EIRL vs. DGRO

Last updated Jun 25, 2026

EIRL (iShares MSCI Ireland ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - EIRL is a Europe Equities fund tracking the MSCI Ireland Investable Market 25/50 Index, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Both are passively managed. Over the past 10 years, EIRL returned 9.66%/yr vs 13.64%/yr for DGRO. A 0.62 correlation means they provide meaningful diversification when combined. EIRL charges 0.49%/yr vs 0.08%/yr for DGRO.

Performance

EIRL vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Ireland ETF (EIRL) 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, EIRL achieves a 7.00% return, which is significantly lower than DGRO's 9.37% return. Over the past 10 years, EIRL has underperformed DGRO with an annualized return of 9.66%, while DGRO has yielded a comparatively higher 13.64% annualized return.

EIRL

• 1D: 0.80%
• 1M: 4.97%
• YTD: 7.00%
• 6M: 5.82%
• 1Y: 20.30%
• 3Y*: 14.18%
• 5Y*: 7.67%
• 10Y*: 9.66%

DGRO

• 1D: 0.16%
• 1M: 0.96%
• YTD: 9.37%
• 6M: 8.18%
• 1Y: 21.50%
• 3Y*: 16.99%
• 5Y*: 10.89%
• 10Y*: 13.64%

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

EIRL vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EIRL iShares MSCI Ireland ETF	7.00%	28.82%	-1.64%	35.13%	-18.83%	13.72%	9.63%	28.15%	-21.92%	29.82%
DGRO iShares Core Dividend Growth ETF	9.37%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-2.38%	23.00%

Correlation

The correlation between EIRL and DGRO is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014	0.62

The correlation between EIRL and DGRO has been stable across timeframes, ranging from 0.59 to 0.66 - a consistent structural relationship.

EIRL vs. DGRO - Sectors Allocation Comparison

Sectors	EIRL	DGRO
Financial Services	38.6%	20.6%
Consumer Defensive	19.0%	11.1%
Industrials	15.8%	10.4%
Healthcare	10.3%	16.5%
Consumer Cyclical	8.5%	5.4%
Energy	4.5%	5.1%
Real Estate	2.3%	-
Basic Materials	0.7%	2.4%
Technology	0.3%	22.0%
Communication Services	-	0.1%
Utilities	-	6.4%

Return for Risk

EIRL vs. DGRO — Risk / Return Rank

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

EIRL

EIRL Risk / Return Rank: 34
EIRL Sharpe Ratio Rank: 35
EIRL Sortino Ratio Rank: 36
EIRL Omega Ratio Rank: 35
EIRL Calmar Ratio Rank: 32
EIRL Martin Ratio Rank: 34

DGRO

DGRO Risk / Return Rank: 78
DGRO Sharpe Ratio Rank: 79
DGRO Sortino Ratio Rank: 83
DGRO Omega Ratio Rank: 78
DGRO Calmar Ratio Rank: 73
DGRO Martin Ratio Rank: 76

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.

EIRL vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Ireland ETF (EIRL) 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.

	EIRL	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	1.13	2.28	-1.14
Sortino ratio: Return per unit of downside risk	1.73	3.32	-1.59
Omega ratio: Gain probability vs. loss probability	1.21	1.41	-0.20
Calmar ratio: Return relative to maximum drawdown	1.43	3.34	-1.91
Martin ratio: Return relative to average drawdown	4.70	12.88	-8.18

EIRL vs. DGRO - Sharpe Ratio Comparison

The current EIRL Sharpe Ratio is 1.13, which is lower than the DGRO Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of EIRL 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

EIRL vs. DGRO - Drawdown Comparison

The maximum EIRL drawdown since its inception was -46.48%, which is greater than DGRO's maximum drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for EIRL and DGRO.

Drawdown Indicators

	EIRL	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-46.48%	-35.10%	-11.38%
Max Drawdown (1Y) Largest decline over 1 year	-14.28%	-6.47%	-7.81%
Max Drawdown (3Y) Largest decline over 3 years	-23.04%	-14.03%	-9.01%
Max Drawdown (5Y) Largest decline over 5 years	-40.14%	-19.31%	-20.83%
Max Drawdown (10Y) Largest decline over 10 years	-46.48%	-35.10%	-11.38%
Current Drawdown Current decline from peak	-0.41%	-0.74%	+0.33%
Average Drawdown Average peak-to-trough decline	-9.08%	-3.43%	-5.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.33%	1.67%	+2.66%

Volatility

EIRL vs. DGRO - Volatility Comparison

iShares MSCI Ireland ETF (EIRL) has a higher volatility of 3.85% compared to iShares Core Dividend Growth ETF (DGRO) at 2.48%. This indicates that EIRL'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

	EIRL	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.85%	2.48%	+1.37%
Volatility (6M) Calculated over the trailing 6-month period	15.03%	6.94%	+8.09%
Volatility (1Y) Calculated over the trailing 1-year period	18.05%	9.51%	+8.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.17%	13.79%	+7.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.39%	16.59%	+4.80%

EIRL vs. DGRO - Expense Ratio Comparison

EIRL has a 0.49% expense ratio, which is higher than DGRO's 0.08% expense ratio.

Dividends

EIRL vs. DGRO - Dividend Comparison

EIRL's dividend yield for the trailing twelve months is around 2.43%, more than DGRO's 1.96% 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%
EIRL iShares MSCI Ireland ETF	2.43%	2.71%	2.56%	1.00%	1.13%	0.82%	0.50%	2.11%	1.52%	1.44%	1.34%	1.70%

Frequently Asked Questions

Can I hold both EIRL and DGRO in my portfolio?

EIRL and DGRO have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EIRL or DGRO?

EIRL has higher volatility (3.85%) compared to DGRO (2.48%). In terms of maximum drawdown, EIRL dropped -46.48% vs DGRO's -35.10%.

Which ETF is better, EIRL or DGRO?

On 10-year performance, DGRO leads with 13.64% vs 9.66% for EIRL. On fees, DGRO is cheaper at 0.08% per year. On volatility, DGRO has been the lower-risk option at 2.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EIRL or DGRO?

Over the 10-year period, DGRO has performed better with a 13.64% return vs 9.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EIRL or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.49% for EIRL.

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

EIRL has the higher dividend yield at 2.43%, compared with 1.96% for DGRO.

What is the main difference between EIRL and DGRO?

EIRL is categorized as Europe Equities, while DGRO is Large Cap Growth Equities. EIRL tracks MSCI Ireland Investable Market 25/50 Index, while DGRO tracks Morningstar US Dividend Growth Index. Their fees differ too: 0.49% for EIRL and 0.08% for DGRO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.28 vs 1.13), 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.