JUST vs. DGRO

Last updated Jul 30, 2026

JUST (Goldman Sachs JUST U.S. Large Cap Equity ETF) and DGRO (iShares Core Dividend Growth ETF) are both Large Cap Growth Equities funds - JUST tracks the JUST US Large Cap Diversified Index while DGRO tracks the Morningstar US Dividend Growth Index. Both are passively managed. Over the past 5 years, JUST returned 11.88%/yr vs 11.16%/yr for DGRO. Their correlation of 0.86 means they have usually moved in the same direction. JUST charges 0.20%/yr vs 0.08%/yr for DGRO.

Performance

JUST vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs JUST U.S. Large Cap Equity ETF (JUST) 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, JUST achieves a 9.11% return, which is significantly lower than DGRO's 13.77% return.

JUST

• 1D: -1.57%
• 1M: -0.90%
• 6M: 6.94%
• YTD: 9.11%
• 1Y: 17.70%
• 3Y*: 18.62%
• 5Y*: 11.88%
• 10Y*: —
• ALL TIME*: 14.12%

DGRO

• 1D: -1.02%
• 1M: 3.05%
• 6M: 10.59%
• YTD: 13.77%
• 1Y: 21.91%
• 3Y*: 16.37%
• 5Y*: 11.16%
• 10Y*: 13.40%
• ALL TIME*: 12.50%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DGRO iShares Core Dividend Growth ETF	$99.27M	$103.09M	$109.77M
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF	$448.00K	$561.81K	$747.11K

JUST vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF	9.11%	17.60%	23.73%	24.86%	-17.88%	26.89%	19.59%	31.54%	-9.96%
DGRO iShares Core Dividend Growth ETF	13.77%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-4.59%

Correlation

The correlation between JUST and DGRO is 0.63, 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.	0.63
Correlation (3Y) Balances recent behavior with more history.	0.74
Correlation (5Y) Shows whether the relationship held over a longer period.	0.83
Correlation (All Time) Calculated using the full available price history since Jun 13, 2018	0.86

Over the past year, the correlation between JUST and DGRO has dropped to 0.63 - well below their long-term average of 0.86, suggesting their price drivers have been diverging.

JUST vs. DGRO - Sectors Allocation Comparison

Sectors	JUST	DGRO
Technology	38.1%	17.3%
Financial Services	13.1%	20.4%
Healthcare	9.3%	17.9%
Consumer Cyclical	8.7%	6.5%
Industrials	8.5%	11.3%
Communication Services	7.4%	0.1%
Consumer Defensive	5.0%	11.9%
Energy	3.6%	4.8%
Utilities	2.1%	7.3%
Real Estate	2.1%	-
Basic Materials	2.0%	2.5%

Return for Risk

JUST vs. DGRO — Risk / Return Rank

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

JUST

JUST Risk / Return Rank: 62
JUST Sharpe Ratio Rank: 61
JUST Sortino Ratio Rank: 59
JUST Omega Ratio Rank: 59
JUST Calmar Ratio Rank: 59
JUST Martin Ratio Rank: 72

DGRO

DGRO Risk / Return Rank: 89
DGRO Sharpe Ratio Rank: 91
DGRO Sortino Ratio Rank: 92
DGRO Omega Ratio Rank: 90
DGRO Calmar Ratio Rank: 86
DGRO Martin Ratio Rank: 88

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.

JUST vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs JUST U.S. Large Cap Equity ETF (JUST) 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.

	JUST	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	1.41	2.29	-0.88
Sortino ratio: Return per unit of downside risk	1.99	3.33	-1.34
Omega ratio: Gain probability vs. loss probability	1.25	1.41	-0.16
Calmar ratio: Return relative to maximum drawdown	2.03	3.40	-1.37
Martin ratio: Return relative to average drawdown	8.78	13.24	-4.46

JUST vs. DGRO - Sharpe Ratio Comparison

The current JUST Sharpe Ratio is 1.41, which is lower than the DGRO Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of JUST 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.

Drawdowns

JUST vs. DGRO - Drawdown Comparison

The maximum JUST drawdown since its inception was -33.83%, roughly equal to the maximum DGRO drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for JUST and DGRO.

Drawdown Indicators

	JUST	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-33.83%	-35.10%	+1.27%
Max Drawdown (1Y) Largest decline over 1 year	-8.76%	-6.47%	-2.29%
Max Drawdown (3Y) Largest decline over 3 years	-19.34%	-14.03%	-5.31%
Max Drawdown (5Y) Largest decline over 5 years	-24.72%	-19.31%	-5.41%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.10%	—
Current Drawdown Current decline from peak	-2.99%	-1.02%	-1.97%
Average Drawdown Average peak-to-trough decline	-5.04%	-3.41%	-1.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	1.67%	+0.35%

Volatility

JUST vs. DGRO - Volatility Comparison

The current volatility for Goldman Sachs JUST U.S. Large Cap Equity ETF (JUST) is 2.95%, while iShares Core Dividend Growth ETF (DGRO) has a volatility of 3.21%. This indicates that JUST 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.

Volatility by Period

	JUST	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.95%	3.21%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	9.80%	7.12%	+2.68%
Volatility (1Y) Calculated over the trailing 1-year period	12.63%	9.62%	+3.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.86%	13.80%	+3.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.03%	16.58%	+2.45%

JUST vs. DGRO - Expense Ratio Comparison

JUST has a 0.20% 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

JUST vs. DGRO - Dividend Comparison

JUST's dividend yield for the trailing twelve months is around 0.97%, less than DGRO's 1.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF	0.97%	1.02%	1.11%	1.37%	1.51%	1.07%	1.36%	1.86%	1.11%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JUST and DGRO in my portfolio?

JUST and DGRO have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JUST or DGRO?

DGRO has higher volatility (3.21%) compared to JUST (2.95%). In terms of maximum drawdown, JUST dropped -33.83% vs DGRO's -35.10%.

Which ETF is better, JUST or DGRO?

On 5-year performance, JUST leads with 11.88% vs 11.16% for DGRO. On fees, DGRO is cheaper at 0.08% per year. On volatility, JUST has been the lower-risk option at 2.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JUST or DGRO?

Over the 5-year period, JUST has performed better with a 11.88% return vs 11.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JUST or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.20% for JUST.

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

DGRO has the higher dividend yield at 1.89%, compared with 0.97% for JUST.

What is the main difference between JUST and DGRO?

JUST tracks JUST US Large Cap Diversified Index, while DGRO tracks Morningstar US Dividend Growth Index. They also come from different issuers: Goldman Sachs and iShares. Their fees differ too: 0.20% for JUST and 0.08% for DGRO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.29 vs 1.41), 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.