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HDLB vs. DGRO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HDLB vs. DGRO

Last updated Jun 4, 2026

HDLB (ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - HDLB is a Leveraged Equities fund tracking the Solactive US High Dividend Low Volatility (USD)(TR) (200%), 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, HDLB returned 11.24%/yr vs 10.54%/yr for DGRO. A 0.72 correlation means they provide meaningful diversification when combined. HDLB charges 1.65%/yr vs 0.08%/yr for DGRO.

Performance

HDLB vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) and iShares Core Dividend Growth ETF (DGRO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HDLB achieves a 9.69% return, which is significantly higher than DGRO's 8.76% return.

HDLB

1D
-1.72%
1M
-4.18%
YTD
9.69%
6M
8.78%
1Y
17.78%
3Y*
26.82%
5Y*
11.24%
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)

HDLB vs. DGRO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
HDLB
ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B		9.69%27.26%28.21%-4.12%-11.46%62.67%-50.94%7.93%
DGRO
iShares Core Dividend Growth ETF		8.76%15.69%16.62%10.47%-7.91%26.64%9.50%6.60%

Correlation

The correlation between HDLB 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

0.62

Correlation (5Y)
Calculated over the trailing 5-year period

0.69

Correlation (All Time)
Calculated using the full available price history since Oct 28, 2019

0.72

The correlation between HDLB and DGRO shifts across timeframes, from 0.55 (1 year) to 0.72 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B

iShares Core Dividend Growth ETF

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Often compared with DGRO:
DGRO vs. SCHDDGRO vs. VIGDGRO vs. VYMDGRO vs. VOODGRO vs. DGRWDGRO vs. DIVODGRO vs. HDV

Return for Risk

HDLB vs. DGRO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HDLB
HDLB Risk / Return Rank: 2121
Overall Rank
HDLB Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
HDLB Sortino Ratio Rank: 2020
Sortino Ratio Rank
HDLB Omega Ratio Rank: 2020
Omega Ratio Rank
HDLB Calmar Ratio Rank: 2525
Calmar Ratio Rank
HDLB Martin Ratio Rank: 2222
Martin Ratio Rank
DGRO
DGRO Risk / Return Rank: 7171
Overall Rank
DGRO Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
DGRO Sortino Ratio Rank: 7676
Sortino Ratio Rank
DGRO Omega Ratio Rank: 7070
Omega Ratio Rank
DGRO Calmar Ratio Rank: 6969
Calmar Ratio Rank
DGRO Martin Ratio Rank: 7171
Martin Ratio Rank
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.

HDLB vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) 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.

HDLBDGRODifference
Sharpe ratioReturn per unit of total volatility
0.68
2.39

-1.72

Sortino ratioReturn per unit of downside risk
1.11
3.49

-2.38

Omega ratioGain probability vs. loss probability

1.13

1.43

-0.30

Calmar ratioReturn relative to maximum drawdown

1.23

3.50

-2.27

Martin ratioReturn relative to average drawdown

2.69

13.52

-10.83

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HDLB vs. DGRO - Sharpe Ratio Comparison

The current HDLB Sharpe Ratio is 0.68, which is lower than the DGRO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of HDLB 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.

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Sharpe Ratios by Period

HDLBDGRODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.68

2.39

-1.72

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.37

0.77

-0.40

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.80

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.10

0.76

-0.67

Drawdowns

HDLB vs. DGRO - Drawdown Comparison

The maximum HDLB drawdown since its inception was -78.70%, which is greater than DGRO's maximum drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for HDLB and DGRO.

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Drawdown Indicators

HDLBDGRODifference

Max Drawdown

Largest peak-to-trough decline

-78.70%

-35.10%

-43.60%

Max Drawdown (1Y)

Largest decline over 1 year

-14.50%

-6.47%

-8.03%

Max Drawdown (3Y)

Largest decline over 3 years

-22.46%

-14.03%

-8.43%

Max Drawdown (5Y)

Largest decline over 5 years

-43.81%

-19.31%

-24.50%

Max Drawdown (10Y)

Largest decline over 10 years

—

-35.10%

—

Current Drawdown

Current decline from peak

-14.15%

-0.28%

-13.87%

Average Drawdown

Average peak-to-trough decline

-27.47%

-3.44%

-24.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.62%

1.67%

+4.95%

Volatility

HDLB vs. DGRO - Volatility Comparison

ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) has a higher volatility of 6.21% compared to iShares Core Dividend Growth ETF (DGRO) at 2.21%. This indicates that HDLB'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.

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Volatility by Period

HDLBDGRODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.21%

2.21%

+4.00%

Volatility (6M)

Calculated over the trailing 6-month period

18.14%

6.91%

+11.23%

Volatility (1Y)

Calculated over the trailing 1-year period

26.46%

9.48%

+16.98%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

30.55%

13.82%

+16.73%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

43.58%

16.62%

+26.96%

HDLB vs. DGRO - Expense Ratio Comparison

HDLB has a 1.65% expense ratio, which is higher than DGRO's 0.08% expense ratio.

Dividends

HDLB vs. DGRO - Dividend Comparison

HDLB's dividend yield for the trailing twelve months is around 12.13%, more than DGRO's 1.96% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
HDLB
ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B		12.13%12.20%10.09%12.36%10.86%8.07%16.23%0.97%0.00%0.00%0.00%0.00%

Frequently Asked Questions

HDLB 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.

HDLB has higher volatility (6.21%) compared to DGRO (2.21%). In terms of maximum drawdown, HDLB dropped -78.70% vs DGRO's -35.10%.

On 5-year performance, HDLB leads with 11.24% 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.

Over the 5-year period, HDLB has performed better with a 11.24% return vs 10.54%. 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 1.65% for HDLB.

HDLB has the higher dividend yield at 12.13%, compared with 1.96% for DGRO.

HDLB is categorized as Leveraged Equities, while DGRO is Large Cap Growth Equities. HDLB tracks Solactive US High Dividend Low Volatility (USD)(TR) (200%), while DGRO tracks Morningstar US Dividend Growth Index. They also come from different issuers: UBS and iShares. Their fees differ too: 1.65% for HDLB and 0.08% for DGRO.

DGRO currently has the higher Sharpe Ratio (2.39 vs 0.68), 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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