DGRO vs UNP: Correlation
iShares Core Dividend Growth ETF (DGRO) and Union Pacific Corporation (UNP) show a strong relationship: their 3-year correlation of weekly returns is 0.64.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and UNP?
On 3 years of weekly data the DGRO/UNP correlation comes out at 0.64, strong. The past 12 months show a weaker link (0.39) than the 3-year average (0.64). The 5-year figure is 0.63, and annualized covariance runs at 149.9 %².
By 3-year correlation, UNP places #56 of the 138 assets tracked against DGRO. The last year tells two different stories: UNP led by 21.4 percentage points, +21.0% for DGRO against +42.4% for UNP. On a rolling one-year basis the correlation drifted between 0.41 and 0.77, a moderate band. Risk is not evenly split, since UNP carries 1.8 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 UNP: side by side
| DGRO (iShares Core Dividend Growth ETF) | UNP (Union Pacific Corporation) | |
|---|---|---|
| 1-year return | +21.0% | +42.4% |
| 5-year return | +67.9% | +56.5% |
| Volatility (ann.) | 11.4% | 20.6% |
| Beta vs S&P 500 | 0.65 | 0.56 |
| Max drawdown (3Y) | -14.0% | -17.8% |
| Market cap | – | $182.8B |
| P/E (trailing) | – | 25.1 |
| Dividend yield | 1.89% | 1.78% |
| 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 | UNP |
|---|---|---|
| 2022 | -7.9% | -15.9% |
| 2023 | +10.5% | +21.6% |
| 2024 | +16.6% | -5.1% |
| 2025 | +15.7% | +3.9% |
| 2026 | +15.2% | +34.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.8% of DGRO is UNP itself, so the fund partly moves with the stock by construction.
Are DGRO and UNP good diversifiers for each other?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between DGRO and UNP?
As of 2026-08-27, the correlation of weekly returns between DGRO and UNP is 0.64 over 3 years, 0.39 over 1 year and 0.63 over 5 years.
Is UNP a good diversifier for DGRO?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.64 mean?
A reading of 0.64 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dgro-vs-unp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dgro-vs-unp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DGRO correlations · UNP correlations
