EPOL vs. DGRO

Last updated Aug 2, 2026

EPOL (iShares MSCI Poland ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - EPOL is a Europe Equities fund tracking the MSCI Poland Investable Market 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, EPOL returned 11.96%/yr vs 13.44%/yr for DGRO. Their 0.50 correlation means they have sometimes moved together and sometimes differently. EPOL charges 0.61%/yr vs 0.08%/yr for DGRO.

Performance

EPOL vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Poland ETF (EPOL) 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, EPOL achieves a 22.62% return, which is significantly higher than DGRO's 13.39% return. Over the past 10 years, EPOL has underperformed DGRO with an annualized return of 11.96%, while DGRO has yielded a comparatively higher 13.44% annualized return.

EPOL

• 1D: 0.16%
• 1M: 8.60%
• 6M: 14.79%
• YTD: 22.62%
• 1Y: 40.70%
• 3Y*: 33.53%
• 5Y*: 18.62%
• 10Y*: 11.96%
• ALL TIME*: 6.44%

DGRO

• 1D: -0.28%
• 1M: 0.97%
• 6M: 9.59%
• YTD: 13.39%
• 1Y: 24.21%
• 3Y*: 16.30%
• 5Y*: 11.08%
• 10Y*: 13.44%
• ALL TIME*: 12.47%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DGRO iShares Core Dividend Growth ETF	$103.52M	$104.25M	$110.17M
EPOL iShares MSCI Poland ETF	$18.30M	$16.66M	$16.43M

EPOL vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EPOL iShares MSCI Poland ETF	22.62%	77.34%	-2.61%	50.70%	-24.62%	12.21%	-8.38%	-6.13%	-13.76%	52.43%
DGRO iShares Core Dividend Growth ETF	13.39%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-2.38%	23.00%

Correlation

The correlation between EPOL and DGRO is 0.43, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.43
Correlation (3Y) Balances recent behavior with more history.	0.45
Correlation (5Y) Shows whether the relationship held over a longer period.	0.50
Correlation (10Y) Provides a long-term view across more market conditions.	0.50
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014	0.50

The correlation between EPOL and DGRO has been stable across timeframes, ranging from 0.43 to 0.50 - a consistent structural relationship.

EPOL vs. DGRO - Sectors Allocation Comparison

Sectors	EPOL	DGRO
Financial Services	45.7%	20.4%
Consumer Cyclical	14.0%	6.5%
Energy	13.2%	4.8%
Basic Materials	7.1%	2.5%
Consumer Defensive	6.0%	11.9%
Communication Services	5.4%	0.1%
Utilities	4.5%	7.3%
Industrials	1.8%	11.3%
Technology	1.7%	17.3%
Healthcare	0.7%	17.9%
Real Estate	-	-

Return for Risk

EPOL vs. DGRO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EPOL

EPOL Risk / Return Rank: 79
EPOL Sharpe Ratio Rank: 78
EPOL Sortino Ratio Rank: 78
EPOL Omega Ratio Rank: 70
EPOL Calmar Ratio Rank: 89
EPOL Martin Ratio Rank: 78

DGRO

DGRO Risk / Return Rank: 91
DGRO Sharpe Ratio Rank: 93
DGRO Sortino Ratio Rank: 93
DGRO Omega Ratio Rank: 92
DGRO Calmar Ratio Rank: 88
DGRO Martin Ratio Rank: 90

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EPOL vs. DGRO - Risk-Adjusted Trends Comparison

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

	EPOL	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	1.76	2.44	-0.68
Sortino ratio: Return per unit of downside risk	2.49	3.55	-1.06
Omega ratio: Gain probability vs. loss probability	1.29	1.45	-0.16
Calmar ratio: Return relative to maximum drawdown	3.68	3.61	+0.08
Martin ratio: Return relative to average drawdown	9.96	14.07	-4.11

EPOL vs. DGRO - Sharpe Ratio Comparison

The current EPOL Sharpe Ratio is 1.76, which is comparable to the DGRO Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of EPOL 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

EPOL vs. DGRO - Drawdown Comparison

The maximum EPOL drawdown since its inception was -63.72%, which is greater than DGRO's maximum drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for EPOL and DGRO.

Drawdown Indicators

	EPOL	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-63.72%	-35.10%	-28.62%
Max Drawdown (1Y) Largest decline over 1 year	-11.04%	-6.47%	-4.57%
Max Drawdown (3Y) Largest decline over 3 years	-19.56%	-14.03%	-5.53%
Max Drawdown (5Y) Largest decline over 5 years	-54.21%	-19.31%	-34.90%
Max Drawdown (10Y) Largest decline over 10 years	-61.41%	-35.10%	-26.31%
Current Drawdown Current decline from peak	0.00%	-1.35%	+1.35%
Average Drawdown Average peak-to-trough decline	-26.64%	-3.41%	-23.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.07%	1.66%	+2.41%

Volatility

EPOL vs. DGRO - Volatility Comparison

iShares MSCI Poland ETF (EPOL) has a higher volatility of 5.29% compared to iShares Core Dividend Growth ETF (DGRO) at 3.21%. This indicates that EPOL'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

	EPOL	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.29%	3.21%	+2.08%
Volatility (6M) Calculated over the trailing 6-month period	18.34%	7.12%	+11.22%
Volatility (1Y) Calculated over the trailing 1-year period	23.12%	9.61%	+13.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.12%	13.79%	+15.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.42%	16.58%	+10.84%

EPOL vs. DGRO - Expense Ratio Comparison

EPOL has a 0.61% expense ratio, which is higher than DGRO's 0.08% expense ratio.

Dividends

EPOL vs. DGRO - Dividend Comparison

EPOL's dividend yield for the trailing twelve months is around 3.44%, more than DGRO's 1.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRO iShares Core Dividend Growth ETF	1.89%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%
EPOL iShares MSCI Poland ETF	3.44%	4.78%	6.04%	2.87%	2.65%	1.33%	1.44%	2.51%	1.44%	1.88%	2.14%	2.53%

Frequently Asked Questions

Can I hold both EPOL and DGRO in my portfolio?

EPOL and DGRO have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPOL or DGRO?

EPOL has higher volatility (5.29%) compared to DGRO (3.21%). In terms of maximum drawdown, EPOL dropped -63.72% vs DGRO's -35.10%.

Which ETF is better, EPOL or DGRO?

On 10-year performance, DGRO leads with 13.44% vs 11.96% for EPOL. On fees, DGRO is cheaper at 0.08% per year. On volatility, DGRO has been the lower-risk option at 3.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPOL or DGRO?

Over the 10-year period, DGRO has performed better with a 13.44% return vs 11.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPOL or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.61% for EPOL.

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

EPOL has the higher dividend yield at 3.44%, compared with 1.89% for DGRO.

What is the main difference between EPOL and DGRO?

EPOL is categorized as Europe Equities, while DGRO is Large Cap Growth Equities. EPOL tracks MSCI Poland Investable Market Index, while DGRO tracks Morningstar US Dividend Growth Index. Their fees differ too: 0.61% for EPOL and 0.08% for DGRO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.44 vs 1.76), 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.