DGRO vs RSP: Correlation & Overlap
iShares Core Dividend Growth ETF (DGRO) and Invesco S&P 500 Equal Weight ETF (RSP) show a very strong relationship: their 3-year correlation of weekly returns is 0.96. By holdings, the two funds overlap 32.8% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and RSP?
Over the past 3 years, DGRO and RSP moved with a correlation of 0.96, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.89 lands near the 3-year figure. Over 5 years the correlation is 0.96, and the annualized covariance of weekly returns is 144.3 %².
By 3-year correlation, RSP places #5 of the 138 assets tracked against DGRO. Neither side won the trailing year by much: +21.0% against +19.2%. The link looks structural: the rolling one-year correlation barely moved, holding between 0.90 and 0.98.
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 RSP: side by side
| DGRO (iShares Core Dividend Growth ETF) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | +21.0% | +19.2% |
| 5-year return | +67.9% | +53.9% |
| Volatility (ann.) | 11.4% | 13.2% |
| Beta vs S&P 500 | 0.65 | 0.77 |
| Max drawdown (3Y) | -14.0% | -17.8% |
| Dividend yield | 1.89% | 1.49% |
| Expense ratio | 0.08% | 0.20% |
| Assets under management | $42.8B | $97.3B |
| Sector / category | ETF · Dividend | ETF · US Large Cap |
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. On the fund side, RSP sits in the Large Blend category at Invesco, with $97.3B under management, 505 holdings, a 0.20% expense ratio, a 1.49% trailing dividend yield.
Portfolio overlap between DGRO and RSP
The two portfolios partially overlap. Weighing the shared positions, 32.8% of the two funds is identical, spread across 229 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in DGRO | Weight in RSP |
|---|---|---|
| PSX | 0.57% | 0.25% |
| AMGN | 1.45% | 0.24% |
| BDX | 0.31% | 0.24% |
| MRK | 2.20% | 0.24% |
| ABT | 1.16% | 0.24% |
| MSFT | 3.39% | 0.23% |
| MA | 0.73% | 0.23% |
| TRV | 0.25% | 0.23% |
| ADP | 0.71% | 0.23% |
| GILD | 0.99% | 0.23% |
| INTU | 0.31% | 0.23% |
| RTX | 0.98% | 0.22% |
| STT | 0.23% | 0.22% |
| V | 1.13% | 0.22% |
| PH | 0.24% | 0.22% |
Largest positions held only by DGRO: LNG (0.12%), FNF (0.10%), EWBC (0.10%), WTRG (0.09%), RPRX (0.08%). Only by RSP: MRNA (0.61%), ZBRA (0.31%), CRL (0.29%), DASH (0.29%), EXPE (0.28%).
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 | RSP |
|---|---|---|
| 2022 | -7.9% | -11.6% |
| 2023 | +10.5% | +13.7% |
| 2024 | +16.6% | +12.8% |
| 2025 | +15.7% | +11.2% |
| 2026 | +15.2% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGRO and RSP good diversifiers for each other?
No: a correlation of 0.96 means DGRO and RSP tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between DGRO and RSP?
As of 2026-08-27, the correlation of weekly returns between DGRO and RSP is 0.96 over 3 years, 0.89 over 1 year and 0.96 over 5 years.
Is RSP a good diversifier for DGRO?
No: a correlation of 0.96 means DGRO and RSP tend to fall together, which is precisely when diversification is supposed to help.
How much do DGRO and RSP overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 32.8% by weight over 229 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dgro-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dgro-vs-rsp/)
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Related comparisons
Hubs: DGRO correlations · RSP correlations
