FALN vs. DGRO
FALN (iShares Fallen Angels USD Bond ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - FALN is a High Yield Bonds fund tracking the Bloomberg US High Yield Fallen Angel 3% Capped 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, FALN returned 6.60%/yr vs 13.62%/yr for DGRO. A 0.59 correlation means they provide meaningful diversification when combined. FALN charges 0.25%/yr vs 0.08%/yr for DGRO.
Performance
FALN vs. DGRO - Performance Comparison
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Returns By Period
In the year-to-date period, FALN achieves a 2.24% return, which is significantly lower than DGRO's 9.19% return. Over the past 10 years, FALN has underperformed DGRO with an annualized return of 6.60%, while DGRO has yielded a comparatively higher 13.62% annualized return.
FALN
- 1D
- 0.00%
- 1M
- 1.07%
- YTD
- 2.24%
- 6M
- 2.42%
- 1Y
- 7.88%
- 3Y*
- 9.39%
- 5Y*
- 3.74%
- 10Y*
- 6.60%
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%
FALN vs. DGRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FALN iShares Fallen Angels USD Bond ETF | 2.24% | 8.92% | 7.68% | 13.47% | -13.79% | 5.40% | 14.85% | 17.42% | -4.97% | 8.70% |
DGRO iShares Core Dividend Growth ETF | 9.19% | 15.69% | 16.62% | 10.47% | -7.91% | 26.64% | 9.50% | 29.87% | -2.38% | 23.00% |
Correlation
The correlation between FALN and DGRO is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Jun 17, 2016 | 0.59 |
The correlation between FALN and DGRO has been stable across timeframes, ranging from 0.59 to 0.64 - a consistent structural relationship.
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Return for Risk
FALN vs. DGRO — Risk / Return Rank
FALN
DGRO
FALN vs. DGRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Fallen Angels USD Bond ETF (FALN) 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.
| FALN | DGRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.42 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | 3.45 | -1.45 |
| Martin ratioReturn relative to average drawdown | 8.32 | 13.31 | -4.99 |
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Drawdowns
FALN vs. DGRO - Drawdown Comparison
The maximum FALN drawdown since its inception was -29.22%, smaller than the maximum DGRO drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for FALN and DGRO.
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Drawdown Indicators
| FALN | DGRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.22% | -35.10% | +5.88% |
Max Drawdown (1Y)Largest decline over 1 year | -3.96% | -6.47% | +2.51% |
Max Drawdown (3Y)Largest decline over 3 years | -5.92% | -14.03% | +8.11% |
Max Drawdown (5Y)Largest decline over 5 years | -18.78% | -19.31% | +0.53% |
Max Drawdown (10Y)Largest decline over 10 years | -29.22% | -35.10% | +5.88% |
Current DrawdownCurrent decline from peak | -0.11% | -0.90% | +0.79% |
Average DrawdownAverage peak-to-trough decline | -3.31% | -3.43% | +0.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 1.67% | -0.72% |
Volatility
FALN vs. DGRO - Volatility Comparison
The current volatility for iShares Fallen Angels USD Bond ETF (FALN) is 1.18%, while iShares Core Dividend Growth ETF (DGRO) has a volatility of 2.63%. This indicates that FALN experiences smaller price fluctuations and is considered to be less risky than DGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FALN | DGRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 2.63% | -1.45% |
Volatility (6M)Calculated over the trailing 6-month period | 3.72% | 6.94% | -3.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.60% | 9.53% | -4.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.33% | 13.80% | -6.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.92% | 16.60% | -7.68% |
FALN vs. DGRO - Expense Ratio Comparison
FALN has a 0.25% 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
FALN vs. DGRO - Dividend Comparison
FALN's dividend yield for the trailing twelve months is around 6.42%, 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% |
FALN iShares Fallen Angels USD Bond ETF | 6.42% | 6.31% | 6.24% | 5.37% | 5.08% | 3.40% | 5.14% | 5.35% | 5.97% | 6.98% | 3.55% | 0.00% |
Frequently Asked Questions
FALN and DGRO have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGRO has higher volatility (2.63%) compared to FALN (1.18%). In terms of maximum drawdown, FALN dropped -29.22% vs DGRO's -35.10%.
On 10-year performance, DGRO leads with 13.62% vs 6.60% for FALN. On fees, DGRO is cheaper at 0.08% per year. On volatility, FALN has been the lower-risk option at 1.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DGRO has performed better with a 13.62% return vs 6.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DGRO is cheaper with a 0.08% expense ratio, compared with 0.25% for FALN.
FALN has the higher dividend yield at 6.42%, compared with 1.97% for DGRO.
FALN is categorized as High Yield Bonds, while DGRO is Large Cap Growth Equities. FALN tracks Bloomberg US High Yield Fallen Angel 3% Capped Index, while DGRO tracks Morningstar US Dividend Growth Index. Their fees differ too: 0.25% for FALN and 0.08% for DGRO.
DGRO currently has the higher Sharpe Ratio (2.35 vs 1.72), 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.
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