DGRO vs USMV: Correlation & Overlap
How closely do iShares Core Dividend Growth ETF (DGRO) and iShares MSCI USA Min Vol Factor ETF (USMV) trade together? Their weekly returns over three years give a correlation of 0.89, which is very strong. Looking through to holdings, 36.5% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and USMV?
Across a 3-year window, the weekly returns of DGRO and USMV correlate at 0.89, very strong, meaning they move nearly in lockstep. The link has loosened recently: the 1-year correlation (0.75) runs below the 3-year figure (0.89). Stretching to 5 years gives 0.92, with an annualized covariance of 100.8 %².
Within DGRO's tracked universe of 138 assets, USMV comes in at #9 by 3-year correlation. The trailing year gives DGRO the advantage: +21.0% versus +10.1%, a 10.9-point spread. The rolling one-year correlation stayed in a tight band between 0.76 and 0.95 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 USMV: side by side
| DGRO (iShares Core Dividend Growth ETF) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | +21.0% | +10.1% |
| 5-year return | +67.9% | +42.3% |
| Volatility (ann.) | 11.4% | 9.9% |
| Beta vs S&P 500 | 0.65 | 0.51 |
| Max drawdown (3Y) | -14.0% | -9.4% |
| Dividend yield | 1.89% | 1.48% |
| Expense ratio | 0.08% | 0.15% |
| Assets under management | $42.8B | $23.6B |
| Sector / category | ETF · Dividend | ETF · US Style |
DGRO, iShares's Large Value fund, carries $42.8B under management, 383 holdings, a 0.08% expense ratio, a 1.89% trailing dividend yield. USMV, iShares's Large Blend fund, carries $23.6B under management, 164 holdings, a 0.15% expense ratio, a 1.48% trailing dividend yield.
Portfolio overlap between DGRO and USMV
The two portfolios partially overlap, with 85 holdings in common adding up to 36.5% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in DGRO | Weight in USMV |
|---|---|---|
| MSFT | 3.39% | 1.68% |
| JNJ | 3.16% | 1.58% |
| MRK | 2.20% | 1.54% |
| XOM | 2.86% | 1.38% |
| KO | 1.98% | 1.28% |
| CSCO | 1.27% | 1.38% |
| MCD | 1.07% | 1.06% |
| IBM | 1.09% | 1.03% |
| V | 1.13% | 1.02% |
| PG | 2.13% | 1.02% |
| AVGO | 2.28% | 0.90% |
| AAPL | 2.85% | 0.88% |
| GILD | 0.99% | 0.87% |
| PEP | 1.66% | 0.85% |
| LLY | 1.21% | 0.79% |
Largest positions held only by DGRO: JPM (3.14%), BAC (1.80%), WFC (1.22%), GS (1.11%), MS (1.02%). Only by USMV: NEM (1.65%), VRTX (1.63%), WELL (1.57%), VZ (1.46%), BRK.B (1.41%).
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 | USMV |
|---|---|---|
| 2022 | -7.9% | -9.4% |
| 2023 | +10.5% | +10.3% |
| 2024 | +16.6% | +15.7% |
| 2025 | +15.7% | +7.6% |
| 2026 | +15.2% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGRO and USMV good diversifiers for each other?
No: a correlation of 0.89 means DGRO and USMV tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between DGRO and USMV?
Using weekly returns as of 2026-08-27: 0.89 over 3 years, with 0.75 over the last year and 0.92 over 5 years.
Is USMV a good diversifier for DGRO?
No: a correlation of 0.89 means DGRO and USMV tend to fall together, which is precisely when diversification is supposed to help.
How much do DGRO and USMV overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 36.5% by weight over 85 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dgro-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgro-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGRO correlations · USMV correlations
