DGRO vs NSC: Correlation
Measured on weekly returns over the past three years, iShares Core Dividend Growth ETF (DGRO) and Norfolk Southern (NSC) carry a correlation of 0.65, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and NSC?
Across a 3-year window, the weekly returns of DGRO and NSC correlate at 0.65, strong. The link has loosened recently: the 1-year correlation (0.46) runs below the 3-year figure (0.65). Stretching to 5 years gives 0.64, with an annualized covariance of 164.2 %².
Among the 138 assets we track against DGRO, NSC ranks #50 by 3-year correlation. Over the last 12 months NSC came out ahead by 9.0 percentage points (+21.0% against +30.0%). The rolling one-year correlation moved between 0.46 and 0.80 over the past three years, a moderate range. Note the risk asymmetry: NSC runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 NSC: side by side
| DGRO (iShares Core Dividend Growth ETF) | NSC (Norfolk Southern) | |
|---|---|---|
| 1-year return | +21.0% | +30.0% |
| 5-year return | +67.9% | +49.6% |
| Volatility (ann.) | 11.4% | 22.0% |
| Beta vs S&P 500 | 0.65 | 0.69 |
| Max drawdown (3Y) | -14.0% | -25.1% |
| Market cap | – | $78.1B |
| P/E (trailing) | – | 30.1 |
| Dividend yield | 1.89% | 1.53% |
| 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 | NSC |
|---|---|---|
| 2022 | -7.9% | -15.6% |
| 2023 | +10.5% | -1.6% |
| 2024 | +16.6% | +1.6% |
| 2025 | +15.7% | +25.6% |
| 2026 | +15.2% | +22.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGRO and NSC good diversifiers for each other?
To a limited degree. At 0.65 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 NSC?
The DGRO/NSC correlation stands at 0.65 on a 3-year window (1 year: 0.46, 5 years: 0.64), computed from weekly returns as of 2026-08-27.
Is NSC a good diversifier for DGRO?
To a limited degree. At 0.65 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 0.65 mean?
On the −1 to +1 scale, 0.65 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-nsc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgro-vs-nsc/)
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Related comparisons
Hubs: DGRO correlations · NSC correlations
