JPAN vs. DGRO

Last updated Jun 3, 2026

JPAN (Matthews Japan Active ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - JPAN is a Japan Equities fund actively managed by Matthews, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. JPAN is actively managed, while DGRO is passively managed. Over the past year, JPAN returned 27.88% vs 23.65% for DGRO. A 0.51 correlation means they provide meaningful diversification when combined. JPAN charges 0.79%/yr vs 0.08%/yr for DGRO.

Performance

JPAN vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Matthews Japan Active ETF (JPAN) 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, JPAN achieves a 17.03% return, which is significantly higher than DGRO's 9.06% return.

JPAN

• 1D: 0.60%
• 1M: 6.19%
• YTD: 17.03%
• 6M: 18.72%
• 1Y: 27.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DGRO

• 1D: 0.83%
• 1M: 2.63%
• YTD: 9.06%
• 6M: 10.08%
• 1Y: 23.65%
• 3Y*: 17.10%
• 5Y*: 10.72%
• 10Y*: 13.33%

*Multi-year figures are annualized to reflect compound growth (CAGR)

JPAN vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JPAN Matthews Japan Active ETF	17.03%	22.96%	18.16%	5.77%
DGRO iShares Core Dividend Growth ETF	9.06%	15.69%	16.62%	8.07%

Correlation

The correlation between JPAN and DGRO is 0.51, 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	0.51
Correlation (All Time) Calculated using the full available price history since Sep 25, 2023	0.51

The correlation between JPAN and DGRO has been stable across timeframes, ranging from 0.51 to 0.51 - a consistent structural relationship.

JPAN vs. DGRO - Sectors Allocation Comparison

Sectors	JPAN	DGRO
Industrials	25.5%	10.8%
Technology	21.7%	19.4%
Financial Services	19.2%	21.2%
Consumer Cyclical	12.4%	5.7%
Communication Services	6.8%	0.1%
Consumer Defensive	3.3%	11.5%
Basic Materials	3.2%	2.5%
Healthcare	2.6%	16.4%
Real Estate	2.2%	-
Energy	0.7%	5.6%
Utilities	-	6.9%

Return for Risk

JPAN vs. DGRO — Risk / Return Rank

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

JPAN

JPAN Risk / Return Rank: 41
JPAN Sharpe Ratio Rank: 40
JPAN Sortino Ratio Rank: 41
JPAN Omega Ratio Rank: 40
JPAN Calmar Ratio Rank: 41
JPAN Martin Ratio Rank: 44

DGRO

DGRO Risk / Return Rank: 76
DGRO Sharpe Ratio Rank: 76
DGRO Sortino Ratio Rank: 81
DGRO Omega Ratio Rank: 76
DGRO Calmar Ratio Rank: 73
DGRO Martin Ratio Rank: 74

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.

JPAN vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Matthews Japan Active ETF (JPAN) 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.

	JPAN	DGRO	Difference
Sharpe ratio Return per unit of total volatility	1.43	2.51	-1.08
Sortino ratio Return per unit of downside risk	2.13	3.64	-1.52
Omega ratio Gain probability vs. loss probability	1.27	1.46	-0.19
Calmar ratio Return relative to maximum drawdown	2.06	3.71	-1.65
Martin ratio Return relative to average drawdown	7.32	14.35	-7.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPAN vs. DGRO - Sharpe Ratio Comparison

The current JPAN Sharpe Ratio is 1.43, which is lower than the DGRO Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of JPAN 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

	JPAN	DGRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.43	2.51	-1.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.78	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.80	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.27	0.77	+0.51

Drawdowns

JPAN vs. DGRO - Drawdown Comparison

The maximum JPAN drawdown since its inception was -15.24%, smaller than the maximum DGRO drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for JPAN and DGRO.

Drawdown Indicators

	JPAN	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-15.24%	-35.10%	+19.86%
Max Drawdown (1Y) Largest decline over 1 year	-14.59%	-6.47%	-8.12%
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	-0.31%	0.00%	-0.31%
Average Drawdown Average peak-to-trough decline	-3.09%	-3.45%	+0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.11%	1.67%	+2.44%

Volatility

JPAN vs. DGRO - Volatility Comparison

Matthews Japan Active ETF (JPAN) has a higher volatility of 4.63% compared to iShares Core Dividend Growth ETF (DGRO) at 2.36%. This indicates that JPAN'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

	JPAN	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.63%	2.36%	+2.27%
Volatility (6M) Calculated over the trailing 6-month period	15.69%	6.96%	+8.73%
Volatility (1Y) Calculated over the trailing 1-year period	19.69%	9.47%	+10.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.27%	13.82%	+5.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.27%	16.63%	+2.64%

JPAN vs. DGRO - Expense Ratio Comparison

JPAN has a 0.79% expense ratio, which is higher than DGRO's 0.08% expense ratio.

Dividends

JPAN vs. DGRO - Dividend Comparison

JPAN's dividend yield for the trailing twelve months is around 4.36%, more than DGRO's 1.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRO iShares Core Dividend Growth ETF	1.95%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%
JPAN Matthews Japan Active ETF	4.36%	5.10%	1.53%	0.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JPAN and DGRO in my portfolio?

JPAN and DGRO have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPAN or DGRO?

JPAN has higher volatility (4.63%) compared to DGRO (2.36%). In terms of maximum drawdown, JPAN dropped -15.24% vs DGRO's -35.10%.

Which ETF is better, JPAN or DGRO?

On 1-year performance, JPAN leads with 27.88% vs 23.65% for DGRO. On fees, DGRO is cheaper at 0.08% per year. On volatility, DGRO has been the lower-risk option at 2.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPAN or DGRO?

Over the 1-year period, JPAN has performed better with a 27.88% return vs 23.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPAN or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.79% for JPAN.

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

JPAN has the higher dividend yield at 4.36%, compared with 1.95% for DGRO.

What is the main difference between JPAN and DGRO?

JPAN is categorized as Japan Equities, while DGRO is Large Cap Growth Equities. They also come from different issuers: Matthews and iShares. Their fees differ too: 0.79% for JPAN and 0.08% for DGRO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.51 vs 1.43), 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.