IBHL vs. DGRO
IBHL (iShares iBonds 2032 Term High Yield and Income ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - IBHL is a High Yield Bonds fund tracking the Bloomberg 2032 Term High Yield and Income Index, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Both are passively managed. Over the past year, IBHL returned 6.07% vs 21.50% for DGRO. A 0.63 correlation means they provide meaningful diversification when combined. IBHL charges 0.35%/yr vs 0.08%/yr for DGRO.
Performance
IBHL vs. DGRO - Performance Comparison
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Returns By Period
In the year-to-date period, IBHL achieves a 1.17% return, which is significantly lower than DGRO's 9.37% return.
IBHL
- 1D
- 0.08%
- 1M
- 0.68%
- YTD
- 1.17%
- 6M
- 1.25%
- 1Y
- 6.07%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DGRO
- 1D
- 0.16%
- 1M
- 0.96%
- YTD
- 9.37%
- 6M
- 8.18%
- 1Y
- 21.50%
- 3Y*
- 16.99%
- 5Y*
- 10.89%
- 10Y*
- 13.64%
IBHL vs. DGRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IBHL iShares iBonds 2032 Term High Yield and Income ETF | 1.17% | 8.46% |
DGRO iShares Core Dividend Growth ETF | 9.37% | 14.04% |
Correlation
The correlation between IBHL and DGRO is 0.60, 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 | 0.60 |
Correlation (All Time) Calculated using the full available price history since Mar 26, 2025 | 0.63 |
The correlation between IBHL and DGRO has been stable across timeframes, ranging from 0.60 to 0.63 - a consistent structural relationship.
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Return for Risk
IBHL vs. DGRO — Risk / Return Rank
IBHL
DGRO
IBHL vs. DGRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds 2032 Term High Yield and Income ETF (IBHL) 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.
| IBHL | DGRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.80 | ||
| Sortino ratioReturn per unit of downside risk | -1.08 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.41 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.01 | 3.34 | -1.33 |
| Martin ratioReturn relative to average drawdown | 8.81 | 12.88 | -4.07 |
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Drawdowns
IBHL vs. DGRO - Drawdown Comparison
The maximum IBHL drawdown since its inception was -3.70%, smaller than the maximum DGRO drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for IBHL and DGRO.
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Drawdown Indicators
| IBHL | DGRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.70% | -35.10% | +31.40% |
Max Drawdown (1Y)Largest decline over 1 year | -3.03% | -6.47% | +3.44% |
Max Drawdown (3Y)Largest decline over 3 years | — | -14.03% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -19.31% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.10% | — |
Current DrawdownCurrent decline from peak | -0.15% | -0.74% | +0.59% |
Average DrawdownAverage peak-to-trough decline | -0.45% | -3.43% | +2.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 1.67% | -0.98% |
Volatility
IBHL vs. DGRO - Volatility Comparison
The current volatility for iShares iBonds 2032 Term High Yield and Income ETF (IBHL) is 1.15%, while iShares Core Dividend Growth ETF (DGRO) has a volatility of 2.48%. This indicates that IBHL experiences smaller price fluctuations and is considered to be less risky 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
| IBHL | DGRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 2.48% | -1.33% |
Volatility (6M)Calculated over the trailing 6-month period | 3.31% | 6.94% | -3.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.15% | 9.51% | -5.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.36% | 13.79% | -8.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.36% | 16.59% | -11.23% |
IBHL vs. DGRO - Expense Ratio Comparison
IBHL has a 0.35% expense ratio, which is higher than DGRO's 0.08% expense ratio.
Dividends
IBHL vs. DGRO - Dividend Comparison
IBHL's dividend yield for the trailing twelve months is around 6.28%, 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% |
IBHL iShares iBonds 2032 Term High Yield and Income ETF | 6.28% | 4.90% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IBHL and DGRO have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DGRO has higher volatility (2.48%) compared to IBHL (1.15%). In terms of maximum drawdown, IBHL dropped -3.70% vs DGRO's -35.10%.
On 1-year performance, DGRO leads with 21.50% vs 6.07% for IBHL. On fees, DGRO is cheaper at 0.08% per year. On volatility, IBHL has been the lower-risk option at 1.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, DGRO has performed better with a 21.50% return vs 6.07%. 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 0.35% for IBHL.
IBHL has the higher dividend yield at 6.28%, compared with 1.96% for DGRO.
IBHL is categorized as High Yield Bonds, while DGRO is Large Cap Growth Equities. IBHL tracks Bloomberg 2032 Term High Yield and Income Index, while DGRO tracks Morningstar US Dividend Growth Index. Their fees differ too: 0.35% for IBHL and 0.08% for DGRO.
DGRO currently has the higher Sharpe Ratio (2.28 vs 1.48), 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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