IWD vs. DGRO

Last updated Jun 4, 2026

IWD (iShares Russell 1000 Value ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - IWD is a Large Cap Value Equities fund tracking the Russell 1000 Value 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, IWD returned 11.23%/yr vs 13.30%/yr for DGRO. With a 0.96 correlation, they move nearly in lockstep. IWD charges 0.18%/yr vs 0.08%/yr for DGRO.

Performance

IWD vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 1000 Value ETF (IWD) 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, IWD achieves a 14.20% return, which is significantly higher than DGRO's 8.76% return. Over the past 10 years, IWD has underperformed DGRO with an annualized return of 11.23%, while DGRO has yielded a comparatively higher 13.30% annualized return.

IWD

• 1D: -0.01%
• 1M: 4.22%
• YTD: 14.20%
• 6M: 14.76%
• 1Y: 28.16%
• 3Y*: 18.40%
• 5Y*: 10.17%
• 10Y*: 11.23%

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)

IWD vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWD iShares Russell 1000 Value ETF	14.20%	15.68%	14.17%	11.34%	-7.75%	24.95%	2.73%	26.12%	-8.45%	13.45%
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 IWD and DGRO is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jun 13, 2014	0.96

The correlation between IWD and DGRO has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.

IWD vs. DGRO - Sectors Allocation Comparison

Sectors	IWD	DGRO
Financial Services	18.5%	21.2%
Technology	17.9%	19.4%
Industrials	12.7%	10.8%
Healthcare	10.5%	16.4%
Communication Services	8.2%	0.1%
Consumer Cyclical	7.0%	5.7%
Consumer Defensive	6.7%	11.5%
Energy	6.5%	5.6%
Utilities	4.1%	6.9%
Real Estate	3.9%	-
Basic Materials	3.7%	2.5%

Return for Risk

IWD vs. DGRO — Risk / Return Rank

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

IWD

IWD Risk / Return Rank: 80
IWD Sharpe Ratio Rank: 79
IWD Sortino Ratio Rank: 82
IWD Omega Ratio Rank: 78
IWD Calmar Ratio Rank: 79
IWD Martin Ratio Rank: 84

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.

IWD vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 1000 Value ETF (IWD) 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.

	IWD	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	2.63	2.39	+0.24
Sortino ratio: Return per unit of downside risk	3.71	3.49	+0.23
Omega ratio: Gain probability vs. loss probability	1.47	1.43	+0.04
Calmar ratio: Return relative to maximum drawdown	4.17	3.50	+0.67
Martin ratio: Return relative to average drawdown	17.46	13.52	+3.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWD vs. DGRO - Sharpe Ratio Comparison

The current IWD Sharpe Ratio is 2.63, which is comparable to the DGRO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of IWD 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

	IWD	DGRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.63	2.39	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.77	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.80	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.76	-0.34

Drawdowns

IWD vs. DGRO - Drawdown Comparison

The maximum IWD drawdown since its inception was -60.10%, which is greater than DGRO's maximum drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for IWD and DGRO.

Drawdown Indicators

	IWD	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-60.10%	-35.10%	-25.00%
Max Drawdown (1Y) Largest decline over 1 year	-6.79%	-6.47%	-0.32%
Max Drawdown (3Y) Largest decline over 3 years	-15.71%	-14.03%	-1.68%
Max Drawdown (5Y) Largest decline over 5 years	-19.04%	-19.31%	+0.27%
Max Drawdown (10Y) Largest decline over 10 years	-38.51%	-35.10%	-3.41%
Current Drawdown Current decline from peak	-0.01%	-0.28%	+0.27%
Average Drawdown Average peak-to-trough decline	-8.65%	-3.44%	-5.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	1.67%	-0.05%

Volatility

IWD vs. DGRO - Volatility Comparison

iShares Russell 1000 Value ETF (IWD) has a higher volatility of 2.90% compared to iShares Core Dividend Growth ETF (DGRO) at 2.21%. This indicates that IWD'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

	IWD	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	2.21%	+0.69%
Volatility (6M) Calculated over the trailing 6-month period	8.06%	6.91%	+1.15%
Volatility (1Y) Calculated over the trailing 1-year period	10.77%	9.48%	+1.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.81%	13.82%	+0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.29%	16.62%	+0.67%

IWD vs. DGRO - Expense Ratio Comparison

IWD has a 0.18% 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

IWD vs. DGRO - Dividend Comparison

IWD's dividend yield for the trailing twelve months is around 1.50%, 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%
IWD iShares Russell 1000 Value ETF	1.50%	1.69%	1.87%	2.02%	2.15%	1.62%	2.05%	2.45%	2.71%	2.09%	2.25%	2.47%

Frequently Asked Questions

Can I hold both IWD and DGRO in my portfolio?

With a correlation of 0.91, IWD and DGRO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IWD or DGRO?

IWD has higher volatility (2.90%) compared to DGRO (2.21%). In terms of maximum drawdown, IWD dropped -60.10% vs DGRO's -35.10%.

Which ETF is better, IWD or DGRO?

On 10-year performance, DGRO leads with 13.30% vs 11.23% for IWD. 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, IWD or DGRO?

Over the 10-year period, DGRO has performed better with a 13.30% return vs 11.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWD or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.18% for IWD.

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

DGRO has the higher dividend yield at 1.96%, compared with 1.50% for IWD.

What is the main difference between IWD and DGRO?

IWD is categorized as Large Cap Value Equities, while DGRO is Large Cap Growth Equities. IWD tracks Russell 1000 Value Index, while DGRO tracks Morningstar US Dividend Growth Index. Their fees differ too: 0.18% for IWD and 0.08% for DGRO.

Which has better risk-adjusted returns?

IWD currently has the higher Sharpe Ratio (2.63 vs 2.39), 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.