DGRO vs WAB: Correlation
How closely do iShares Core Dividend Growth ETF (DGRO) and Wabtec (WAB) trade together? Their weekly returns over three years give a correlation of 0.60, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and WAB?
On 3 years of weekly data the DGRO/WAB correlation comes out at 0.60, strong. The past 12 months show a weaker link (0.38) than the 3-year average (0.60). The 5-year figure is 0.65, and annualized covariance runs at 172.2 %².
Within DGRO's tracked universe of 138 assets, WAB comes in at #68 by 3-year correlation. The last year tells two different stories: WAB led by 31.9 percentage points, +21.0% for DGRO against +52.9% for WAB. On a rolling one-year basis the correlation drifted between 0.38 and 0.80, a moderate band. Note the risk asymmetry: WAB runs 2.2 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 WAB: side by side
| DGRO (iShares Core Dividend Growth ETF) | WAB (Wabtec) | |
|---|---|---|
| 1-year return | +21.0% | +52.9% |
| 5-year return | +67.9% | +241.0% |
| Volatility (ann.) | 11.4% | 25.3% |
| Beta vs S&P 500 | 0.65 | 0.99 |
| Max drawdown (3Y) | -14.0% | -23.6% |
| Market cap | – | $50.2B |
| P/E (trailing) | – | 40.5 |
| Dividend yield | 1.89% | 0.37% |
| Expense ratio | 0.08% | – |
| Assets under management | $42.8B | – |
| Sector / category | ETF · Dividend | Industrials |
DGRO, iShares's Large Value fund, carries $42.8B under management, 383 holdings, a 0.08% expense ratio, a 1.89% trailing dividend yield.
Year-by-year returns
| Year | DGRO | WAB |
|---|---|---|
| 2022 | -7.9% | +9.1% |
| 2023 | +10.5% | +28.0% |
| 2024 | +16.6% | +50.1% |
| 2025 | +15.7% | +13.2% |
| 2026 | +15.2% | +39.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGRO and WAB good diversifiers for each other?
To a limited degree. At 0.60 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between DGRO and WAB?
The DGRO/WAB correlation stands at 0.60 on a 3-year window (1 year: 0.38, 5 years: 0.65), computed from weekly returns as of 2026-08-27.
Is WAB a good diversifier for DGRO?
To a limited degree. At 0.60 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.60 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-wab.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgro-vs-wab/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DGRO correlations · WAB correlations
