DGRO vs QQQM: Correlation & Overlap
iShares Core Dividend Growth ETF (DGRO) and Invesco Nasdaq 100 ETF (QQQM) show a strong relationship: their 3-year correlation of weekly returns is 0.64. Looking through to holdings, 20.4% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and QQQM?
Across a 3-year window, the weekly returns of DGRO and QQQM correlate at 0.64, strong. The past 12 months show a weaker link (0.37) than the 3-year average (0.64). Stretching to 5 years gives 0.73, with an annualized covariance of 143.1 %².
By 3-year correlation, QQQM places #55 of the 138 assets tracked against DGRO. On 12-month performance QQQM holds a 5.4-point edge, +21.0% against +26.4%. Across three years, the rolling one-year figure varied moderately, from 0.36 to 0.85. Risk is not evenly split, since QQQM carries 1.7 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 QQQM: side by side
| DGRO (iShares Core Dividend Growth ETF) | QQQM (Invesco Nasdaq 100 ETF) | |
|---|---|---|
| 1-year return | +21.0% | +26.4% |
| 5-year return | +67.9% | +96.1% |
| Volatility (ann.) | 11.4% | 19.5% |
| Beta vs S&P 500 | 0.65 | 1.28 |
| Max drawdown (3Y) | -14.0% | -22.7% |
| Dividend yield | 1.89% | 0.46% |
| Expense ratio | 0.08% | 0.15% |
| Assets under management | $42.8B | $97.1B |
| Sector / category | ETF · Dividend | ETF · US Growth & Tech |
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. QQQM is a Large Growth fund from Invesco: $97.1B under management, 105 holdings, a 0.15% expense ratio, a 0.46% trailing dividend yield.
Portfolio overlap between DGRO and QQQM
The two portfolios partially overlap, with 34 holdings in common adding up to 20.4% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in DGRO | Weight in QQQM |
|---|---|---|
| MSFT | 3.39% | 5.93% |
| AAPL | 2.85% | 7.39% |
| AVGO | 2.28% | 2.71% |
| CSCO | 1.27% | 1.96% |
| AMGN | 1.45% | 1.06% |
| PEP | 1.66% | 0.86% |
| GILD | 0.99% | 0.81% |
| WMT | 0.80% | 2.26% |
| LIN | 0.61% | 1.00% |
| QCOM | 0.59% | 0.76% |
| COST | 0.54% | 1.88% |
| ADP | 0.71% | 0.50% |
| ADI | 0.42% | 0.80% |
| MDLZ | 0.56% | 0.36% |
| AMAT | 0.35% | 1.69% |
Largest positions held only by DGRO: JNJ (3.16%), JPM (3.14%), ABBV (3.03%), XOM (2.86%), MRK (2.20%). Only by QQQM: NVDA (8.15%), MU (4.69%), AMZN (4.50%), AMD (3.48%), GOOGL (3.20%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 15 common positions shown.
Year-by-year returns
| Year | DGRO | QQQM |
|---|---|---|
| 2022 | -7.9% | -32.5% |
| 2023 | +10.5% | +55.0% |
| 2024 | +16.6% | +25.7% |
| 2025 | +15.7% | +20.9% |
| 2026 | +15.2% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGRO and QQQM good diversifiers for each other?
Only partially. A correlation of 0.64 means DGRO and QQQM 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 QQQM?
The DGRO/QQQM correlation stands at 0.64 on a 3-year window (1 year: 0.37, 5 years: 0.73), computed from weekly returns as of 2026-08-27.
Is QQQM a good diversifier for DGRO?
Only partially. A correlation of 0.64 means DGRO and QQQM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do DGRO and QQQM overlap?
20.4% by weight, across 34 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dgro-vs-qqqm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgro-vs-qqqm/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGRO correlations · QQQM correlations
