DGRO vs VELO: Correlation
How closely do iShares Core Dividend Growth ETF (DGRO) and Velo3D, Inc. (VELO) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and VELO?
Across a 3-year window, the weekly returns of DGRO and VELO correlate at -0.19, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.10) runs above the 3-year figure (-0.19). Stretching to 5 years gives -0.03, with an annualized covariance of -540.0 %².
VELO is close to the least connected end of DGRO's tracked universe, ranking #135 of 138. Correlation aside, the last 12 months split them widely, with VELO ahead by 160.9 points (+21.0% versus +181.9%). Note the risk asymmetry: VELO runs 21.8 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 VELO: side by side
| DGRO (iShares Core Dividend Growth ETF) | VELO (Velo3D, Inc.) | |
|---|---|---|
| 1-year return | +21.0% | +181.9% |
| 5-year return | +67.9% | -99.8% |
| Volatility (ann.) | 11.4% | 249.0% |
| Beta vs S&P 500 | 0.65 | -2.66 |
| Max drawdown (3Y) | -14.0% | -99.8% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | – |
| Dividend yield | 1.89% | 0.00% |
| Expense ratio | 0.08% | – |
| Assets under management | $42.8B | – |
| Sector / category | ETF · Dividend | US Listed |
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 | VELO |
|---|---|---|
| 2022 | -7.9% | -77.1% |
| 2023 | +10.5% | -77.8% |
| 2024 | +16.6% | -95.2% |
| 2025 | +15.7% | +35.7% |
| 2026 | +15.2% | -6.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGRO and VELO good diversifiers for each other?
Yes. With a correlation of -0.19, DGRO and VELO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGRO and VELO?
As of 2026-08-27, the correlation of weekly returns between DGRO and VELO is -0.19 over 3 years, 0.10 over 1 year and -0.03 over 5 years.
Is VELO a good diversifier for DGRO?
Yes. With a correlation of -0.19, DGRO and VELO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.19 mean?
On the −1 to +1 scale, -0.19 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dgro-vs-velo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgro-vs-velo/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DGRO correlations · VELO correlations
