DGRO vs SPYV: Correlation & Overlap
iShares Core Dividend Growth ETF (DGRO) and SPDR Portfolio S&P 500 Value ETF (SPYV) show a very strong relationship: their 3-year correlation of weekly returns is 0.97. By holdings, the two funds overlap 50.3% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and SPYV?
Across a 3-year window, the weekly returns of DGRO and SPYV correlate at 0.97, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.92) sits close to the 3-year figure. Stretching to 5 years gives 0.97, with an annualized covariance of 134.1 %².
Few assets follow DGRO as closely as SPYV, which ranks #1 of 138 tracked partners. Their 12-month results are close: +21.0% for DGRO against +18.5% for SPYV. The rolling one-year correlation stayed in a tight band between 0.92 and 0.99 over the past three years, which points to a structural rather than episodic relationship.
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 SPYV: side by side
| DGRO (iShares Core Dividend Growth ETF) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +21.0% | +18.5% |
| 5-year return | +67.9% | +73.5% |
| Volatility (ann.) | 11.4% | 12.1% |
| Beta vs S&P 500 | 0.65 | 0.70 |
| Max drawdown (3Y) | -14.0% | -17.5% |
| Dividend yield | 1.89% | 1.69% |
| Expense ratio | 0.08% | 0.04% |
| Assets under management | $42.8B | $36.2B |
| 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. SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Portfolio overlap between DGRO and SPYV
The two portfolios overlap heavily. Weighing the shared positions, 50.3% of the two funds is identical, spread across 211 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in DGRO | Weight in SPYV |
|---|---|---|
| AAPL | 2.85% | 7.58% |
| XOM | 2.86% | 2.16% |
| BAC | 1.80% | 1.34% |
| MRK | 2.20% | 1.25% |
| UNH | 1.67% | 1.20% |
| PG | 2.13% | 1.11% |
| HD | 2.11% | 1.10% |
| JPM | 3.14% | 1.01% |
| V | 1.13% | 0.94% |
| JNJ | 3.16% | 0.88% |
| WFC | 1.22% | 0.86% |
| ABBV | 3.03% | 0.83% |
| WMT | 0.80% | 1.51% |
| C | 0.86% | 0.75% |
| CSCO | 1.27% | 0.69% |
Largest positions held only by DGRO: MSFT (3.39%), AVGO (2.28%), LLY (1.21%), RTX (0.98%), CAT (0.53%). Only by SPYV: AMZN (3.95%), INTC (1.44%), CVX (1.23%), TSLA (1.22%), TXN (0.78%).
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 | SPYV |
|---|---|---|
| 2022 | -7.9% | -5.3% |
| 2023 | +10.5% | +22.2% |
| 2024 | +16.6% | +12.2% |
| 2025 | +15.7% | +13.2% |
| 2026 | +15.2% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGRO and SPYV good diversifiers for each other?
No. With a correlation of 0.97, DGRO and SPYV move nearly in lockstep, so holding both adds very little diversification. On top of that, 50.3% of their holdings are the same, making the doubling-up even more literal.
FAQ
What is the correlation between DGRO and SPYV?
Using weekly returns as of 2026-08-27: 0.97 over 3 years, with 0.92 over the last year and 0.97 over 5 years.
Is SPYV a good diversifier for DGRO?
No. With a correlation of 0.97, DGRO and SPYV move nearly in lockstep, so holding both adds very little diversification. On top of that, 50.3% of their holdings are the same, making the doubling-up even more literal.
How much do DGRO and SPYV overlap?
The two funds share 211 holdings amounting to 50.3% of weight, per issuer portfolio files dated 2026-08-26.
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Related comparisons
Hubs: DGRO correlations · SPYV correlations
