HAP vs. DGRO

Last updated Jun 23, 2026

HAP (VanEck Natural Resources ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - HAP is a Energy Equities fund tracking the MarketVector Global Natural Resources 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, HAP returned 11.78%/yr vs 13.58%/yr for DGRO. A 0.71 correlation means they provide meaningful diversification when combined. HAP charges 0.42%/yr vs 0.08%/yr for DGRO.

Performance

HAP vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Natural Resources ETF (HAP) 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, HAP achieves a 15.91% return, which is significantly higher than DGRO's 8.84% return. Over the past 10 years, HAP has underperformed DGRO with an annualized return of 11.78%, while DGRO has yielded a comparatively higher 13.58% annualized return.

HAP

• 1D: 0.23%
• 1M: -3.69%
• YTD: 15.91%
• 6M: 15.93%
• 1Y: 36.73%
• 3Y*: 17.20%
• 5Y*: 11.62%
• 10Y*: 11.78%

DGRO

• 1D: 0.08%
• 1M: 0.48%
• YTD: 8.84%
• 6M: 8.25%
• 1Y: 22.81%
• 3Y*: 16.80%
• 5Y*: 11.08%
• 10Y*: 13.58%

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

HAP vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HAP VanEck Natural Resources ETF	15.91%	34.91%	-4.08%	2.46%	7.84%	25.04%	6.30%	18.60%	-10.68%	17.12%
DGRO iShares Core Dividend Growth ETF	8.84%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-2.38%	23.00%

Correlation

The correlation between HAP and DGRO is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014	0.71

The correlation between HAP and DGRO shifts across timeframes, from 0.54 (1 year) to 0.71 (all time), reflecting how their relationship changes across market environments.

HAP vs. DGRO - Sectors Allocation Comparison

Sectors	HAP	DGRO
Basic Materials	38.6%	2.4%
Energy	30.7%	5.1%
Industrials	10.1%	10.4%
Utilities	9.3%	6.4%
Consumer Defensive	6.4%	11.1%
Healthcare	2.8%	16.5%
Technology	1.4%	22.0%
Real Estate	0.4%	-
Consumer Cyclical	0.2%	5.4%
Communication Services	-	0.1%
Financial Services	-	20.6%

Return for Risk

HAP vs. DGRO — Risk / Return Rank

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

HAP

HAP Risk / Return Rank: 78
HAP Sharpe Ratio Rank: 77
HAP Sortino Ratio Rank: 71
HAP Omega Ratio Rank: 76
HAP Calmar Ratio Rank: 85
HAP Martin Ratio Rank: 82

DGRO

DGRO Risk / Return Rank: 77
DGRO Sharpe Ratio Rank: 78
DGRO Sortino Ratio Rank: 82
DGRO Omega Ratio Rank: 77
DGRO Calmar Ratio Rank: 72
DGRO Martin Ratio Rank: 74

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.

HAP vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Natural Resources ETF (HAP) 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.

	HAP	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	2.37	2.40	-0.03
Sortino ratio: Return per unit of downside risk	3.08	3.49	-0.42
Omega ratio: Gain probability vs. loss probability	1.43	1.43	-0.01
Calmar ratio: Return relative to maximum drawdown	4.44	3.54	+0.90
Martin ratio: Return relative to average drawdown	15.74	13.67	+2.06

HAP vs. DGRO - Sharpe Ratio Comparison

The current HAP Sharpe Ratio is 2.37, which is comparable to the DGRO Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of HAP 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

HAP vs. DGRO - Drawdown Comparison

The maximum HAP drawdown since its inception was -50.99%, which is greater than DGRO's maximum drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for HAP and DGRO.

Drawdown Indicators

	HAP	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-50.99%	-35.10%	-15.89%
Max Drawdown (1Y) Largest decline over 1 year	-8.31%	-6.47%	-1.84%
Max Drawdown (3Y) Largest decline over 3 years	-16.92%	-14.03%	-2.89%
Max Drawdown (5Y) Largest decline over 5 years	-25.66%	-19.31%	-6.35%
Max Drawdown (10Y) Largest decline over 10 years	-44.07%	-35.10%	-8.97%
Current Drawdown Current decline from peak	-6.46%	-1.21%	-5.25%
Average Drawdown Average peak-to-trough decline	-12.06%	-3.43%	-8.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.34%	1.67%	+0.67%

Volatility

HAP vs. DGRO - Volatility Comparison

VanEck Natural Resources ETF (HAP) has a higher volatility of 5.05% compared to iShares Core Dividend Growth ETF (DGRO) at 2.64%. This indicates that HAP'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

	HAP	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.05%	2.64%	+2.41%
Volatility (6M) Calculated over the trailing 6-month period	12.85%	6.94%	+5.91%
Volatility (1Y) Calculated over the trailing 1-year period	15.58%	9.55%	+6.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.25%	13.80%	+4.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.75%	16.63%	+3.12%

HAP vs. DGRO - Expense Ratio Comparison

HAP has a 0.42% expense ratio, which is higher than DGRO's 0.08% expense ratio.

Dividends

HAP vs. DGRO - Dividend Comparison

HAP's dividend yield for the trailing twelve months is around 1.96%, which matches 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%
HAP VanEck Natural Resources ETF	1.96%	2.27%	2.65%	3.27%	3.28%	2.16%	2.45%	2.80%	2.85%	2.02%	1.99%	3.00%

Frequently Asked Questions

Can I hold both HAP and DGRO in my portfolio?

HAP and DGRO have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HAP or DGRO?

HAP has higher volatility (5.05%) compared to DGRO (2.64%). In terms of maximum drawdown, HAP dropped -50.99% vs DGRO's -35.10%.

Which ETF is better, HAP or DGRO?

On 10-year performance, DGRO leads with 13.58% vs 11.78% for HAP. On fees, DGRO is cheaper at 0.08% per year. On volatility, DGRO has been the lower-risk option at 2.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HAP or DGRO?

Over the 10-year period, DGRO has performed better with a 13.58% return vs 11.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HAP or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.42% for HAP.

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

HAP and DGRO have nearly identical dividend yields, around 1.96%.

What is the main difference between HAP and DGRO?

HAP is categorized as Energy Equities, while DGRO is Large Cap Growth Equities. HAP tracks MarketVector Global Natural Resources Index, while DGRO tracks Morningstar US Dividend Growth Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.42% for HAP and 0.08% for DGRO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.40 vs 2.37), 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.