IGOV vs. DGRO
IGOV (iShares International Treasury Bond ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - IGOV is a International Government Bonds fund tracking the FTSE World Government Bond Index - Developed Markets Capped Select 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, IGOV returned -1.48%/yr vs 13.64%/yr for DGRO. At a 0.08 correlation, their price movements are largely independent. IGOV charges 0.35%/yr vs 0.08%/yr for DGRO.
Performance
IGOV vs. DGRO - Performance Comparison
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Returns By Period
In the year-to-date period, IGOV achieves a -1.66% return, which is significantly lower than DGRO's 9.37% return. Over the past 10 years, IGOV has underperformed DGRO with an annualized return of -1.48%, while DGRO has yielded a comparatively higher 13.64% annualized return.
IGOV
- 1D
- 0.15%
- 1M
- -1.11%
- YTD
- -1.66%
- 6M
- -2.06%
- 1Y
- -2.51%
- 3Y*
- 1.78%
- 5Y*
- -4.35%
- 10Y*
- -1.48%
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%
IGOV vs. DGRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IGOV iShares International Treasury Bond ETF | -1.66% | 9.96% | -6.50% | 5.57% | -22.07% | -9.25% | 10.88% | 3.76% | -2.60% | 11.38% |
DGRO iShares Core Dividend Growth ETF | 9.37% | 15.69% | 16.62% | 10.47% | -7.91% | 26.64% | 9.50% | 29.87% | -2.38% | 23.00% |
Correlation
The correlation between IGOV and DGRO is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014 | 0.08 |
Over the past year, IGOV and DGRO have become more correlated (0.40) than their long-term average of 0.08, meaning their price movements have been converging.
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Return for Risk
IGOV vs. DGRO — Risk / Return Rank
IGOV
DGRO
IGOV vs. DGRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares International Treasury Bond ETF (IGOV) 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.
| IGOV | DGRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.59 | ||
| Sortino ratioReturn per unit of downside risk | -3.71 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.41 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.44 | 3.34 | -3.78 |
| Martin ratioReturn relative to average drawdown | -0.97 | 12.88 | -13.85 |
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Drawdowns
IGOV vs. DGRO - Drawdown Comparison
The maximum IGOV drawdown since its inception was -35.88%, roughly equal to the maximum DGRO drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for IGOV and DGRO.
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Drawdown Indicators
| IGOV | DGRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.88% | -35.10% | -0.78% |
Max Drawdown (1Y)Largest decline over 1 year | -5.70% | -6.47% | +0.77% |
Max Drawdown (3Y)Largest decline over 3 years | -10.65% | -14.03% | +3.38% |
Max Drawdown (5Y)Largest decline over 5 years | -32.92% | -19.31% | -13.61% |
Max Drawdown (10Y)Largest decline over 10 years | -35.88% | -35.10% | -0.78% |
Current DrawdownCurrent decline from peak | -24.89% | -0.74% | -24.15% |
Average DrawdownAverage peak-to-trough decline | -11.06% | -3.43% | -7.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 1.67% | +0.93% |
Volatility
IGOV vs. DGRO - Volatility Comparison
The current volatility for iShares International Treasury Bond ETF (IGOV) is 2.30%, while iShares Core Dividend Growth ETF (DGRO) has a volatility of 2.48%. This indicates that IGOV 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
| IGOV | DGRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.30% | 2.48% | -0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 6.35% | 6.94% | -0.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.12% | 9.51% | -1.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.97% | 13.79% | -3.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.60% | 16.59% | -7.99% |
IGOV vs. DGRO - Expense Ratio Comparison
IGOV has a 0.35% expense ratio, which is higher than DGRO's 0.08% expense ratio.
Dividends
IGOV vs. DGRO - Dividend Comparison
IGOV's dividend yield for the trailing twelve months is around 1.43%, 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% |
IGOV iShares International Treasury Bond ETF | 1.43% | 1.41% | 0.59% | 0.00% | 0.11% | 0.39% | 0.00% | 0.24% | 0.31% | 0.19% | 0.69% | 0.12% |
Frequently Asked Questions
IGOV and DGRO have a correlation of 0.40, 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 IGOV (2.30%). In terms of maximum drawdown, IGOV dropped -35.88% vs DGRO's -35.10%.
On 10-year performance, DGRO leads with 13.64% vs -1.48% for IGOV. On fees, DGRO is cheaper at 0.08% per year. On volatility, IGOV has been the lower-risk option at 2.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DGRO has performed better with a 13.64% return vs -1.48%. 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 IGOV.
DGRO has the higher dividend yield at 1.96%, compared with 1.43% for IGOV.
IGOV is categorized as International Government Bonds, while DGRO is Large Cap Growth Equities. IGOV tracks FTSE World Government Bond Index - Developed Markets Capped Select Index, while DGRO tracks Morningstar US Dividend Growth Index. Their fees differ too: 0.35% for IGOV and 0.08% for DGRO.
DGRO currently has the higher Sharpe Ratio (2.28 vs -0.31), 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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