DGRO vs. VOE

Last updated Jun 13, 2026

DGRO (iShares Core Dividend Growth ETF) and VOE (Vanguard Mid-Cap Value ETF) are both exchange-traded funds - DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index, while VOE is a Mid Cap Value Equities fund tracking the CRSP US Mid Cap Value Index. Both are passively managed. Over the past 10 years, DGRO returned 13.52%/yr vs 10.92%/yr for VOE. Their correlation of 0.92 suggests significant overlap in exposure. DGRO charges 0.08%/yr vs 0.05%/yr for VOE.

Performance

DGRO vs. VOE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core Dividend Growth ETF (DGRO) and Vanguard Mid-Cap Value ETF (VOE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DGRO achieves a 9.86% return, which is significantly lower than VOE's 12.81% return. Over the past 10 years, DGRO has outperformed VOE with an annualized return of 13.52%, while VOE has yielded a comparatively lower 10.92% annualized return.

DGRO

• 1D: 0.69%
• 1M: 3.74%
• YTD: 9.86%
• 6M: 9.27%
• 1Y: 22.26%
• 3Y*: 16.74%
• 5Y*: 10.82%
• 10Y*: 13.52%

VOE

• 1D: 1.10%
• 1M: 3.67%
• YTD: 12.81%
• 6M: 11.83%
• 1Y: 24.24%
• 3Y*: 16.04%
• 5Y*: 8.93%
• 10Y*: 10.92%

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

DGRO vs. VOE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DGRO iShares Core Dividend Growth ETF	9.86%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-2.38%	23.00%
VOE Vanguard Mid-Cap Value ETF	12.81%	12.08%	14.00%	9.85%	-7.97%	28.78%	2.65%	27.85%	-12.48%	17.07%

Correlation

The correlation between DGRO and VOE is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014	0.92

The correlation between DGRO and VOE has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

DGRO vs. VOE - Sectors Allocation Comparison

Sectors	DGRO	VOE
Financial Services	21.2%	16.5%
Technology	19.4%	10.9%
Healthcare	16.4%	6.3%
Consumer Defensive	11.5%	7.9%
Industrials	10.8%	14.0%
Utilities	6.9%	12.1%
Consumer Cyclical	5.7%	5.7%
Energy	5.6%	12.8%
Basic Materials	2.5%	5.8%
Communication Services	0.1%	2.2%
Real Estate	-	6.0%

Return for Risk

DGRO vs. VOE — Risk / Return Rank

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

DGRO

DGRO Risk / Return Rank: 82
DGRO Sharpe Ratio Rank: 84
DGRO Sortino Ratio Rank: 87
DGRO Omega Ratio Rank: 82
DGRO Calmar Ratio Rank: 77
DGRO Martin Ratio Rank: 79

VOE

VOE Risk / Return Rank: 77
VOE Sharpe Ratio Rank: 76
VOE Sortino Ratio Rank: 78
VOE Omega Ratio Rank: 72
VOE Calmar Ratio Rank: 78
VOE Martin Ratio Rank: 79

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. VOE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Dividend Growth ETF (DGRO) and Vanguard Mid-Cap Value ETF (VOE). 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	VOE	Difference
Sharpe ratio: Return per unit of total volatility	2.34	2.10	+0.24
Sortino ratio: Return per unit of downside risk	3.40	3.01	+0.38
Omega ratio: Gain probability vs. loss probability	1.42	1.36	+0.06
Calmar ratio: Return relative to maximum drawdown	3.46	3.52	-0.06
Martin ratio: Return relative to average drawdown	13.36	13.34	+0.03

DGRO vs. VOE - Sharpe Ratio Comparison

The current DGRO Sharpe Ratio is 2.34, which is comparable to the VOE Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of DGRO and VOE, 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. VOE - Drawdown Comparison

The maximum DGRO drawdown since its inception was -35.10%, smaller than the maximum VOE drawdown of -61.50%. Use the drawdown chart below to compare losses from any high point for DGRO and VOE.

Drawdown Indicators

	DGRO	VOE	Difference
Max Drawdown Largest peak-to-trough decline	-35.10%	-61.50%	+26.40%
Max Drawdown (1Y) Largest decline over 1 year	-6.47%	-6.93%	+0.46%
Max Drawdown (3Y) Largest decline over 3 years	-14.03%	-18.45%	+4.42%
Max Drawdown (5Y) Largest decline over 5 years	-19.31%	-19.70%	+0.39%
Max Drawdown (10Y) Largest decline over 10 years	-35.10%	-43.18%	+8.08%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.44%	-8.34%	+4.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	1.83%	-0.15%

Volatility

DGRO vs. VOE - Volatility Comparison

The current volatility for iShares Core Dividend Growth ETF (DGRO) is 2.64%, while Vanguard Mid-Cap Value ETF (VOE) has a volatility of 3.19%. This indicates that DGRO experiences smaller price fluctuations and is considered to be less risky than VOE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DGRO	VOE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.64%	3.19%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	6.96%	8.30%	-1.34%
Volatility (1Y) Calculated over the trailing 1-year period	9.59%	11.63%	-2.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.83%	16.06%	-2.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.62%	18.83%	-2.21%

DGRO vs. VOE - Expense Ratio Comparison

DGRO has a 0.08% expense ratio, which is higher than VOE's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

DGRO vs. VOE - Dividend Comparison

DGRO's dividend yield for the trailing twelve months is around 1.94%, more than VOE's 1.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRO iShares Core Dividend Growth ETF	1.94%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%
VOE Vanguard Mid-Cap Value ETF	1.84%	2.10%	2.11%	2.27%	2.27%	1.78%	2.36%	2.05%	2.75%	1.86%	1.92%	2.05%

Frequently Asked Questions

Can I hold both DGRO and VOE in my portfolio?

With a correlation of 0.90, DGRO and VOE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DGRO or VOE?

VOE has higher volatility (3.19%) compared to DGRO (2.64%). In terms of maximum drawdown, DGRO dropped -35.10% vs VOE's -61.50%.

Which ETF is better, DGRO or VOE?

On 10-year performance, DGRO leads with 13.52% vs 10.92% for VOE. On fees, VOE is cheaper at 0.05% per year. On volatility, DGRO has been the lower-risk option at 2.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DGRO or VOE?

Over the 10-year period, DGRO has performed better with a 13.52% return vs 10.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DGRO or VOE?

VOE is cheaper with a 0.05% expense ratio, compared with 0.08% for DGRO.

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

DGRO has the higher dividend yield at 1.94%, compared with 1.84% for VOE.

What is the main difference between DGRO and VOE?

DGRO is categorized as Large Cap Growth Equities, while VOE is Mid Cap Value Equities. DGRO tracks Morningstar US Dividend Growth Index, while VOE tracks CRSP US Mid Cap Value Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.08% for DGRO and 0.05% for VOE.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.34 vs 2.10), 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.