DGRO vs OTIS: Correlation
iShares Core Dividend Growth ETF (DGRO) and Otis Worldwide (OTIS) show a moderate relationship: their 3-year correlation of weekly returns is 0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and OTIS?
Over the past 3 years, DGRO and OTIS moved with a correlation of 0.54, which is moderate. Recent behaviour matches the longer record: 0.55 over 1 year against 0.54 over 3. Over 5 years the correlation is 0.65, and the annualized covariance of weekly returns is 118.3 %².
By 3-year correlation, OTIS places #94 of the 138 assets tracked against DGRO. Their recent paths diverged sharply: over the last 12 months DGRO outperformed by 37.8 percentage points (+21.0% for DGRO against -16.8% for OTIS). The rolling one-year correlation moved between 0.43 and 0.77 over the past three years, a moderate range. One caveat on sizing: OTIS is 1.7 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 OTIS: side by side
| DGRO (iShares Core Dividend Growth ETF) | OTIS (Otis Worldwide) | |
|---|---|---|
| 1-year return | +21.0% | -16.8% |
| 5-year return | +67.9% | -15.9% |
| Volatility (ann.) | 11.4% | 19.1% |
| Beta vs S&P 500 | 0.65 | 0.59 |
| Max drawdown (3Y) | -14.0% | -32.4% |
| Market cap | – | $27.2B |
| P/E (trailing) | – | 18.4 |
| Dividend yield | 1.89% | 2.35% |
| Expense ratio | 0.08% | – |
| Assets under management | $42.8B | – |
| Sector / category | ETF · Dividend | Industrials |
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 | OTIS |
|---|---|---|
| 2022 | -7.9% | -8.8% |
| 2023 | +10.5% | +16.0% |
| 2024 | +16.6% | +5.2% |
| 2025 | +15.7% | -4.0% |
| 2026 | +15.2% | -16.8% |
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 OTIS at a 0.15% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are DGRO and OTIS good diversifiers for each other?
To a limited degree. At 0.54 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 OTIS?
As of 2026-08-27, the correlation of weekly returns between DGRO and OTIS is 0.54 over 3 years, 0.55 over 1 year and 0.65 over 5 years.
Is OTIS a good diversifier for DGRO?
To a limited degree. At 0.54 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 0.54 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
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Related comparisons
Hubs: DGRO correlations · OTIS correlations
