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IWC vs. DGRO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWC vs. DGRO

Last updated Aug 2, 2026
Documentation

IWC (iShares Micro-Cap ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - IWC is a Small Cap Blend Equities fund tracking the Russell Microcap 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, IWC returned 11.12%/yr vs 13.44%/yr for DGRO. Their 0.70 correlation means they have sometimes moved together and sometimes differently. IWC charges 0.60%/yr vs 0.08%/yr for DGRO.

Performance

IWC vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Micro-Cap ETF (IWC) and iShares Core Dividend Growth ETF (DGRO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IWC achieves a 19.50% return, which is significantly higher than DGRO's 13.39% return. Over the past 10 years, IWC has underperformed DGRO with an annualized return of 11.12%, while DGRO has yielded a comparatively higher 13.44% annualized return.

IWC

1D
-0.70%
1M
-5.03%
6M
12.92%
YTD
19.50%
1Y
48.46%
3Y*
19.06%
5Y*
6.69%
10Y*
11.12%
ALL TIME*
7.67%

DGRO

1D
-0.28%
1M
0.97%
6M
9.59%
YTD
13.39%
1Y
24.21%
3Y*
16.30%
5Y*
11.08%
10Y*
13.44%
ALL TIME*
12.47%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

DGRO

iShares Core Dividend Growth ETF
$103.52M$104.25M$110.17M

IWC

iShares Micro-Cap ETF
$9.94M$13.29M$20.50M

IWC vs. DGRO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IWC
iShares Micro-Cap ETF		19.50%22.45%13.63%8.99%-21.93%18.67%20.88%22.20%-13.13%12.79%
DGRO
iShares Core Dividend Growth ETF		13.39%15.69%16.62%10.47%-7.91%26.64%9.50%29.87%-2.38%23.00%

Correlation

The correlation between IWC and DGRO is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.52

Correlation (3Y)
Balances recent behavior with more history.

0.66

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.70

Correlation (10Y)
Provides a long-term view across more market conditions.

0.69

Correlation (All Time)
Calculated using the full available price history since Jun 12, 2014

0.70

The correlation between IWC and DGRO shifts across timeframes, from 0.52 (1 year) to 0.70 (all time), reflecting how their relationship changes across market environments.

IWC vs. DGRO - Sectors Allocation Comparison

Sectors
IWC
DGRO

Healthcare

25.8%
17.9%

Financial Services

24.1%
20.4%

Industrials

12.3%
11.3%

Technology

12.3%
17.3%

Consumer Cyclical

7.7%
6.5%

Basic Materials

4.3%
2.5%

Real Estate

4.0%

-

Energy

3.1%
4.8%

Communication Services

3.0%
0.1%

Consumer Defensive

2.4%
11.9%

Utilities

0.7%
7.3%

Healthcare

IWC
25.8%
DGRO
17.9%

Financial Services

IWC
24.1%
DGRO
20.4%

Industrials

IWC
12.3%
DGRO
11.3%

Technology

IWC
12.3%
DGRO
17.3%

Consumer Cyclical

IWC
7.7%
DGRO
6.5%

Basic Materials

IWC
4.3%
DGRO
2.5%

Real Estate

IWC
4.0%
DGRO

-

Energy

IWC
3.1%
DGRO
4.8%

Communication Services

IWC
3.0%
DGRO
0.1%

Consumer Defensive

IWC
2.4%
DGRO
11.9%

Utilities

IWC
0.7%
DGRO
7.3%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Micro-Cap ETF

iShares Core Dividend Growth ETF

Often compared with IWC:
IWC vs. IWMIWC vs. FDMIWC vs. SPYIWC vs. IWXIWC vs. PVIVXIWC vs. VOOIWC vs. VT
Often compared with DGRO:
DGRO vs. SCHDDGRO vs. VIGDGRO vs. VYMDGRO vs. VOODGRO vs. DGRWDGRO vs. DIVODGRO vs. HDV

Return for Risk

IWC vs. DGRO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
IWC
IWC Risk / Return Rank: 8181
Overall Rank
IWC Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
IWC Sortino Ratio Rank: 7979
Sortino Ratio Rank
IWC Omega Ratio Rank: 7373
Omega Ratio Rank
IWC Calmar Ratio Rank: 8989
Calmar Ratio Rank
IWC Martin Ratio Rank: 8484
Martin Ratio Rank
DGRO
DGRO Risk / Return Rank: 9191
Overall Rank
DGRO Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
DGRO Sortino Ratio Rank: 9393
Sortino Ratio Rank
DGRO Omega Ratio Rank: 9292
Omega Ratio Rank
DGRO Calmar Ratio Rank: 8888
Calmar Ratio Rank
DGRO Martin Ratio Rank: 9090
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IWC vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Micro-Cap ETF (IWC) 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.

IWCDGRODifference
Sharpe ratioReturn per unit of total volatility
1.89
2.44

-0.55

Sortino ratioReturn per unit of downside risk
2.56
3.55

-0.99

Omega ratioGain probability vs. loss probability

1.30

1.45

-0.14

Calmar ratioReturn relative to maximum drawdown

3.67

3.61

+0.06

Martin ratioReturn relative to average drawdown

11.65

14.07

-2.42

IWC vs. DGRO - Sharpe Ratio Comparison

The current IWC Sharpe Ratio is 1.89, which is comparable to the DGRO Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of IWC 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.

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Drawdowns

IWC vs. DGRO - Drawdown Comparison

The maximum IWC drawdown since its inception was -64.61%, which is greater than DGRO's maximum drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for IWC and DGRO.

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Drawdown Indicators

IWCDGRODifference

Max Drawdown

Largest peak-to-trough decline

-64.61%

-35.10%

-29.51%

Max Drawdown (1Y)

Largest decline over 1 year

-12.43%

-6.47%

-5.96%

Max Drawdown (3Y)

Largest decline over 3 years

-29.46%

-14.03%

-15.43%

Max Drawdown (5Y)

Largest decline over 5 years

-40.61%

-19.31%

-21.30%

Max Drawdown (10Y)

Largest decline over 10 years

-47.21%

-35.10%

-12.11%

Current Drawdown

Current decline from peak

-6.31%

-1.35%

-4.96%

Average Drawdown

Average peak-to-trough decline

-15.18%

-3.41%

-11.77%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.91%

1.66%

+2.25%

Volatility

IWC vs. DGRO - Volatility Comparison

iShares Micro-Cap ETF (IWC) has a higher volatility of 4.63% compared to iShares Core Dividend Growth ETF (DGRO) at 3.21%. This indicates that IWC'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.

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Volatility by Period

IWCDGRODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.63%

3.21%

+1.42%

Volatility (6M)

Calculated over the trailing 6-month period

18.22%

7.12%

+11.10%

Volatility (1Y)

Calculated over the trailing 1-year period

24.13%

9.61%

+14.52%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.46%

13.79%

+10.67%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.48%

16.58%

+7.90%

IWC vs. DGRO - Expense Ratio Comparison

IWC has a 0.60% expense ratio, which is higher than DGRO's 0.08% expense ratio.

Dividends

IWC vs. DGRO - Dividend Comparison

IWC's dividend yield for the trailing twelve months is around 1.01%, less than DGRO's 1.89% yield.

PositionTTM20252024202320222021202020192018201720162015
DGRO
iShares Core Dividend Growth ETF		1.89%2.09%2.26%2.45%2.34%1.93%2.30%2.21%2.44%2.03%2.27%2.52%
IWC
iShares Micro-Cap ETF		1.01%1.10%1.06%1.17%1.18%0.78%0.98%1.19%1.01%1.09%1.16%1.49%

Frequently Asked Questions

IWC and DGRO have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IWC has higher volatility (4.63%) compared to DGRO (3.21%). In terms of maximum drawdown, IWC dropped -64.61% vs DGRO's -35.10%.

On 10-year performance, DGRO leads with 13.44% vs 11.12% for IWC. On fees, DGRO is cheaper at 0.08% per year. On volatility, DGRO has been the lower-risk option at 3.21%. 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 13.44% return vs 11.12%. 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 0.60% for IWC.

DGRO has the higher dividend yield at 1.89%, compared with 1.01% for IWC.

IWC is categorized as Small Cap Blend Equities, while DGRO is Large Cap Growth Equities. IWC tracks Russell Microcap Index, while DGRO tracks Morningstar US Dividend Growth Index. Their fees differ too: 0.60% for IWC and 0.08% for DGRO.

DGRO currently has the higher Sharpe Ratio (2.44 vs 1.89), 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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