ICPI vs. DGRO

Last updated Jun 4, 2026

ICPI (iShares 0-1 Year TIPS Bond ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - ICPI is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury 0-1 Year Inflation Linked Bond Index, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Both are passively managed. At a correlation of -0.18, they often move in opposite directions. ICPI charges 0.09%/yr vs 0.08%/yr for DGRO.

Performance

ICPI vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 0-1 Year TIPS Bond ETF (ICPI) 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, ICPI achieves a 2.70% return, which is significantly lower than DGRO's 8.76% return.

ICPI

• 1D: 0.05%
• 1M: 0.44%
• YTD: 2.70%
• 6M: 2.76%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 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)

ICPI vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025
ICPI iShares 0-1 Year TIPS Bond ETF	2.70%	0.32%
DGRO iShares Core Dividend Growth ETF	8.76%	3.99%

Correlation

The correlation between ICPI and DGRO is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025	-0.18

Return for Risk

ICPI vs. DGRO — Risk / Return Rank

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

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.

ICPI vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 0-1 Year TIPS Bond ETF (ICPI) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	ICPI	DGRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.39	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.77	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.80	—
Sharpe Ratio (All Time) Calculated using the full available price history	6.20	0.76	+5.44

Drawdowns

ICPI vs. DGRO - Drawdown Comparison

The maximum ICPI drawdown since its inception was -0.22%, smaller than the maximum DGRO drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for ICPI and DGRO.

Drawdown Indicators

	ICPI	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-0.22%	-35.10%	+34.88%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.47%	—
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 Drawdown Current decline from peak	0.00%	-0.28%	+0.28%
Average Drawdown Average peak-to-trough decline	-0.03%	-3.44%	+3.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.67%	—

Volatility

Volatility by Period

	ICPI	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.21%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.91%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.95%	9.48%	-8.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.95%	13.82%	-12.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.95%	16.62%	-15.67%

ICPI vs. DGRO - Expense Ratio Comparison

ICPI has a 0.09% expense ratio, which is higher than DGRO's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ICPI vs. DGRO - Dividend Comparison

ICPI's dividend yield for the trailing twelve months is around 1.80%, 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%
ICPI iShares 0-1 Year TIPS Bond ETF	1.80%	0.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ICPI and DGRO in my portfolio?

ICPI and DGRO have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ICPI or DGRO?

On fees, DGRO is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ICPI or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.09% for ICPI.

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

DGRO has the higher dividend yield at 1.96%, compared with 1.80% for ICPI.

What is the main difference between ICPI and DGRO?

ICPI is categorized as Inflation-Protected Bonds, while DGRO is Large Cap Growth Equities. ICPI tracks ICE U.S. Treasury 0-1 Year Inflation Linked Bond Index, while DGRO tracks Morningstar US Dividend Growth Index. Their fees differ too: 0.09% for ICPI and 0.08% for DGRO.