EWN vs. DGRO

Last updated Jun 4, 2026

EWN (iShares MSCI Netherlands ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - EWN is a Europe Equities fund tracking the MSCI Netherlands 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, EWN returned 12.79%/yr vs 13.30%/yr for DGRO. A 0.69 correlation means they provide meaningful diversification when combined. EWN charges 0.50%/yr vs 0.08%/yr for DGRO.

Performance

EWN vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Netherlands ETF (EWN) 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, EWN achieves a 18.09% return, which is significantly higher than DGRO's 8.76% return. Both investments have delivered pretty close results over the past 10 years, with EWN having a 12.79% annualized return and DGRO not far ahead at 13.30%.

EWN

• 1D: -1.30%
• 1M: 8.53%
• YTD: 18.09%
• 6M: 18.14%
• 1Y: 33.81%
• 3Y*: 19.93%
• 5Y*: 8.69%
• 10Y*: 12.79%

DGRO

• 1D: -0.28%
• 1M: 3.14%
• YTD: 8.76%
• 6M: 8.75%
• 1Y: 22.54%
• 3Y*: 16.99%
• 5Y*: 10.54%
• 10Y*: 13.30%

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

EWN vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWN iShares MSCI Netherlands ETF	18.09%	34.87%	1.67%	22.08%	-24.43%	22.74%	23.23%	32.45%	-15.37%	33.73%
DGRO iShares Core Dividend Growth ETF	8.76%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-2.38%	23.00%

Correlation

The correlation between EWN and DGRO is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jun 13, 2014	0.69

The correlation between EWN and DGRO shifts across timeframes, from 0.55 (1 year) to 0.69 (all time), reflecting how their relationship changes across market environments.

EWN vs. DGRO - Sectors Allocation Comparison

Sectors	EWN	DGRO
Technology	34.8%	19.4%
Financial Services	18.1%	21.2%
Communication Services	14.7%	0.1%
Consumer Defensive	11.5%	11.5%
Industrials	10.2%	10.8%
Basic Materials	3.1%	2.5%
Healthcare	2.6%	16.4%
Energy	2.1%	5.6%
Consumer Cyclical	1.5%	5.7%
Real Estate	0.7%	-
Utilities	-	6.9%

Return for Risk

EWN vs. DGRO — Risk / Return Rank

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

EWN

EWN Risk / Return Rank: 51
EWN Sharpe Ratio Rank: 49
EWN Sortino Ratio Rank: 50
EWN Omega Ratio Rank: 47
EWN Calmar Ratio Rank: 52
EWN Martin Ratio Rank: 56

DGRO

DGRO Risk / Return Rank: 71
DGRO Sharpe Ratio Rank: 71
DGRO Sortino Ratio Rank: 76
DGRO Omega Ratio Rank: 70
DGRO Calmar Ratio Rank: 69
DGRO Martin Ratio Rank: 71

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.

EWN vs. DGRO - Risk-Adjusted Trends Comparison

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

	EWN	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	1.73	2.39	-0.67
Sortino ratio: Return per unit of downside risk	2.47	3.49	-1.01
Omega ratio: Gain probability vs. loss probability	1.30	1.43	-0.14
Calmar ratio: Return relative to maximum drawdown	2.57	3.50	-0.93
Martin ratio: Return relative to average drawdown	9.70	13.52	-3.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWN vs. DGRO - Sharpe Ratio Comparison

The current EWN Sharpe Ratio is 1.73, which is comparable to the DGRO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of EWN 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

	EWN	DGRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	2.39	-0.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.77	-0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.80	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.76	-0.46

Drawdowns

EWN vs. DGRO - Drawdown Comparison

The maximum EWN drawdown since its inception was -65.22%, which is greater than DGRO's maximum drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for EWN and DGRO.

Drawdown Indicators

	EWN	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-65.22%	-35.10%	-30.12%
Max Drawdown (1Y) Largest decline over 1 year	-13.24%	-6.47%	-6.77%
Max Drawdown (3Y) Largest decline over 3 years	-19.77%	-14.03%	-5.74%
Max Drawdown (5Y) Largest decline over 5 years	-43.57%	-19.31%	-24.26%
Max Drawdown (10Y) Largest decline over 10 years	-43.57%	-35.10%	-8.47%
Current Drawdown Current decline from peak	-1.30%	-0.28%	-1.02%
Average Drawdown Average peak-to-trough decline	-16.35%	-3.44%	-12.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	1.67%	+1.82%

Volatility

EWN vs. DGRO - Volatility Comparison

iShares MSCI Netherlands ETF (EWN) has a higher volatility of 7.50% compared to iShares Core Dividend Growth ETF (DGRO) at 2.21%. This indicates that EWN'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

	EWN	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.50%	2.21%	+5.29%
Volatility (6M) Calculated over the trailing 6-month period	16.37%	6.91%	+9.46%
Volatility (1Y) Calculated over the trailing 1-year period	19.68%	9.48%	+10.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.88%	13.82%	+9.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.36%	16.62%	+4.74%

EWN vs. DGRO - Expense Ratio Comparison

EWN has a 0.50% expense ratio, which is higher than DGRO's 0.08% expense ratio.

Dividends

EWN vs. DGRO - Dividend Comparison

EWN's dividend yield for the trailing twelve months is around 4.26%, 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%
EWN iShares MSCI Netherlands ETF	4.26%	5.03%	2.18%	1.79%	1.98%	1.01%	0.78%	2.57%	2.40%	1.68%	2.71%	1.92%

Frequently Asked Questions

Can I hold both EWN and DGRO in my portfolio?

EWN and DGRO have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWN or DGRO?

EWN has higher volatility (7.50%) compared to DGRO (2.21%). In terms of maximum drawdown, EWN dropped -65.22% vs DGRO's -35.10%.

Which ETF is better, EWN or DGRO?

On 10-year performance, DGRO leads with 13.30% vs 12.79% for EWN. On fees, DGRO is cheaper at 0.08% per year. On volatility, DGRO has been the lower-risk option at 2.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWN or DGRO?

Over the 10-year period, DGRO has performed better with a 13.30% return vs 12.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWN or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.50% for EWN.

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

EWN has the higher dividend yield at 4.26%, compared with 1.96% for DGRO.

What is the main difference between EWN and DGRO?

EWN is categorized as Europe Equities, while DGRO is Large Cap Growth Equities. EWN tracks MSCI Netherlands Investable Market Index, while DGRO tracks Morningstar US Dividend Growth Index. Their fees differ too: 0.50% for EWN and 0.08% for DGRO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.39 vs 1.73), 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.