PABD vs. DGRO

Last updated Aug 4, 2026

PABD (iShares Paris-Aligned Climate MSCI World Ex USA ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - PABD is a Foreign Large Cap Equities fund tracking the MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index - Benchmark TR Net, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Both are passively managed. Over the past year, PABD returned 22.78% vs 24.64% for DGRO. Their 0.62 correlation means they have sometimes moved together and sometimes differently. PABD charges 0.12%/yr vs 0.08%/yr for DGRO.

Performance

PABD vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) 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, PABD achieves a 9.56% return, which is significantly lower than DGRO's 13.79% return.

PABD

• 1D: 0.48%
• 1M: 0.77%
• 6M: 5.02%
• YTD: 9.56%
• 1Y: 22.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.35%

DGRO

• 1D: 0.35%
• 1M: 1.32%
• 6M: 9.21%
• YTD: 13.79%
• 1Y: 24.64%
• 3Y*: 17.09%
• 5Y*: 11.15%
• 10Y*: 13.38%
• ALL TIME*: 12.49%

*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	$107.57M	$103.25M	$110.55M
PABD iShares Paris-Aligned Climate MSCI World Ex USA ETF	$83.86K	$55.85K	$338.84K

PABD vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PABD iShares Paris-Aligned Climate MSCI World Ex USA ETF	9.56%	30.06%	5.32%
DGRO iShares Core Dividend Growth ETF	13.79%	15.69%	17.08%

Correlation

The correlation between PABD and DGRO is 0.60, 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.	0.60
Correlation (All Time) Calculated using the full available price history since Jan 19, 2024	0.62

The correlation between PABD and DGRO has been stable across timeframes, ranging from 0.60 to 0.62 - a consistent structural relationship.

PABD vs. DGRO - Sectors Allocation Comparison

Sectors	PABD	DGRO
Financial Services	29.5%	20.4%
Industrials	16.0%	11.3%
Technology	14.5%	17.3%
Healthcare	12.2%	17.9%
Real Estate	6.2%	-
Basic Materials	4.8%	2.5%
Consumer Cyclical	4.6%	6.5%
Utilities	4.6%	7.3%
Consumer Defensive	4.4%	11.9%
Communication Services	3.0%	0.1%
Energy	0.2%	4.8%

Return for Risk

PABD vs. DGRO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PABD

PABD Risk / Return Rank: 53
PABD Sharpe Ratio Rank: 55
PABD Sortino Ratio Rank: 56
PABD Omega Ratio Rank: 53
PABD Calmar Ratio Rank: 48
PABD Martin Ratio Rank: 55

DGRO

DGRO Risk / Return Rank: 92
DGRO Sharpe Ratio Rank: 94
DGRO Sortino Ratio Rank: 94
DGRO Omega Ratio Rank: 93
DGRO Calmar Ratio Rank: 90
DGRO Martin Ratio Rank: 90

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.

PABD vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) 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.

	PABD	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	1.42	2.60	-1.18
Sortino ratio: Return per unit of downside risk	2.04	3.77	-1.73
Omega ratio: Gain probability vs. loss probability	1.25	1.48	-0.23
Calmar ratio: Return relative to maximum drawdown	1.82	3.83	-2.00
Martin ratio: Return relative to average drawdown	6.86	14.91	-8.05

PABD vs. DGRO - Sharpe Ratio Comparison

The current PABD Sharpe Ratio is 1.42, which is lower than the DGRO Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of PABD 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

PABD vs. DGRO - Drawdown Comparison

The maximum PABD drawdown since its inception was -13.37%, smaller than the maximum DGRO drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for PABD and DGRO.

Drawdown Indicators

	PABD	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-13.37%	-35.10%	+21.73%
Max Drawdown (1Y) Largest decline over 1 year	-12.55%	-6.47%	-6.08%
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	-0.18%	-1.01%	+0.83%
Average Drawdown Average peak-to-trough decline	-2.55%	-3.41%	+0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.33%	1.66%	+1.67%

Volatility

PABD vs. DGRO - Volatility Comparison

iShares Paris-Aligned Climate MSCI World Ex USA ETF (PABD) has a higher volatility of 4.50% compared to iShares Core Dividend Growth ETF (DGRO) at 2.88%. This indicates that PABD'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

	PABD	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	2.88%	+1.62%
Volatility (6M) Calculated over the trailing 6-month period	13.89%	7.12%	+6.77%
Volatility (1Y) Calculated over the trailing 1-year period	16.20%	9.54%	+6.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.60%	13.79%	+1.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.60%	16.58%	-0.98%

PABD vs. DGRO - Expense Ratio Comparison

PABD has a 0.12% 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

PABD vs. DGRO - Dividend Comparison

PABD's dividend yield for the trailing twelve months is around 2.98%, 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%
PABD iShares Paris-Aligned Climate MSCI World Ex USA ETF	2.98%	2.74%	2.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PABD and DGRO in my portfolio?

PABD and DGRO have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PABD or DGRO?

PABD has higher volatility (4.50%) compared to DGRO (2.88%). In terms of maximum drawdown, PABD dropped -13.37% vs DGRO's -35.10%.

Which ETF is better, PABD or DGRO?

On 1-year performance, DGRO leads with 24.64% vs 22.78% for PABD. On fees, DGRO is cheaper at 0.08% per year. On volatility, DGRO has been the lower-risk option at 2.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PABD or DGRO?

Over the 1-year period, DGRO has performed better with a 24.64% return vs 22.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PABD or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.12% for PABD.

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

PABD has the higher dividend yield at 2.98%, compared with 1.89% for DGRO.

What is the main difference between PABD and DGRO?

PABD is categorized as Foreign Large Cap Equities, while DGRO is Large Cap Growth Equities. PABD tracks MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index - Benchmark TR Net, while DGRO tracks Morningstar US Dividend Growth Index. Their fees differ too: 0.12% for PABD and 0.08% for DGRO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.60 vs 1.42), 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.