IAI vs. DGRO

Last updated Jun 4, 2026

IAI (iShares U.S. Broker-Dealers & Securities Exchanges ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - IAI is a Financials Equities fund tracking the DJ US Select / Investment Services, 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, IAI returned 18.46%/yr vs 13.30%/yr for DGRO. A 0.76 correlation means they provide meaningful diversification when combined. IAI charges 0.41%/yr vs 0.08%/yr for DGRO.

Performance

IAI vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI) 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, IAI achieves a 0.24% return, which is significantly lower than DGRO's 8.76% return. Over the past 10 years, IAI has outperformed DGRO with an annualized return of 18.46%, while DGRO has yielded a comparatively lower 13.30% annualized return.

IAI

• 1D: -1.71%
• 1M: 1.75%
• YTD: 0.24%
• 6M: 1.73%
• 1Y: 16.52%
• 3Y*: 27.84%
• 5Y*: 13.43%
• 10Y*: 18.46%

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)

IAI vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF	0.24%	25.80%	34.37%	15.27%	-10.87%	40.48%	18.61%	24.26%	-9.47%	28.86%
DGRO iShares Core Dividend Growth ETF	8.76%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-2.38%	23.00%

Correlation

The correlation between IAI and DGRO is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jun 13, 2014	0.76

The correlation between IAI and DGRO shifts across timeframes, from 0.59 (1 year) to 0.76 (10 years), reflecting how their relationship changes across market environments.

IAI vs. DGRO - Sectors Allocation Comparison

Sectors	IAI	DGRO
Financial Services	99.9%	21.2%
Technology	0.1%	19.4%
Basic Materials	-	2.5%
Communication Services	-	0.1%
Consumer Cyclical	-	5.7%
Consumer Defensive	-	11.5%
Energy	-	5.6%
Healthcare	-	16.4%
Industrials	-	10.8%
Real Estate	-	-
Utilities	-	6.9%

Return for Risk

IAI vs. DGRO — Risk / Return Rank

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

IAI

IAI Risk / Return Rank: 23
IAI Sharpe Ratio Rank: 24
IAI Sortino Ratio Rank: 23
IAI Omega Ratio Rank: 23
IAI Calmar Ratio Rank: 22
IAI Martin Ratio Rank: 23

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.

IAI vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI) 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.

	IAI	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	0.87	2.39	-1.52
Sortino ratio: Return per unit of downside risk	1.27	3.49	-2.22
Omega ratio: Gain probability vs. loss probability	1.16	1.43	-0.28
Calmar ratio: Return relative to maximum drawdown	1.00	3.50	-2.50
Martin ratio: Return relative to average drawdown	2.88	13.52	-10.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IAI vs. DGRO - Sharpe Ratio Comparison

The current IAI Sharpe Ratio is 0.87, which is lower than the DGRO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of IAI 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

	IAI	DGRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.87	2.39	-1.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.77	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.80	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.76	-0.48

Drawdowns

IAI vs. DGRO - Drawdown Comparison

The maximum IAI drawdown since its inception was -75.46%, which is greater than DGRO's maximum drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for IAI and DGRO.

Drawdown Indicators

	IAI	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-75.46%	-35.10%	-40.36%
Max Drawdown (1Y) Largest decline over 1 year	-16.52%	-6.47%	-10.05%
Max Drawdown (3Y) Largest decline over 3 years	-23.14%	-14.03%	-9.11%
Max Drawdown (5Y) Largest decline over 5 years	-28.84%	-19.31%	-9.53%
Max Drawdown (10Y) Largest decline over 10 years	-40.38%	-35.10%	-5.28%
Current Drawdown Current decline from peak	-5.57%	-0.28%	-5.29%
Average Drawdown Average peak-to-trough decline	-22.66%	-3.44%	-19.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.75%	1.67%	+4.08%

Volatility

IAI vs. DGRO - Volatility Comparison

iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI) has a higher volatility of 4.48% compared to iShares Core Dividend Growth ETF (DGRO) at 2.21%. This indicates that IAI'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

	IAI	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.48%	2.21%	+2.27%
Volatility (6M) Calculated over the trailing 6-month period	14.92%	6.91%	+8.01%
Volatility (1Y) Calculated over the trailing 1-year period	19.05%	9.48%	+9.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.42%	13.82%	+7.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.84%	16.62%	+6.22%

IAI vs. DGRO - Expense Ratio Comparison

IAI has a 0.41% expense ratio, which is higher than DGRO's 0.08% expense ratio.

Dividends

IAI vs. DGRO - Dividend Comparison

IAI's dividend yield for the trailing twelve months is around 1.08%, 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%
IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF	1.08%	0.95%	1.05%	1.80%	2.14%	1.31%	1.55%	1.52%	1.58%	1.37%	1.49%	1.31%

Frequently Asked Questions

Can I hold both IAI and DGRO in my portfolio?

IAI and DGRO have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IAI or DGRO?

IAI has higher volatility (4.48%) compared to DGRO (2.21%). In terms of maximum drawdown, IAI dropped -75.46% vs DGRO's -35.10%.

Which ETF is better, IAI or DGRO?

On 10-year performance, IAI leads with 18.46% vs 13.30% 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, IAI or DGRO?

Over the 10-year period, IAI has performed better with a 18.46% return vs 13.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IAI or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.41% for IAI.

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

DGRO has the higher dividend yield at 1.96%, compared with 1.08% for IAI.

What is the main difference between IAI and DGRO?

IAI is categorized as Financials Equities, while DGRO is Large Cap Growth Equities. IAI tracks DJ US Select / Investment Services, while DGRO tracks Morningstar US Dividend Growth Index. Their fees differ too: 0.41% for IAI and 0.08% for DGRO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.39 vs 0.87), 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.