DGRO vs UPS: Correlation
iShares Core Dividend Growth ETF (DGRO) and United Parcel Service (UPS) show a moderate relationship: their 3-year correlation of weekly returns is 0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and UPS?
On 3 years of weekly data the DGRO/UPS correlation comes out at 0.54, moderate. The relationship has been stable: the 1-year correlation (0.53) sits close to the 3-year figure. The 5-year figure is 0.59, and annualized covariance runs at 181.3 %².
Within DGRO's tracked universe of 138 assets, UPS comes in at #96 by 3-year correlation. On 12-month performance UPS holds a 7.2-point edge, +21.0% against +28.2%. Across three years, the rolling one-year figure varied moderately, from 0.25 to 0.73. Risk is not evenly split, since UPS carries 2.6 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 UPS: side by side
| DGRO (iShares Core Dividend Growth ETF) | UPS (United Parcel Service) | |
|---|---|---|
| 1-year return | +21.0% | +28.2% |
| 5-year return | +67.9% | -31.0% |
| Volatility (ann.) | 11.4% | 29.4% |
| Beta vs S&P 500 | 0.65 | 0.81 |
| Max drawdown (3Y) | -14.0% | -46.5% |
| Market cap | – | $89.9B |
| P/E (trailing) | – | 19.6 |
| Dividend yield | 1.89% | 6.21% |
| Expense ratio | 0.08% | – |
| Assets under management | $42.8B | – |
| Sector / category | ETF · Dividend | Industrials |
On the fund side, DGRO sits in the Large Value category at iShares, with $42.8B under management, 383 holdings, a 0.08% expense ratio, a 1.89% trailing dividend yield.
Year-by-year returns
| Year | DGRO | UPS |
|---|---|---|
| 2022 | -7.9% | -16.2% |
| 2023 | +10.5% | -6.0% |
| 2024 | +16.6% | -15.9% |
| 2025 | +15.7% | -15.9% |
| 2026 | +15.2% | +11.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGRO and UPS good diversifiers for each other?
To a limited degree. At 0.54 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 UPS?
The DGRO/UPS correlation stands at 0.54 on a 3-year window (1 year: 0.53, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is UPS a good diversifier for DGRO?
To a limited degree. At 0.54 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.54 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dgro-vs-ups.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgro-vs-ups/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DGRO correlations · UPS correlations
