EWD vs. DGRO

Last updated Jun 5, 2026

EWD (iShares MSCI Sweden ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - EWD is a Europe Equities fund tracking the MSCI Sweden 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, EWD returned 9.31%/yr vs 13.34%/yr for DGRO. A 0.67 correlation means they provide meaningful diversification when combined. EWD charges 0.55%/yr vs 0.08%/yr for DGRO.

Performance

EWD vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Sweden ETF (EWD) 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, EWD achieves a 6.28% return, which is significantly lower than DGRO's 9.64% return. Over the past 10 years, EWD has underperformed DGRO with an annualized return of 9.31%, while DGRO has yielded a comparatively higher 13.34% annualized return.

EWD

• 1D: 1.32%
• 1M: 2.83%
• YTD: 6.28%
• 6M: 10.14%
• 1Y: 17.94%
• 3Y*: 17.14%
• 5Y*: 4.52%
• 10Y*: 9.31%

DGRO

• 1D: 0.81%
• 1M: 3.27%
• YTD: 9.64%
• 6M: 9.87%
• 1Y: 23.89%
• 3Y*: 17.46%
• 5Y*: 10.72%
• 10Y*: 13.34%

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

EWD vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWD iShares MSCI Sweden ETF	6.28%	36.55%	-3.90%	25.07%	-27.84%	22.84%	22.27%	21.74%	-12.78%	21.86%
DGRO iShares Core Dividend Growth ETF	9.64%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-2.38%	23.00%

Correlation

The correlation between EWD and DGRO is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Jun 13, 2014	0.67

The correlation between EWD and DGRO has been stable across timeframes, ranging from 0.59 to 0.67 - a consistent structural relationship.

EWD vs. DGRO - Sectors Allocation Comparison

Sectors	EWD	DGRO
Industrials	46.5%	10.8%
Financial Services	24.1%	21.2%
Communication Services	12.3%	0.1%
Technology	7.2%	19.4%
Basic Materials	3.2%	2.5%
Consumer Cyclical	2.4%	5.7%
Consumer Defensive	2.1%	11.5%
Healthcare	1.2%	16.4%
Real Estate	1.2%	-
Energy	-	5.6%
Utilities	-	6.9%

Return for Risk

EWD vs. DGRO — Risk / Return Rank

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

EWD

EWD Risk / Return Rank: 27
EWD Sharpe Ratio Rank: 26
EWD Sortino Ratio Rank: 26
EWD Omega Ratio Rank: 25
EWD Calmar Ratio Rank: 26
EWD Martin Ratio Rank: 30

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: 75
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.

EWD vs. DGRO - Risk-Adjusted Trends Comparison

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

	EWD	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	0.92	2.53	-1.62
Sortino ratio: Return per unit of downside risk	1.39	3.68	-2.28
Omega ratio: Gain probability vs. loss probability	1.16	1.46	-0.30
Calmar ratio: Return relative to maximum drawdown	1.24	3.71	-2.47
Martin ratio: Return relative to average drawdown	4.26	14.33	-10.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWD vs. DGRO - Sharpe Ratio Comparison

The current EWD Sharpe Ratio is 0.92, which is lower than the DGRO Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of EWD 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.

Sharpe Ratios by Period

	EWD	DGRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	2.53	-1.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	0.78	-0.59
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.81	-0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.77	-0.49

Drawdowns

EWD vs. DGRO - Drawdown Comparison

The maximum EWD drawdown since its inception was -75.40%, which is greater than DGRO's maximum drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for EWD and DGRO.

Drawdown Indicators

	EWD	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-75.40%	-35.10%	-40.30%
Max Drawdown (1Y) Largest decline over 1 year	-14.49%	-6.47%	-8.02%
Max Drawdown (3Y) Largest decline over 3 years	-17.84%	-14.03%	-3.81%
Max Drawdown (5Y) Largest decline over 5 years	-42.33%	-19.31%	-23.02%
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	-35.10%	-7.23%
Current Drawdown Current decline from peak	-4.39%	0.00%	-4.39%
Average Drawdown Average peak-to-trough decline	-19.22%	-3.44%	-15.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.22%	1.67%	+2.55%

Volatility

EWD vs. DGRO - Volatility Comparison

iShares MSCI Sweden ETF (EWD) has a higher volatility of 7.28% compared to iShares Core Dividend Growth ETF (DGRO) at 2.24%. This indicates that EWD'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

	EWD	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.28%	2.24%	+5.04%
Volatility (6M) Calculated over the trailing 6-month period	16.50%	6.94%	+9.56%
Volatility (1Y) Calculated over the trailing 1-year period	19.76%	9.49%	+10.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.93%	13.82%	+10.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.50%	16.62%	+6.88%

EWD vs. DGRO - Expense Ratio Comparison

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

Dividends

EWD vs. DGRO - Dividend Comparison

EWD's dividend yield for the trailing twelve months is around 3.08%, more than DGRO's 1.94% 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%
EWD iShares MSCI Sweden ETF	3.08%	3.27%	1.77%	2.41%	3.68%	5.46%	0.98%	4.15%	5.17%	3.23%	3.91%	4.08%

Frequently Asked Questions

Can I hold both EWD and DGRO in my portfolio?

EWD and DGRO have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWD or DGRO?

EWD has higher volatility (7.28%) compared to DGRO (2.24%). In terms of maximum drawdown, EWD dropped -75.40% vs DGRO's -35.10%.

Which ETF is better, EWD or DGRO?

On 10-year performance, DGRO leads with 13.34% vs 9.31% for EWD. On fees, DGRO is cheaper at 0.08% per year. On volatility, DGRO has been the lower-risk option at 2.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWD or DGRO?

Over the 10-year period, DGRO has performed better with a 13.34% return vs 9.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWD or DGRO?

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

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

EWD has the higher dividend yield at 3.08%, compared with 1.94% for DGRO.

What is the main difference between EWD and DGRO?

EWD is categorized as Europe Equities, while DGRO is Large Cap Growth Equities. EWD tracks MSCI Sweden Index, while DGRO tracks Morningstar US Dividend Growth Index. Their fees differ too: 0.55% for EWD and 0.08% for DGRO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.53 vs 0.92), 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.