DGRO vs VOO: Correlation & Overlap
How closely do iShares Core Dividend Growth ETF (DGRO) and Vanguard S&P 500 ETF (VOO) trade together? Their weekly returns over three years give a correlation of 0.83, which is very strong. Looking through to holdings, 43.0% 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 VOO?
On 3 years of weekly data the DGRO/VOO correlation comes out at 0.83, very strong, meaning they move nearly in lockstep. The link has loosened recently: the 1-year correlation (0.61) runs below the 3-year figure (0.83). The 5-year figure is 0.89, and annualized covariance runs at 135.7 %².
By 3-year correlation, VOO places #20 of the 138 assets tracked against DGRO. Their 12-month results are close: +21.0% for DGRO against +20.6% for VOO. The rolling one-year correlation moved between 0.61 and 0.94 over the past three years, a moderate range.
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 VOO: side by side
| DGRO (iShares Core Dividend Growth ETF) | VOO (Vanguard S&P 500 ETF) | |
|---|---|---|
| 1-year return | +21.0% | +20.6% |
| 5-year return | +67.9% | +83.0% |
| Volatility (ann.) | 11.4% | 14.4% |
| Beta vs S&P 500 | 0.65 | 0.99 |
| Max drawdown (3Y) | -14.0% | -18.7% |
| Dividend yield | 1.89% | 1.07% |
| Expense ratio | 0.08% | 0.03% |
| Assets under management | $42.8B | $1,686.9B |
| Sector / category | ETF · Dividend | ETF · US Large Cap |
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. VOO, Vanguard's Large Blend fund, carries $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% trailing dividend yield.
Portfolio overlap between DGRO and VOO
The two portfolios overlap heavily: 43.0% of the funds' weight sits in the same underlying holdings (228 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in DGRO | Weight in VOO |
|---|---|---|
| MSFT | 3.39% | 5.37% |
| AAPL | 2.85% | 7.05% |
| AVGO | 2.28% | 2.87% |
| JPM | 3.14% | 1.47% |
| LLY | 1.21% | 1.41% |
| XOM | 2.86% | 1.00% |
| JNJ | 3.16% | 0.96% |
| V | 1.13% | 0.93% |
| WMT | 0.80% | 0.76% |
| MA | 0.73% | 0.72% |
| CSCO | 1.27% | 0.71% |
| ABBV | 3.03% | 0.69% |
| BAC | 1.80% | 0.63% |
| UNH | 1.67% | 0.58% |
| COST | 0.54% | 0.66% |
Largest positions held only by DGRO: FERG (0.15%), LNG (0.12%), FNF (0.10%), EWBC (0.10%), WTRG (0.09%). Only by VOO: NVDA (7.56%), AMZN (4.13%), GOOGL (3.25%), GOOG (2.62%), META (1.90%).
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 | VOO |
|---|---|---|
| 2022 | -7.9% | -18.2% |
| 2023 | +10.5% | +26.3% |
| 2024 | +16.6% | +25.0% |
| 2025 | +15.7% | +17.8% |
| 2026 | +15.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGRO and VOO good diversifiers for each other?
No. With a correlation of 0.83, DGRO and VOO move nearly in lockstep, so holding both adds very little diversification. On top of that, 43.0% of their holdings are the same, making the doubling-up even more literal.
FAQ
What is the correlation between DGRO and VOO?
The DGRO/VOO correlation stands at 0.83 on a 3-year window (1 year: 0.61, 5 years: 0.89), computed from weekly returns as of 2026-08-27.
Is VOO a good diversifier for DGRO?
No. With a correlation of 0.83, DGRO and VOO move nearly in lockstep, so holding both adds very little diversification. On top of that, 43.0% of their holdings are the same, making the doubling-up even more literal.
How much do DGRO and VOO overlap?
The two funds share 228 holdings amounting to 43.0% of weight, per issuer portfolio files dated 2026-08-26.
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