DGRO vs PNR: Correlation
How closely do iShares Core Dividend Growth ETF (DGRO) and Pentair (PNR) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and PNR?
Across a 3-year window, the weekly returns of DGRO and PNR correlate at 0.58, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.26 versus 0.58 over 3 years. Stretching to 5 years gives 0.63, with an annualized covariance of 186.8 %².
By 3-year correlation, PNR places #78 of the 138 assets tracked against DGRO. Their recent paths diverged sharply: over the last 12 months DGRO outperformed by 63.5 percentage points (+21.0% for DGRO against -42.5% for PNR). This link changes with the market regime, having swung between 0.27 and 0.79 on a rolling one-year basis. Risk is not evenly split, since PNR carries 2.5 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 PNR: side by side
| DGRO (iShares Core Dividend Growth ETF) | PNR (Pentair) | |
|---|---|---|
| 1-year return | +21.0% | -42.5% |
| 5-year return | +67.9% | -14.1% |
| Volatility (ann.) | 11.4% | 28.2% |
| Beta vs S&P 500 | 0.65 | 1.07 |
| Max drawdown (3Y) | -14.0% | -45.0% |
| Market cap | – | $9.9B |
| P/E (trailing) | – | 16.2 |
| Dividend yield | 1.89% | 1.65% |
| 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 | PNR |
|---|---|---|
| 2022 | -7.9% | -37.4% |
| 2023 | +10.5% | +64.2% |
| 2024 | +16.6% | +40.0% |
| 2025 | +15.7% | +4.5% |
| 2026 | +15.2% | -39.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGRO and PNR good diversifiers for each other?
Only partially. A correlation of 0.58 means DGRO and PNR 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 PNR?
Using weekly returns as of 2026-08-27: 0.58 over 3 years, with 0.26 over the last year and 0.63 over 5 years.
Is PNR a good diversifier for DGRO?
Only partially. A correlation of 0.58 means DGRO and PNR share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.58 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
$ curl https://www.pairbook.io/api/v1/pairs/dgro-vs-pnr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgro-vs-pnr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DGRO correlations · PNR correlations
