MNCEX vs. DGRO
MNCEX (Mercer Non-US Core Equity Fund) and DGRO (iShares Core Dividend Growth ETF) are both funds - MNCEX is a Foreign Large Cap Equities fund managed by Mercer Funds, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Over the past 5 years, MNCEX returned 10.39%/yr vs 11.08%/yr for DGRO. Their 0.59 correlation means they have sometimes moved together and sometimes differently. MNCEX charges 0.39%/yr vs 0.08%/yr for DGRO.
Performance
MNCEX vs. DGRO - Performance Comparison
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Returns By Period
In the year-to-date period, MNCEX achieves a 12.18% return, which is significantly lower than DGRO's 13.39% return.
MNCEX
- 1D
- 2.54%
- 1M
- 2.01%
- 6M
- 6.19%
- YTD
- 12.18%
- 1Y
- 25.27%
- 3Y*
- 19.22%
- 5Y*
- 10.39%
- 10Y*
- —
- ALL TIME*
- 11.96%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $103.52M | $104.25M | $110.17M | |
| $0.00 | $0.00 | $0.00 |
MNCEX vs. DGRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
MNCEX Mercer Non-US Core Equity Fund | 12.18% | 37.46% | 6.24% | 18.86% | -16.89% | 11.36% | 9.63% | 10.44% |
DGRO iShares Core Dividend Growth ETF | 13.39% | 15.69% | 16.62% | 10.47% | -7.91% | 26.64% | 9.50% | 11.43% |
Correlation
The correlation between MNCEX and DGRO is 0.47, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.48 |
Correlation (3Y) Balances recent behavior with more history. | 0.47 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.56 |
Correlation (All Time) Calculated using the full available price history since Sep 3, 2019 | 0.59 |
The correlation between MNCEX and DGRO shifts across timeframes, from 0.47 (3 years) to 0.59 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MNCEX vs. DGRO — Risk / Return Rank
MNCEX
DGRO
MNCEX vs. DGRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Mercer Non-US Core Equity Fund (MNCEX) 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.
| MNCEX | DGRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.70 | ||
| Sortino ratioReturn per unit of downside risk | -1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.45 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.25 | 3.61 | -1.36 |
| Martin ratioReturn relative to average drawdown | 8.14 | 14.07 | -5.93 |
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Drawdowns
MNCEX vs. DGRO - Drawdown Comparison
The maximum MNCEX drawdown since its inception was -32.79%, smaller than the maximum DGRO drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for MNCEX and DGRO.
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Drawdown Indicators
| MNCEX | DGRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.79% | -35.10% | +2.31% |
Max Drawdown (1Y)Largest decline over 1 year | -11.97% | -6.47% | -5.50% |
Max Drawdown (3Y)Largest decline over 3 years | -13.79% | -14.03% | +0.24% |
Max Drawdown (5Y)Largest decline over 5 years | -30.57% | -19.31% | -11.26% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.10% | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.35% | +1.35% |
Average DrawdownAverage peak-to-trough decline | -6.57% | -3.41% | -3.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.18% | 1.66% | +1.52% |
Volatility
MNCEX vs. DGRO - Volatility Comparison
Mercer Non-US Core Equity Fund (MNCEX) has a higher volatility of 4.41% compared to iShares Core Dividend Growth ETF (DGRO) at 3.21%. This indicates that MNCEX'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
| MNCEX | DGRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.41% | 3.21% | +1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 13.03% | 7.12% | +5.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.44% | 9.61% | +5.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.08% | 13.79% | +2.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.20% | 16.58% | +1.62% |
MNCEX vs. DGRO - Expense Ratio Comparison
MNCEX has a 0.39% expense ratio, which is higher than DGRO's 0.08% expense ratio.
Dividends
MNCEX vs. DGRO - Dividend Comparison
MNCEX's dividend yield for the trailing twelve months is around 12.16%, more 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% |
MNCEX Mercer Non-US Core Equity Fund | 12.16% | 13.64% | 8.97% | 3.60% | 3.14% | 18.31% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MNCEX and DGRO have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MNCEX has higher volatility (4.41%) compared to DGRO (3.21%). In terms of maximum drawdown, MNCEX dropped -32.79% vs DGRO's -35.10%.
DGRO currently has the higher Sharpe Ratio (2.44 vs 1.74), 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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