EWJV vs. DGRO

Last updated Jun 24, 2026

EWJV (iShares MSCI Japan Value ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - EWJV is a Japan Equities fund tracking the MSCI Japan Value Index, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Both are passively managed. Over the past 5 years, EWJV returned 13.50%/yr vs 11.00%/yr for DGRO. A 0.52 correlation means they provide meaningful diversification when combined. EWJV charges 0.15%/yr vs 0.08%/yr for DGRO.

Performance

EWJV vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Japan Value ETF (EWJV) 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, EWJV achieves a 12.37% return, which is significantly higher than DGRO's 9.19% return.

EWJV

• 1D: -3.02%
• 1M: -1.22%
• YTD: 12.37%
• 6M: 11.97%
• 1Y: 37.31%
• 3Y*: 22.92%
• 5Y*: 13.50%
• 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)

EWJV vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
EWJV iShares MSCI Japan Value ETF	12.37%	33.96%	11.59%	23.60%	-6.02%	5.48%	2.41%	9.40%
DGRO iShares Core Dividend Growth ETF	9.19%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	18.57%

Correlation

The correlation between EWJV and DGRO is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (All Time) Calculated using the full available price history since Mar 7, 2019	0.52

The correlation between EWJV and DGRO has been stable across timeframes, ranging from 0.48 to 0.53 - a consistent structural relationship.

EWJV vs. DGRO - Sectors Allocation Comparison

Sectors	EWJV	DGRO
Financial Services	30.1%	20.6%
Industrials	22.7%	10.4%
Consumer Cyclical	14.0%	5.4%
Communication Services	9.1%	0.1%
Technology	7.7%	22.0%
Consumer Defensive	3.9%	11.1%
Basic Materials	3.3%	2.4%
Real Estate	3.2%	-
Healthcare	2.8%	16.5%
Energy	1.8%	5.1%
Utilities	1.5%	6.4%

Return for Risk

EWJV vs. DGRO — Risk / Return Rank

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

EWJV

EWJV Risk / Return Rank: 56
EWJV Sharpe Ratio Rank: 59
EWJV Sortino Ratio Rank: 59
EWJV Omega Ratio Rank: 60
EWJV Calmar Ratio Rank: 54
EWJV Martin Ratio Rank: 47

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.

EWJV vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan Value ETF (EWJV) 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.

	EWJV	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	1.90	2.35	-0.44
Sortino ratio: Return per unit of downside risk	2.67	3.41	-0.74
Omega ratio: Gain probability vs. loss probability	1.35	1.42	-0.07
Calmar ratio: Return relative to maximum drawdown	2.54	3.45	-0.91
Martin ratio: Return relative to average drawdown	7.55	13.31	-5.76

EWJV vs. DGRO - Sharpe Ratio Comparison

The current EWJV Sharpe Ratio is 1.90, which is comparable to the DGRO Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of EWJV 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

EWJV vs. DGRO - Drawdown Comparison

The maximum EWJV drawdown since its inception was -30.05%, smaller than the maximum DGRO drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for EWJV and DGRO.

Drawdown Indicators

	EWJV	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-30.05%	-35.10%	+5.05%
Max Drawdown (1Y) Largest decline over 1 year	-14.74%	-6.47%	-8.27%
Max Drawdown (3Y) Largest decline over 3 years	-14.74%	-14.03%	-0.71%
Max Drawdown (5Y) Largest decline over 5 years	-25.39%	-19.31%	-6.08%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.10%	—
Current Drawdown Current decline from peak	-6.17%	-0.90%	-5.27%
Average Drawdown Average peak-to-trough decline	-6.18%	-3.43%	-2.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.96%	1.67%	+3.29%

Volatility

EWJV vs. DGRO - Volatility Comparison

iShares MSCI Japan Value ETF (EWJV) has a higher volatility of 5.81% compared to iShares Core Dividend Growth ETF (DGRO) at 2.63%. This indicates that EWJV'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

	EWJV	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.81%	2.63%	+3.18%
Volatility (6M) Calculated over the trailing 6-month period	15.22%	6.94%	+8.28%
Volatility (1Y) Calculated over the trailing 1-year period	19.70%	9.53%	+10.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.07%	13.80%	+4.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.57%	16.60%	+1.97%

EWJV vs. DGRO - Expense Ratio Comparison

EWJV has a 0.15% expense ratio, which is higher than DGRO's 0.08% 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

EWJV vs. DGRO - Dividend Comparison

EWJV's dividend yield for the trailing twelve months is around 5.06%, 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%
EWJV iShares MSCI Japan Value ETF	5.06%	5.35%	4.10%	3.32%	2.71%	2.46%	1.96%	4.29%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EWJV and DGRO in my portfolio?

EWJV and DGRO have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWJV or DGRO?

EWJV has higher volatility (5.81%) compared to DGRO (2.63%). In terms of maximum drawdown, EWJV dropped -30.05% vs DGRO's -35.10%.

Which ETF is better, EWJV or DGRO?

On 5-year performance, EWJV leads with 13.50% vs 11.00% for DGRO. 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, EWJV or DGRO?

Over the 5-year period, EWJV has performed better with a 13.50% return vs 11.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWJV or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.15% for EWJV.

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

EWJV has the higher dividend yield at 5.06%, compared with 1.97% for DGRO.

What is the main difference between EWJV and DGRO?

EWJV is categorized as Japan Equities, while DGRO is Large Cap Growth Equities. EWJV tracks MSCI Japan Value Index, while DGRO tracks Morningstar US Dividend Growth Index. Their fees differ too: 0.15% for EWJV and 0.08% for DGRO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.35 vs 1.90), 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.