DGRO vs NDSN: Correlation
iShares Core Dividend Growth ETF (DGRO) and Nordson Corporation (NDSN) show a strong relationship: their 3-year correlation of weekly returns is 0.72.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and NDSN?
Over the past 3 years, DGRO and NDSN moved with a correlation of 0.72, which is strong. The link has loosened recently: the 1-year correlation (0.53) runs below the 3-year figure (0.72). Over 5 years the correlation is 0.72, and the annualized covariance of weekly returns is 204.4 %².
By 3-year correlation, NDSN places #31 of the 138 assets tracked against DGRO. Their recent paths diverged sharply: over the last 12 months NDSN outperformed by 27.5 percentage points (+21.0% for DGRO against +48.5% for NDSN). The rolling one-year correlation stayed in a tight band between 0.60 and 0.84 over the past three years, which points to a structural rather than episodic relationship. One caveat on sizing: NDSN is 2.2 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 NDSN: side by side
| DGRO (iShares Core Dividend Growth ETF) | NDSN (Nordson Corporation) | |
|---|---|---|
| 1-year return | +21.0% | +48.5% |
| 5-year return | +67.9% | +46.5% |
| Volatility (ann.) | 11.4% | 24.7% |
| Beta vs S&P 500 | 0.65 | 0.97 |
| Max drawdown (3Y) | -14.0% | -39.1% |
| Market cap | – | $18.4B |
| P/E (trailing) | – | 33.5 |
| Dividend yield | 1.89% | 0.98% |
| Expense ratio | 0.08% | – |
| Assets under management | $42.8B | – |
| Sector / category | ETF · Dividend | Industrials |
DGRO is a Large Value fund from iShares: $42.8B under management, 383 holdings, a 0.08% expense ratio, a 1.89% trailing dividend yield.
Year-by-year returns
| Year | DGRO | NDSN |
|---|---|---|
| 2022 | -7.9% | -5.9% |
| 2023 | +10.5% | +12.4% |
| 2024 | +16.6% | -20.1% |
| 2025 | +15.7% | +17.0% |
| 2026 | +15.2% | +38.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGRO and NDSN good diversifiers for each other?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between DGRO and NDSN?
As of 2026-08-27, the correlation of weekly returns between DGRO and NDSN is 0.72 over 3 years, 0.53 over 1 year and 0.72 over 5 years.
Is NDSN a good diversifier for DGRO?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.72 mean?
A reading of 0.72 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-ndsn.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgro-vs-ndsn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DGRO correlations · NDSN correlations
