DGRO vs VIG: Correlation & Overlap
How closely do iShares Core Dividend Growth ETF (DGRO) and Vanguard Dividend Appreciation ETF (VIG) trade together? Their weekly returns over three years give a correlation of 0.97, which is very strong. Looking through to holdings, 69.4% 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 VIG?
Across a 3-year window, the weekly returns of DGRO and VIG correlate at 0.97, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.94) sits close to the 3-year figure. Stretching to 5 years gives 0.98, with an annualized covariance of 131.6 %².
Few assets follow DGRO as closely as VIG, which ranks #2 of 138 tracked partners. Neither side won the trailing year by much: +21.0% against +17.1%. The link looks structural: the rolling one-year correlation barely moved, holding between 0.94 and 0.99.
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 VIG: side by side
| DGRO (iShares Core Dividend Growth ETF) | VIG (Vanguard Dividend Appreciation ETF) | |
|---|---|---|
| 1-year return | +21.0% | +17.1% |
| 5-year return | +67.9% | +64.0% |
| Volatility (ann.) | 11.4% | 11.9% |
| Beta vs S&P 500 | 0.65 | 0.74 |
| Max drawdown (3Y) | -14.0% | -15.0% |
| Dividend yield | 1.89% | 1.50% |
| Expense ratio | 0.08% | 0.04% |
| Assets under management | $42.8B | $130.9B |
| Sector / category | ETF · Dividend | ETF · Dividend |
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. VIG, Vanguard's Large Blend fund, carries $130.9B under management, 333 holdings, a 0.04% expense ratio, a 1.50% trailing dividend yield.
Portfolio overlap between DGRO and VIG
The two portfolios overlap heavily. Weighing the shared positions, 69.4% of the two funds is identical, spread across 243 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in DGRO | Weight in VIG |
|---|---|---|
| MSFT | 3.39% | 4.35% |
| JPM | 3.14% | 4.09% |
| AAPL | 2.85% | 4.47% |
| XOM | 2.86% | 2.80% |
| JNJ | 3.16% | 2.68% |
| AVGO | 2.28% | 4.65% |
| ABBV | 3.03% | 1.92% |
| BAC | 1.80% | 1.75% |
| UNH | 1.67% | 1.63% |
| KO | 1.98% | 1.47% |
| PG | 2.13% | 1.46% |
| HD | 2.11% | 1.43% |
| MRK | 2.20% | 1.40% |
| CSCO | 1.27% | 1.99% |
| LLY | 1.21% | 3.94% |
Largest positions held only by DGRO: PM (2.12%), WFC (1.22%), RTX (0.98%), COP (0.95%), C (0.86%). Only by VIG: TXN (1.09%), SBUX (0.52%), NKE (0.22%), CBOE (0.14%), SUNB (0.13%).
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 | VIG |
|---|---|---|
| 2022 | -7.9% | -9.8% |
| 2023 | +10.5% | +14.5% |
| 2024 | +16.6% | +17.0% |
| 2025 | +15.7% | +14.2% |
| 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 VIG good diversifiers for each other?
No. With a correlation of 0.97, DGRO and VIG move nearly in lockstep, so holding both adds very little diversification. On top of that, 69.4% of their holdings are the same, making the doubling-up even more literal.
FAQ
What is the correlation between DGRO and VIG?
Using weekly returns as of 2026-08-27: 0.97 over 3 years, with 0.94 over the last year and 0.98 over 5 years.
Is VIG a good diversifier for DGRO?
No. With a correlation of 0.97, DGRO and VIG move nearly in lockstep, so holding both adds very little diversification. On top of that, 69.4% of their holdings are the same, making the doubling-up even more literal.
How much do DGRO and VIG overlap?
69.4% by weight, across 243 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
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Related comparisons
Hubs: DGRO correlations · VIG correlations
