core Dividend Growth ETF (DGRO) and iShares MSCI USA Momentum Factor ETF (MTUM) carry a correlation of 0.64, a strong link. By holdings, the two funds overlap 21.8% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and MTUM?
Across a 3-year window, the weekly returns of DGRO and MTUM correlate at 0.64, strong. The past 12 months show a weaker link (0.36) than the 3-year average (0.64). Stretching to 5 years gives 0.73, with an annualized covariance of 150.3 %².
By 3-year correlation, MTUM places #53 of the 138 assets tracked against DGRO. Neither side won the trailing year by much: +21.0% against +25.2%. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.34 to 0.87. Risk is not evenly split, since MTUM carries 1.8 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 MTUM: side by side
| DGRO (iShares Core Dividend Growth ETF) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | +21.0% | +25.2% |
| 5-year return | +67.9% | +76.1% |
| Volatility (ann.) | 11.4% | 20.6% |
| Beta vs S&P 500 | 0.65 | 1.25 |
| Max drawdown (3Y) | -14.0% | -21.0% |
| Dividend yield | 1.89% | 0.62% |
| Expense ratio | 0.08% | 0.15% |
| Assets under management | $42.8B | $25.3B |
| Sector / category | ETF · Dividend | ETF · US Style |
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. MTUM is a Large Blend fund from iShares: $25.3B under management, 126 holdings, a 0.15% expense ratio, a 0.62% trailing dividend yield.
Portfolio overlap between DGRO and MTUM
The two portfolios partially overlap. Weighing the shared positions, 21.8% of the two funds is identical, spread across 54 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in DGRO | Weight in MTUM |
|---|---|---|
| JNJ | 3.16% | 3.67% |
| XOM | 2.86% | 3.78% |
| AVGO | 2.28% | 4.25% |
| CSCO | 1.27% | 2.43% |
| GS | 1.11% | 1.38% |
| MS | 1.02% | 1.08% |
| COP | 0.95% | 0.87% |
| C | 0.86% | 1.21% |
| WMT | 0.80% | 2.44% |
| CAT | 0.53% | 3.63% |
| PSX | 0.57% | 0.49% |
| ADI | 0.42% | 1.45% |
| TJX | 0.38% | 0.56% |
| EOG | 0.47% | 0.36% |
| AMAT | 0.35% | 2.89% |
Largest positions held only by DGRO: MSFT (3.39%), JPM (3.14%), ABBV (3.03%), AAPL (2.85%), MRK (2.20%). Only by MTUM: MU (6.60%), AMD (5.09%), INTC (3.91%), GEV (2.91%), GOOGL (2.44%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 15 common positions shown.
Year-by-year returns
| Year | DGRO | MTUM |
|---|---|---|
| 2022 | -7.9% | -18.3% |
| 2023 | +10.5% | +9.1% |
| 2024 | +16.6% | +32.9% |
| 2025 | +15.7% | +22.1% |
| 2026 | +15.2% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGRO and MTUM good diversifiers for each other?
Only partially. A correlation of 0.64 means DGRO and MTUM 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 MTUM?
The DGRO/MTUM correlation stands at 0.64 on a 3-year window (1 year: 0.36, 5 years: 0.73), computed from weekly returns as of 2026-08-27.
Is MTUM a good diversifier for DGRO?
Only partially. A correlation of 0.64 means DGRO and MTUM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do DGRO and MTUM overlap?
21.8% by weight, across 54 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
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Hubs: DGRO correlations · MTUM correlations
