DGRO vs. MFUS

Last updated Jun 4, 2026

DGRO (iShares Core Dividend Growth ETF) and MFUS (PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF) are both Large Cap Growth Equities funds - DGRO tracks the Morningstar US Dividend Growth Index while MFUS tracks the RAFI Dynamic Multi-Factor U.S. Index​. Both are passively managed. Over the past 5 years, DGRO returned 10.54%/yr vs 12.82%/yr for MFUS. Their correlation of 0.91 suggests significant overlap in exposure. DGRO charges 0.08%/yr vs 0.30%/yr for MFUS.

Performance

DGRO vs. MFUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core Dividend Growth ETF (DGRO) and PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DGRO achieves a 8.76% return, which is significantly lower than MFUS's 16.37% return.

DGRO

• 1D: -0.28%
• 1M: 3.14%
• YTD: 8.76%
• 6M: 8.75%
• 1Y: 22.54%
• 3Y*: 16.99%
• 5Y*: 10.54%
• 10Y*: 13.30%

MFUS

• 1D: 0.03%
• 1M: 5.72%
• YTD: 16.37%
• 6M: 16.58%
• 1Y: 28.04%
• 3Y*: 22.25%
• 5Y*: 12.82%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DGRO vs. MFUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DGRO iShares Core Dividend Growth ETF	8.76%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-2.38%	10.75%
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	16.37%	16.02%	20.17%	12.19%	-5.82%	24.10%	10.64%	26.17%	-7.30%	11.20%

Correlation

The correlation between DGRO and MFUS is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Sep 7, 2017	0.91

The correlation between DGRO and MFUS has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.

DGRO vs. MFUS - Sectors Allocation Comparison

Sectors	DGRO	MFUS
Financial Services	21.2%	12.6%
Technology	19.4%	21.8%
Healthcare	16.4%	13.5%
Consumer Defensive	11.5%	10.3%
Industrials	10.8%	12.6%
Utilities	6.9%	1.7%
Consumer Cyclical	5.7%	10.6%
Energy	5.6%	7.0%
Basic Materials	2.5%	2.8%
Communication Services	0.1%	5.3%
Real Estate	-	1.8%

Return for Risk

DGRO vs. MFUS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DGRO

DGRO Risk / Return Rank: 71
DGRO Sharpe Ratio Rank: 71
DGRO Sortino Ratio Rank: 76
DGRO Omega Ratio Rank: 70
DGRO Calmar Ratio Rank: 69
DGRO Martin Ratio Rank: 71

MFUS

MFUS Risk / Return Rank: 82
MFUS Sharpe Ratio Rank: 80
MFUS Sortino Ratio Rank: 83
MFUS Omega Ratio Rank: 78
MFUS Calmar Ratio Rank: 83
MFUS Martin Ratio Rank: 86

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DGRO vs. MFUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Dividend Growth ETF (DGRO) and PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	DGRO	MFUS	Difference
Sharpe ratio: Return per unit of total volatility	2.39	2.63	-0.24
Sortino ratio: Return per unit of downside risk	3.49	3.77	-0.28
Omega ratio: Gain probability vs. loss probability	1.43	1.47	-0.04
Calmar ratio: Return relative to maximum drawdown	3.50	4.41	-0.91
Martin ratio: Return relative to average drawdown	13.52	18.13	-4.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DGRO vs. MFUS - Sharpe Ratio Comparison

The current DGRO Sharpe Ratio is 2.39, which is comparable to the MFUS Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of DGRO and MFUS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DGRO	MFUS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	2.63	-0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.86	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.79	-0.03

Drawdowns

DGRO vs. MFUS - Drawdown Comparison

The maximum DGRO drawdown since its inception was -35.10%, roughly equal to the maximum MFUS drawdown of -35.21%. Use the drawdown chart below to compare losses from any high point for DGRO and MFUS.

Drawdown Indicators

	DGRO	MFUS	Difference
Max Drawdown Largest peak-to-trough decline	-35.10%	-35.21%	+0.11%
Max Drawdown (1Y) Largest decline over 1 year	-6.47%	-6.39%	-0.08%
Max Drawdown (3Y) Largest decline over 3 years	-14.03%	-15.39%	+1.36%
Max Drawdown (5Y) Largest decline over 5 years	-19.31%	-18.22%	-1.09%
Max Drawdown (10Y) Largest decline over 10 years	-35.10%	—	—
Current Drawdown Current decline from peak	-0.28%	0.00%	-0.28%
Average Drawdown Average peak-to-trough decline	-3.44%	-4.00%	+0.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.67%	1.55%	+0.12%

Volatility

DGRO vs. MFUS - Volatility Comparison

The current volatility for iShares Core Dividend Growth ETF (DGRO) is 2.21%, while PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS) has a volatility of 3.19%. This indicates that DGRO experiences smaller price fluctuations and is considered to be less risky than MFUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DGRO	MFUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.21%	3.19%	-0.98%
Volatility (6M) Calculated over the trailing 6-month period	6.91%	8.22%	-1.31%
Volatility (1Y) Calculated over the trailing 1-year period	9.48%	10.72%	-1.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.82%	15.03%	-1.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.62%	17.35%	-0.73%

DGRO vs. MFUS - Expense Ratio Comparison

DGRO has a 0.08% expense ratio, which is lower than MFUS's 0.30% expense ratio.

Dividends

DGRO vs. MFUS - Dividend Comparison

DGRO's dividend yield for the trailing twelve months is around 1.96%, more than MFUS's 1.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRO iShares Core Dividend Growth ETF	1.96%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	1.36%	1.54%	1.45%	1.96%	2.07%	1.35%	1.72%	1.89%	1.69%	1.01%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DGRO and MFUS in my portfolio?

DGRO and MFUS have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DGRO or MFUS?

MFUS has higher volatility (3.19%) compared to DGRO (2.21%). In terms of maximum drawdown, DGRO dropped -35.10% vs MFUS's -35.21%.

Which ETF is better, DGRO or MFUS?

On 5-year performance, MFUS leads with 12.82% vs 10.54% for DGRO. On fees, DGRO is cheaper at 0.08% per year. On volatility, DGRO has been the lower-risk option at 2.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DGRO or MFUS?

Over the 5-year period, MFUS has performed better with a 12.82% return vs 10.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DGRO or MFUS?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.30% for MFUS.

Which ETF pays a higher dividend yield, DGRO or MFUS?

DGRO has the higher dividend yield at 1.96%, compared with 1.36% for MFUS.

What is the main difference between DGRO and MFUS?

DGRO tracks Morningstar US Dividend Growth Index, while MFUS tracks RAFI Dynamic Multi-Factor U.S. Index​. They also come from different issuers: iShares and PIMCO. Their fees differ too: 0.08% for DGRO and 0.30% for MFUS.

Which has better risk-adjusted returns?

MFUS currently has the higher Sharpe Ratio (2.63 vs 2.39), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.