DGRO vs. QWLD

Last updated Jul 16, 2026

DGRO (iShares Core Dividend Growth ETF) and QWLD (SPDR MSCI World StrategicFactors ETF) are both Large Cap Growth Equities funds - DGRO tracks the Morningstar US Dividend Growth Index while QWLD tracks the MSCI World Factor Mix A-Series (USD). Both are passively managed. Over the past 10 years, DGRO returned 13.17%/yr vs 11.53%/yr for QWLD. A 0.72 correlation means they provide meaningful diversification when combined. DGRO charges 0.08%/yr vs 0.30%/yr for QWLD.

Performance

DGRO vs. QWLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core Dividend Growth ETF (DGRO) and SPDR MSCI World StrategicFactors ETF (QWLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DGRO achieves a 11.40% return, which is significantly higher than QWLD's 7.97% return. Over the past 10 years, DGRO has outperformed QWLD with an annualized return of 13.17%, while QWLD has yielded a comparatively lower 11.53% annualized return.

DGRO

• 1D: 0.16%
• 1M: 1.34%
• 6M: 8.53%
• YTD: 11.40%
• 1Y: 22.05%
• 3Y*: 16.63%
• 5Y*: 10.99%
• 10Y*: 13.17%

QWLD

• 1D: 0.02%
• 1M: 0.58%
• 6M: 5.99%
• YTD: 7.97%
• 1Y: 16.81%
• 3Y*: 15.40%
• 5Y*: 10.08%
• 10Y*: 11.53%

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

DGRO vs. QWLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DGRO iShares Core Dividend Growth ETF	11.40%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-2.38%	23.00%
QWLD SPDR MSCI World StrategicFactors ETF	7.97%	17.93%	14.44%	19.59%	-13.30%	21.57%	10.24%	27.59%	-7.02%	22.44%

Correlation

The correlation between DGRO and QWLD is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014	0.72

The correlation between DGRO and QWLD shifts across timeframes, from 0.72 (all time) to 0.90 (5 years), reflecting how their relationship changes across market environments.

DGRO vs. QWLD - Sectors Allocation Comparison

Sectors	DGRO	QWLD
Technology	22.0%	25.3%
Financial Services	20.6%	14.6%
Healthcare	16.5%	12.9%
Consumer Defensive	11.1%	7.2%
Industrials	10.4%	8.5%
Utilities	6.4%	3.8%
Consumer Cyclical	5.4%	5.2%
Energy	5.1%	2.6%
Basic Materials	2.4%	2.3%
Communication Services	0.1%	8.4%
Real Estate	-	0.7%

Return for Risk

DGRO vs. QWLD — Risk / Return Rank

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

DGRO

DGRO Risk / Return Rank: 86
DGRO Sharpe Ratio Rank: 89
DGRO Sortino Ratio Rank: 91
DGRO Omega Ratio Rank: 88
DGRO Calmar Ratio Rank: 81
DGRO Martin Ratio Rank: 84

QWLD

QWLD Risk / Return Rank: 64
QWLD Sharpe Ratio Rank: 67
QWLD Sortino Ratio Rank: 68
QWLD Omega Ratio Rank: 65
QWLD Calmar Ratio Rank: 54
QWLD Martin Ratio Rank: 66

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. QWLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Dividend Growth ETF (DGRO) and SPDR MSCI World StrategicFactors ETF (QWLD). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DGRO	QWLD	Difference
Sharpe ratio: Return per unit of total volatility	2.34	1.75	+0.59
Sortino ratio: Return per unit of downside risk	3.41	2.50	+0.91
Omega ratio: Gain probability vs. loss probability	1.43	1.31	+0.11
Calmar ratio: Return relative to maximum drawdown	3.42	2.21	+1.22
Martin ratio: Return relative to average drawdown	13.22	9.49	+3.73

DGRO vs. QWLD - Sharpe Ratio Comparison

The current DGRO Sharpe Ratio is 2.34, which is higher than the QWLD Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of DGRO and QWLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DGRO vs. QWLD - Drawdown Comparison

The maximum DGRO drawdown since its inception was -35.10%, which is greater than QWLD's maximum drawdown of -31.89%. Use the drawdown chart below to compare losses from any high point for DGRO and QWLD.

Drawdown Indicators

	DGRO	QWLD	Difference
Max Drawdown Largest peak-to-trough decline	-35.10%	-31.89%	-3.21%
Max Drawdown (1Y) Largest decline over 1 year	-6.47%	-7.66%	+1.19%
Max Drawdown (3Y) Largest decline over 3 years	-14.03%	-12.40%	-1.63%
Max Drawdown (5Y) Largest decline over 5 years	-19.31%	-22.84%	+3.53%
Max Drawdown (10Y) Largest decline over 10 years	-35.10%	-31.89%	-3.21%
Current Drawdown Current decline from peak	-1.24%	-0.26%	-0.98%
Average Drawdown Average peak-to-trough decline	-3.42%	-3.68%	+0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.67%	1.78%	-0.11%

Volatility

DGRO vs. QWLD - Volatility Comparison

iShares Core Dividend Growth ETF (DGRO) has a higher volatility of 2.55% compared to SPDR MSCI World StrategicFactors ETF (QWLD) at 2.08%. This indicates that DGRO's price experiences larger fluctuations and is considered to be riskier than QWLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DGRO	QWLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.55%	2.08%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	7.00%	7.79%	-0.79%
Volatility (1Y) Calculated over the trailing 1-year period	9.53%	9.70%	-0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.80%	13.52%	+0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.57%	15.11%	+1.46%

DGRO vs. QWLD - Expense Ratio Comparison

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

Dividends

DGRO vs. QWLD - Dividend Comparison

DGRO's dividend yield for the trailing twelve months is around 1.93%, more than QWLD's 1.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRO iShares Core Dividend Growth ETF	1.93%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%
QWLD SPDR MSCI World StrategicFactors ETF	1.81%	1.85%	1.74%	1.78%	2.02%	1.77%	1.77%	2.13%	2.33%	2.73%	2.22%	3.42%

Frequently Asked Questions

Can I hold both DGRO and QWLD in my portfolio?

DGRO and QWLD have a correlation of 0.82, 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 QWLD?

DGRO has higher volatility (2.55%) compared to QWLD (2.08%). In terms of maximum drawdown, DGRO dropped -35.10% vs QWLD's -31.89%.

Which ETF is better, DGRO or QWLD?

On 10-year performance, DGRO leads with 13.17% vs 11.53% for QWLD. On fees, DGRO is cheaper at 0.08% per year. On volatility, QWLD has been the lower-risk option at 2.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DGRO or QWLD?

Over the 10-year period, DGRO has performed better with a 13.17% return vs 11.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DGRO or QWLD?

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

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

DGRO has the higher dividend yield at 1.93%, compared with 1.81% for QWLD.

What is the main difference between DGRO and QWLD?

DGRO tracks Morningstar US Dividend Growth Index, while QWLD tracks MSCI World Factor Mix A-Series (USD). They also come from different issuers: iShares and State Street. Their fees differ too: 0.08% for DGRO and 0.30% for QWLD.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.34 vs 1.75), 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.