FLRG vs. DGRO

Last updated Jun 4, 2026

FLRG (Fidelity U.S. Multifactor ETF) and DGRO (iShares Core Dividend Growth ETF) are both Large Cap Growth Equities funds - FLRG tracks the Fidelity U.S. Multifactor Index while DGRO tracks the Morningstar US Dividend Growth Index. Both are passively managed. Over the past 5 years, FLRG returned 13.03%/yr vs 10.54%/yr for DGRO. Their correlation of 0.88 suggests significant overlap in exposure. FLRG charges 0.29%/yr vs 0.08%/yr for DGRO.

Performance

FLRG vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity U.S. Multifactor ETF (FLRG) and iShares Core Dividend Growth ETF (DGRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FLRG having a 9.13% return and DGRO slightly lower at 8.76%.

FLRG

• 1D: -0.37%
• 1M: 4.02%
• YTD: 9.13%
• 6M: 8.95%
• 1Y: 18.92%
• 3Y*: 19.48%
• 5Y*: 13.03%
• 10Y*: —

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)

FLRG vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FLRG Fidelity U.S. Multifactor ETF	9.13%	13.92%	23.36%	18.31%	-10.98%	29.36%	9.53%
DGRO iShares Core Dividend Growth ETF	8.76%	15.69%	16.62%	10.47%	-7.91%	26.64%	12.01%

Correlation

The correlation between FLRG and DGRO is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Sep 18, 2020	0.88

The correlation between FLRG and DGRO shifts across timeframes, from 0.75 (1 year) to 0.88 (5 years), reflecting how their relationship changes across market environments.

FLRG vs. DGRO - Sectors Allocation Comparison

Sectors	FLRG	DGRO
Technology	34.7%	19.4%
Financial Services	12.3%	21.2%
Consumer Cyclical	10.7%	5.7%
Communication Services	10.3%	0.1%
Healthcare	9.2%	16.4%
Industrials	7.7%	10.8%
Energy	4.8%	5.6%
Consumer Defensive	4.6%	11.5%
Basic Materials	2.5%	2.5%
Real Estate	2.1%	-
Utilities	1.2%	6.9%

Return for Risk

FLRG vs. DGRO — Risk / Return Rank

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

FLRG

FLRG Risk / Return Rank: 55
FLRG Sharpe Ratio Rank: 54
FLRG Sortino Ratio Rank: 55
FLRG Omega Ratio Rank: 53
FLRG Calmar Ratio Rank: 53
FLRG Martin Ratio Rank: 58

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.

FLRG vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity U.S. Multifactor ETF (FLRG) 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.

	FLRG	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	1.88	2.39	-0.52
Sortino ratio: Return per unit of downside risk	2.67	3.49	-0.81
Omega ratio: Gain probability vs. loss probability	1.34	1.43	-0.10
Calmar ratio: Return relative to maximum drawdown	2.65	3.50	-0.85
Martin ratio: Return relative to average drawdown	10.46	13.52	-3.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLRG vs. DGRO - Sharpe Ratio Comparison

The current FLRG Sharpe Ratio is 1.88, which is comparable to the DGRO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of FLRG 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

	FLRG	DGRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	2.39	-0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	0.77	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.80	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	0.76	+0.28

Drawdowns

FLRG vs. DGRO - Drawdown Comparison

The maximum FLRG drawdown since its inception was -19.64%, smaller than the maximum DGRO drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for FLRG and DGRO.

Drawdown Indicators

	FLRG	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-19.64%	-35.10%	+15.46%
Max Drawdown (1Y) Largest decline over 1 year	-7.16%	-6.47%	-0.69%
Max Drawdown (3Y) Largest decline over 3 years	-16.53%	-14.03%	-2.50%
Max Drawdown (5Y) Largest decline over 5 years	-19.64%	-19.31%	-0.33%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.10%	—
Current Drawdown Current decline from peak	-0.37%	-0.28%	-0.09%
Average Drawdown Average peak-to-trough decline	-3.74%	-3.44%	-0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	1.67%	+0.14%

Volatility

FLRG vs. DGRO - Volatility Comparison

Fidelity U.S. Multifactor ETF (FLRG) has a higher volatility of 2.42% compared to iShares Core Dividend Growth ETF (DGRO) at 2.21%. This indicates that FLRG'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

	FLRG	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.42%	2.21%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	7.57%	6.91%	+0.66%
Volatility (1Y) Calculated over the trailing 1-year period	10.14%	9.48%	+0.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.18%	13.82%	+1.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.02%	16.62%	-1.60%

FLRG vs. DGRO - Expense Ratio Comparison

FLRG has a 0.29% expense ratio, which is higher than DGRO's 0.08% expense ratio.

Dividends

FLRG vs. DGRO - Dividend Comparison

FLRG's dividend yield for the trailing twelve months is around 1.34%, less 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%
FLRG Fidelity U.S. Multifactor ETF	1.34%	1.42%	1.42%	1.39%	1.62%	1.36%	1.47%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLRG and DGRO in my portfolio?

FLRG and DGRO have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLRG or DGRO?

FLRG has higher volatility (2.42%) compared to DGRO (2.21%). In terms of maximum drawdown, FLRG dropped -19.64% vs DGRO's -35.10%.

Which ETF is better, FLRG or DGRO?

On 5-year performance, FLRG leads with 13.03% vs 10.54% for DGRO. 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, FLRG or DGRO?

Over the 5-year period, FLRG has performed better with a 13.03% return vs 10.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLRG or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.29% for FLRG.

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

DGRO has the higher dividend yield at 1.96%, compared with 1.34% for FLRG.

What is the main difference between FLRG and DGRO?

FLRG tracks Fidelity U.S. Multifactor Index, while DGRO tracks Morningstar US Dividend Growth Index. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.29% for FLRG and 0.08% for DGRO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.39 vs 1.88), 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.