DGRO vs NTRS: Correlation
iShares Core Dividend Growth ETF (DGRO) and Northern Trust (NTRS) show a strong relationship: their 3-year correlation of weekly returns is 0.73.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and NTRS?
On 3 years of weekly data the DGRO/NTRS correlation comes out at 0.73, strong. Lately the two have drifted apart, with the 1-year correlation at 0.56 versus 0.73 over 3 years. The 5-year figure is 0.74, and annualized covariance runs at 197.2 %².
By 3-year correlation, NTRS places #28 of the 138 assets tracked against DGRO. The last year tells two different stories: NTRS led by 23.8 percentage points, +21.0% for DGRO against +44.8% for NTRS. The rolling one-year correlation moved between 0.57 and 0.82 over the past three years, a moderate range. Risk is not evenly split, since NTRS carries 2.1 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 NTRS: side by side
| DGRO (iShares Core Dividend Growth ETF) | NTRS (Northern Trust) | |
|---|---|---|
| 1-year return | +21.0% | +44.8% |
| 5-year return | +67.9% | +83.2% |
| Volatility (ann.) | 11.4% | 23.7% |
| Beta vs S&P 500 | 0.65 | 1.08 |
| Max drawdown (3Y) | -14.0% | -25.2% |
| Market cap | – | $34.1B |
| P/E (trailing) | – | 16.1 |
| Dividend yield | 1.89% | 1.71% |
| Expense ratio | 0.08% | – |
| Assets under management | $42.8B | – |
| Sector / category | ETF · Dividend | Financials |
DGRO, iShares's Large Value fund, carries $42.8B under management, 383 holdings, a 0.08% expense ratio, a 1.89% trailing dividend yield.
Year-by-year returns
| Year | DGRO | NTRS |
|---|---|---|
| 2022 | -7.9% | -23.8% |
| 2023 | +10.5% | -1.0% |
| 2024 | +16.6% | +25.6% |
| 2025 | +15.7% | +36.9% |
| 2026 | +15.2% | +37.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that DGRO holds NTRS at a 0.14% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are DGRO and NTRS good diversifiers for each other?
To a limited degree. At 0.73 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 NTRS?
The DGRO/NTRS correlation stands at 0.73 on a 3-year window (1 year: 0.56, 5 years: 0.74), computed from weekly returns as of 2026-08-27.
Is NTRS a good diversifier for DGRO?
To a limited degree. At 0.73 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 0.73 mean?
A reading of 0.73 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-ntrs.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgro-vs-ntrs/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGRO correlations · NTRS correlations
