HEZU vs. DGRO

Last updated Jun 6, 2026

HEZU (iShares Currency Hedged MSCI Eurozone ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - HEZU is a Europe Equities fund tracking the MSCI EMU 100% USD Hedged 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, HEZU returned 11.73%/yr vs 13.23%/yr for DGRO. A 0.72 correlation means they provide meaningful diversification when combined. HEZU charges 0.52%/yr vs 0.08%/yr for DGRO.

Performance

HEZU vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Currency Hedged MSCI Eurozone ETF (HEZU) 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 investments are quite close, with HEZU having a 8.75% return and DGRO slightly higher at 8.79%. Over the past 10 years, HEZU has underperformed DGRO with an annualized return of 11.73%, while DGRO has yielded a comparatively higher 13.23% annualized return.

HEZU

• 1D: -1.81%
• 1M: 0.51%
• YTD: 8.75%
• 6M: 10.10%
• 1Y: 18.64%
• 3Y*: 17.31%
• 5Y*: 12.27%
• 10Y*: 11.73%

DGRO

• 1D: -0.78%
• 1M: 2.16%
• YTD: 8.79%
• 6M: 9.12%
• 1Y: 23.20%
• 3Y*: 17.09%
• 5Y*: 10.54%
• 10Y*: 13.23%

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

HEZU vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HEZU iShares Currency Hedged MSCI Eurozone ETF	8.75%	25.93%	10.63%	22.98%	-9.54%	23.51%	0.52%	29.48%	-10.23%	14.26%
DGRO iShares Core Dividend Growth ETF	8.79%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-2.38%	23.00%

Correlation

The correlation between HEZU and DGRO is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Aug 8, 2014	0.72

The correlation between HEZU and DGRO shifts across timeframes, from 0.60 (3 years) to 0.72 (all time), reflecting how their relationship changes across market environments.

HEZU vs. DGRO - Sectors Allocation Comparison

Sectors	HEZU	DGRO
Financial Services	24.4%	21.2%
Industrials	21.2%	10.8%
Technology	14.5%	19.4%
Consumer Cyclical	8.4%	5.7%
Utilities	6.8%	6.9%
Healthcare	5.8%	16.4%
Consumer Defensive	5.6%	11.5%
Energy	4.2%	5.6%
Basic Materials	4.1%	2.5%
Communication Services	4.1%	0.1%
Real Estate	1.0%	-

Return for Risk

HEZU vs. DGRO — Risk / Return Rank

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

HEZU

HEZU Risk / Return Rank: 37
HEZU Sharpe Ratio Rank: 36
HEZU Sortino Ratio Rank: 36
HEZU Omega Ratio Rank: 36
HEZU Calmar Ratio Rank: 36
HEZU Martin Ratio Rank: 43

DGRO

DGRO Risk / Return Rank: 77
DGRO Sharpe Ratio Rank: 77
DGRO Sortino Ratio Rank: 81
DGRO Omega Ratio Rank: 76
DGRO Calmar Ratio Rank: 73
DGRO Martin Ratio Rank: 75

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.

HEZU vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Eurozone ETF (HEZU) 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.

	HEZU	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	1.24	2.45	-1.21
Sortino ratio: Return per unit of downside risk	1.82	3.55	-1.73
Omega ratio: Gain probability vs. loss probability	1.23	1.44	-0.21
Calmar ratio: Return relative to maximum drawdown	1.71	3.60	-1.89
Martin ratio: Return relative to average drawdown	6.61	13.91	-7.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HEZU vs. DGRO - Sharpe Ratio Comparison

The current HEZU Sharpe Ratio is 1.24, which is lower than the DGRO Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of HEZU 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

	HEZU	DGRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	2.45	-1.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.77	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.80	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.76	-0.20

Drawdowns

HEZU vs. DGRO - Drawdown Comparison

The maximum HEZU drawdown since its inception was -38.80%, which is greater than DGRO's maximum drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for HEZU and DGRO.

Drawdown Indicators

	HEZU	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-38.80%	-35.10%	-3.70%
Max Drawdown (1Y) Largest decline over 1 year	-10.95%	-6.47%	-4.48%
Max Drawdown (3Y) Largest decline over 3 years	-14.83%	-14.03%	-0.80%
Max Drawdown (5Y) Largest decline over 5 years	-22.79%	-19.31%	-3.48%
Max Drawdown (10Y) Largest decline over 10 years	-38.80%	-35.10%	-3.70%
Current Drawdown Current decline from peak	-1.81%	-0.78%	-1.03%
Average Drawdown Average peak-to-trough decline	-5.83%	-3.44%	-2.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	1.67%	+1.16%

Volatility

HEZU vs. DGRO - Volatility Comparison

iShares Currency Hedged MSCI Eurozone ETF (HEZU) has a higher volatility of 4.86% compared to iShares Core Dividend Growth ETF (DGRO) at 2.42%. This indicates that HEZU'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

	HEZU	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.86%	2.42%	+2.44%
Volatility (6M) Calculated over the trailing 6-month period	12.56%	6.94%	+5.62%
Volatility (1Y) Calculated over the trailing 1-year period	15.10%	9.52%	+5.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.49%	13.82%	+2.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.43%	16.62%	+1.81%

HEZU vs. DGRO - Expense Ratio Comparison

HEZU has a 0.52% expense ratio, which is higher than DGRO's 0.08% expense ratio.

Dividends

HEZU vs. DGRO - Dividend Comparison

HEZU's dividend yield for the trailing twelve months is around 2.69%, 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%
HEZU iShares Currency Hedged MSCI Eurozone ETF	2.69%	2.92%	2.77%	2.52%	23.26%	2.25%	2.32%	5.40%	3.48%	1.92%	3.11%	2.68%

Frequently Asked Questions

Can I hold both HEZU and DGRO in my portfolio?

HEZU and DGRO have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HEZU or DGRO?

HEZU has higher volatility (4.86%) compared to DGRO (2.42%). In terms of maximum drawdown, HEZU dropped -38.80% vs DGRO's -35.10%.

Which ETF is better, HEZU or DGRO?

On 10-year performance, DGRO leads with 13.23% vs 11.73% for HEZU. On fees, DGRO is cheaper at 0.08% per year. On volatility, DGRO has been the lower-risk option at 2.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HEZU or DGRO?

Over the 10-year period, DGRO has performed better with a 13.23% return vs 11.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HEZU or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.52% for HEZU.

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

HEZU has the higher dividend yield at 2.69%, compared with 1.96% for DGRO.

What is the main difference between HEZU and DGRO?

HEZU is categorized as Europe Equities, while DGRO is Large Cap Growth Equities. HEZU tracks MSCI EMU 100% USD Hedged Index, while DGRO tracks Morningstar US Dividend Growth Index. Their fees differ too: 0.52% for HEZU and 0.08% for DGRO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.45 vs 1.24), 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.