DIVP vs. DGRO

Last updated Jun 24, 2026

DIVP (Cullen Enhanced Equity Income ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - DIVP is a Derivative Income fund actively managed by Cullen, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. DIVP is actively managed, while DGRO is passively managed. Over the past year, DIVP returned 12.68% vs 22.22% for DGRO. Their correlation of 0.85 suggests significant overlap in exposure. DIVP charges 0.55%/yr vs 0.08%/yr for DGRO.

Performance

DIVP vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cullen Enhanced Equity Income ETF (DIVP) and iShares Core Dividend Growth ETF (DGRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DIVP achieves a 8.64% return, which is significantly lower than DGRO's 9.19% return.

DIVP

• 1D: 1.02%
• 1M: -0.09%
• YTD: 8.64%
• 6M: 8.11%
• 1Y: 12.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DGRO

• 1D: 0.32%
• 1M: 0.80%
• YTD: 9.19%
• 6M: 8.52%
• 1Y: 22.22%
• 3Y*: 16.92%
• 5Y*: 11.00%
• 10Y*: 13.62%

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

DIVP vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DIVP Cullen Enhanced Equity Income ETF	8.64%	7.76%	5.21%
DGRO iShares Core Dividend Growth ETF	9.19%	15.69%	10.83%

Correlation

The correlation between DIVP and DGRO is 0.86, 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	0.86
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.85

The correlation between DIVP and DGRO has been stable across timeframes, ranging from 0.85 to 0.86 - a consistent structural relationship.

DIVP vs. DGRO - Sectors Allocation Comparison

Sectors	DIVP	DGRO
Healthcare	16.9%	16.5%
Financial Services	15.6%	20.6%
Consumer Defensive	12.2%	11.1%
Energy	10.6%	5.1%
Industrials	9.4%	10.4%
Technology	8.0%	22.0%
Communication Services	7.9%	0.1%
Real Estate	6.9%	-
Utilities	5.9%	6.4%
Consumer Cyclical	4.3%	5.4%
Basic Materials	2.5%	2.4%

Return for Risk

DIVP vs. DGRO — Risk / Return Rank

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

DIVP

DIVP Risk / Return Rank: 38
DIVP Sharpe Ratio Rank: 38
DIVP Sortino Ratio Rank: 39
DIVP Omega Ratio Rank: 34
DIVP Calmar Ratio Rank: 44
DIVP Martin Ratio Rank: 34

DGRO

DGRO Risk / Return Rank: 75
DGRO Sharpe Ratio Rank: 76
DGRO Sortino Ratio Rank: 81
DGRO Omega Ratio Rank: 75
DGRO Calmar Ratio Rank: 71
DGRO Martin Ratio Rank: 73

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.

DIVP vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cullen Enhanced Equity Income ETF (DIVP) and iShares Core Dividend Growth ETF (DGRO). 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.

	DIVP	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	1.25	2.35	-1.10
Sortino ratio: Return per unit of downside risk	1.86	3.41	-1.55
Omega ratio: Gain probability vs. loss probability	1.21	1.42	-0.21
Calmar ratio: Return relative to maximum drawdown	2.03	3.45	-1.42
Martin ratio: Return relative to average drawdown	4.93	13.31	-8.38

DIVP vs. DGRO - Sharpe Ratio Comparison

The current DIVP Sharpe Ratio is 1.25, which is lower than the DGRO Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of DIVP and DGRO, 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

DIVP vs. DGRO - Drawdown Comparison

The maximum DIVP drawdown since its inception was -12.26%, smaller than the maximum DGRO drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for DIVP and DGRO.

Drawdown Indicators

	DIVP	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-12.26%	-35.10%	+22.84%
Max Drawdown (1Y) Largest decline over 1 year	-6.28%	-6.47%	+0.19%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.03%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.31%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.10%	—
Current Drawdown Current decline from peak	-1.12%	-0.90%	-0.22%
Average Drawdown Average peak-to-trough decline	-2.40%	-3.43%	+1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	1.67%	+0.91%

Volatility

DIVP vs. DGRO - Volatility Comparison

Cullen Enhanced Equity Income ETF (DIVP) has a higher volatility of 3.00% compared to iShares Core Dividend Growth ETF (DGRO) at 2.63%. This indicates that DIVP's price experiences larger fluctuations and is considered to be riskier than DGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DIVP	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.00%	2.63%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	7.10%	6.94%	+0.16%
Volatility (1Y) Calculated over the trailing 1-year period	10.20%	9.53%	+0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.76%	13.80%	-2.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.76%	16.60%	-4.84%

DIVP vs. DGRO - Expense Ratio Comparison

DIVP has a 0.55% expense ratio, which is higher than DGRO's 0.08% expense ratio.

Dividends

DIVP vs. DGRO - Dividend Comparison

DIVP's dividend yield for the trailing twelve months is around 5.66%, more than DGRO's 1.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRO iShares Core Dividend Growth ETF	1.97%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%
DIVP Cullen Enhanced Equity Income ETF	5.66%	6.06%	5.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DIVP and DGRO in my portfolio?

DIVP and DGRO have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIVP or DGRO?

DIVP has higher volatility (3.00%) compared to DGRO (2.63%). In terms of maximum drawdown, DIVP dropped -12.26% vs DGRO's -35.10%.

Which ETF is better, DIVP or DGRO?

On 1-year performance, DGRO leads with 22.22% vs 12.68% for DIVP. On fees, DGRO is cheaper at 0.08% per year. On volatility, DGRO has been the lower-risk option at 2.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIVP or DGRO?

Over the 1-year period, DGRO has performed better with a 22.22% return vs 12.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIVP or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.55% for DIVP.

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

DIVP has the higher dividend yield at 5.66%, compared with 1.97% for DGRO.

What is the main difference between DIVP and DGRO?

DIVP is categorized as Derivative Income, while DGRO is Large Cap Growth Equities. They also come from different issuers: Cullen and iShares. Their fees differ too: 0.55% for DIVP and 0.08% for DGRO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.35 vs 1.25), 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.