DGRO vs NNI: Correlation
How closely do iShares Core Dividend Growth ETF (DGRO) and Nelnet, Inc. (NNI) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and NNI?
Across a 3-year window, the weekly returns of DGRO and NNI correlate at 0.54, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.31 versus 0.54 over 3 years. Stretching to 5 years gives 0.55, with an annualized covariance of 135.7 %².
Within DGRO's tracked universe of 138 assets, NNI comes in at #93 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months DGRO outperformed by 21.2 percentage points (+21.0% for DGRO against -0.2% for NNI). Risk is not evenly split, since NNI 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 NNI: side by side
| DGRO (iShares Core Dividend Growth ETF) | NNI (Nelnet, Inc.) | |
|---|---|---|
| 1-year return | +21.0% | -0.2% |
| 5-year return | +67.9% | +67.8% |
| Volatility (ann.) | 11.4% | 22.0% |
| Beta vs S&P 500 | 0.65 | 0.59 |
| Max drawdown (3Y) | -14.0% | -18.5% |
| Market cap | – | $4.6B |
| P/E (trailing) | – | 15.3 |
| Dividend yield | 1.89% | 1.01% |
| Expense ratio | 0.08% | – |
| Assets under management | $42.8B | – |
| Sector / category | ETF · Dividend | US Listed |
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 | NNI |
|---|---|---|
| 2022 | -7.9% | -6.0% |
| 2023 | +10.5% | -1.6% |
| 2024 | +16.6% | +22.4% |
| 2025 | +15.7% | +25.7% |
| 2026 | +15.2% | -3.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGRO and NNI good diversifiers for each other?
Only partially. A correlation of 0.54 means DGRO and NNI 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 NNI?
The DGRO/NNI correlation stands at 0.54 on a 3-year window (1 year: 0.31, 5 years: 0.55), computed from weekly returns as of 2026-08-27.
Is NNI a good diversifier for DGRO?
Only partially. A correlation of 0.54 means DGRO and NNI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 mean?
On the −1 to +1 scale, 0.54 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dgro-vs-nni.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgro-vs-nni/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGRO correlations · NNI correlations
