DGRO vs PH: Correlation
Measured on weekly returns over the past three years, iShares Core Dividend Growth ETF (DGRO) and Parker Hannifin (PH) carry a correlation of 0.67, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and PH?
Across a 3-year window, the weekly returns of DGRO and PH correlate at 0.67, strong. Lately the two have drifted apart, with the 1-year correlation at 0.46 versus 0.67 over 3 years. Stretching to 5 years gives 0.70, with an annualized covariance of 203.3 %².
Within DGRO's tracked universe of 138 assets, PH comes in at #40 by 3-year correlation. On 12-month performance PH holds a 11.8-point edge, +21.0% against +32.8%. The rolling one-year correlation moved between 0.46 and 0.86 over the past three years, a moderate range. Note the risk asymmetry: PH runs 2.3 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 PH: side by side
| DGRO (iShares Core Dividend Growth ETF) | PH (Parker Hannifin) | |
|---|---|---|
| 1-year return | +21.0% | +32.8% |
| 5-year return | +67.9% | +256.4% |
| Volatility (ann.) | 11.4% | 26.6% |
| Beta vs S&P 500 | 0.65 | 1.16 |
| Max drawdown (3Y) | -14.0% | -26.8% |
| Market cap | – | $127.5B |
| P/E (trailing) | – | 36.5 |
| Dividend yield | 1.89% | 0.71% |
| Expense ratio | 0.08% | – |
| Assets under management | $42.8B | – |
| Sector / category | ETF · Dividend | Industrials |
On the fund side, DGRO sits in the Large Value category at iShares, with $42.8B under management, 383 holdings, a 0.08% expense ratio, a 1.89% trailing dividend yield.
Year-by-year returns
| Year | DGRO | PH |
|---|---|---|
| 2022 | -7.9% | -6.9% |
| 2023 | +10.5% | +60.8% |
| 2024 | +16.6% | +39.6% |
| 2025 | +15.7% | +39.5% |
| 2026 | +15.2% | +15.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.24% of DGRO is PH itself, so the fund partly moves with the stock by construction.
Are DGRO and PH good diversifiers for each other?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between DGRO and PH?
The DGRO/PH correlation stands at 0.67 on a 3-year window (1 year: 0.46, 5 years: 0.70), computed from weekly returns as of 2026-08-27.
Is PH a good diversifier for DGRO?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.67 mean?
On the −1 to +1 scale, 0.67 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-ph.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgro-vs-ph/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGRO correlations · PH correlations
