DGRO vs SPYG: Correlation & Overlap
How closely do iShares Core Dividend Growth ETF (DGRO) and SPDR Portfolio S&P 500 Growth ETF (SPYG) trade together? Their weekly returns over three years give a correlation of 0.65, which is strong. The two funds also share 25.2% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and SPYG?
Across a 3-year window, the weekly returns of DGRO and SPYG correlate at 0.65, strong. The past 12 months show a weaker link (0.40) than the 3-year average (0.65). Stretching to 5 years gives 0.76, with an annualized covariance of 139.7 %².
Among the 138 assets we track against DGRO, SPYG ranks #51 by 3-year correlation. Neither side won the trailing year by much: +21.0% against +22.4%. The rolling one-year correlation moved between 0.39 and 0.84 over the past three years, a moderate range. Note the risk asymmetry: SPYG runs 1.7 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 SPYG: side by side
| DGRO (iShares Core Dividend Growth ETF) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | +21.0% | +22.4% |
| 5-year return | +67.9% | +85.9% |
| Volatility (ann.) | 11.4% | 18.9% |
| Beta vs S&P 500 | 0.65 | 1.25 |
| Max drawdown (3Y) | -14.0% | -22.1% |
| Dividend yield | 1.89% | 0.49% |
| Expense ratio | 0.08% | 0.04% |
| Assets under management | $42.8B | $52.2B |
| Sector / category | ETF · Dividend | ETF · US Style |
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. SPYG is a Large Growth fund from State Street Investment Management: $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield.
Portfolio overlap between DGRO and SPYG
The two portfolios partially overlap, with 64 holdings in common adding up to 25.2% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in DGRO | Weight in SPYG |
|---|---|---|
| MSFT | 3.39% | 10.32% |
| AAPL | 2.85% | 6.44% |
| AVGO | 2.28% | 4.71% |
| JPM | 3.14% | 1.82% |
| LLY | 1.21% | 2.63% |
| JNJ | 3.16% | 1.07% |
| V | 1.13% | 0.98% |
| RTX | 0.98% | 0.80% |
| MA | 0.73% | 0.91% |
| CSCO | 1.27% | 0.66% |
| ABBV | 3.03% | 0.60% |
| GS | 1.11% | 0.56% |
| CAT | 0.53% | 1.06% |
| PM | 2.12% | 0.47% |
| AMGN | 1.45% | 0.45% |
Largest positions held only by DGRO: XOM (2.86%), MRK (2.20%), PG (2.13%), HD (2.11%), BAC (1.80%). Only by SPYG: NVDA (14.21%), GOOGL (5.61%), GOOG (4.49%), AMZN (3.78%), META (3.54%).
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 | SPYG |
|---|---|---|
| 2022 | -7.9% | -29.4% |
| 2023 | +10.5% | +30.0% |
| 2024 | +16.6% | +36.0% |
| 2025 | +15.7% | +22.1% |
| 2026 | +15.2% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGRO and SPYG good diversifiers for each other?
To a limited degree. At 0.65 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 SPYG?
As of 2026-08-27, the correlation of weekly returns between DGRO and SPYG is 0.65 over 3 years, 0.40 over 1 year and 0.76 over 5 years.
Is SPYG a good diversifier for DGRO?
To a limited degree. At 0.65 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
How much do DGRO and SPYG overlap?
25.2% by weight, across 64 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
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Related comparisons
Hubs: DGRO correlations · SPYG correlations
