DGRO vs VXZ: Correlation
How closely do iShares Core Dividend Growth ETF (DGRO) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.71, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and VXZ?
On 3 years of weekly data the DGRO/VXZ correlation comes out at -0.71, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.64) sits close to the 3-year figure. The 5-year figure is -0.67, and annualized covariance runs at -207.5 %².
VXZ is close to the least connected end of DGRO's tracked universe, ranking #138 of 138. Correlation aside, the last 12 months split them widely, with DGRO ahead by 37.1 points (+21.0% versus -16.1%). Risk is not evenly split, since VXZ carries 2.2 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 VXZ: side by side
| DGRO (iShares Core Dividend Growth ETF) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +21.0% | -16.1% |
| 5-year return | +67.9% | -53.1% |
| Volatility (ann.) | 11.4% | 25.6% |
| Beta vs S&P 500 | 0.65 | -1.31 |
| Max drawdown (3Y) | -14.0% | -36.4% |
| Dividend yield | 1.89% | – |
| Expense ratio | 0.08% | – |
| Assets under management | $42.8B | – |
| Sector / category | ETF · Dividend | US Listed |
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.
Year-by-year returns
| Year | DGRO | VXZ |
|---|---|---|
| 2022 | -7.9% | +0.5% |
| 2023 | +10.5% | -44.0% |
| 2024 | +16.6% | -12.7% |
| 2025 | +15.7% | +5.7% |
| 2026 | +15.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGRO and VXZ good diversifiers for each other?
Yes. With a correlation of -0.71, DGRO and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DGRO and VXZ?
The DGRO/VXZ correlation stands at -0.71 on a 3-year window (1 year: -0.64, 5 years: -0.67), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for DGRO?
Yes. With a correlation of -0.71, DGRO and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.71 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgro-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DGRO correlations · VXZ correlations
