PNQI vs. DGRO

Last updated Jun 26, 2026

PNQI (Invesco NASDAQ Internet ETF) and DGRO (iShares Core Dividend Growth ETF) are both Large Cap Growth Equities funds - PNQI tracks the NASDAQ Internet Index while DGRO tracks the Morningstar US Dividend Growth Index. Both are passively managed. Over the past 10 years, PNQI returned 11.73%/yr vs 13.86%/yr for DGRO. A 0.59 correlation means they provide meaningful diversification when combined. PNQI charges 0.62%/yr vs 0.08%/yr for DGRO.

Performance

PNQI vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco NASDAQ Internet ETF (PNQI) 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, PNQI achieves a -18.59% return, which is significantly lower than DGRO's 9.70% return. Over the past 10 years, PNQI has underperformed DGRO with an annualized return of 11.73%, while DGRO has yielded a comparatively higher 13.86% annualized return.

PNQI

• 1D: -2.67%
• 1M: -8.54%
• YTD: -18.59%
• 6M: -19.34%
• 1Y: -13.81%
• 3Y*: 12.87%
• 5Y*: -3.03%
• 10Y*: 11.73%

DGRO

• 1D: 0.31%
• 1M: 1.60%
• YTD: 9.70%
• 6M: 8.51%
• 1Y: 22.32%
• 3Y*: 17.00%
• 5Y*: 10.96%
• 10Y*: 13.86%

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

PNQI vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PNQI Invesco NASDAQ Internet ETF	-18.59%	15.56%	29.44%	60.69%	-47.92%	-5.57%	61.36%	28.76%	-5.08%	40.05%
DGRO iShares Core Dividend Growth ETF	9.70%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-2.38%	23.00%

Correlation

The correlation between PNQI and DGRO is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014	0.59

Over the past year, the correlation between PNQI and DGRO has dropped to 0.37 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.

PNQI vs. DGRO - Sectors Allocation Comparison

Sectors	PNQI	DGRO
Technology	39.8%	22.0%
Communication Services	30.4%	0.1%
Consumer Cyclical	27.0%	5.4%
Financial Services	2.4%	20.6%
Real Estate	0.4%	-
Industrials	0.1%	10.4%
Healthcare	0.0%	16.5%
Basic Materials	-	2.4%
Consumer Defensive	-	11.1%
Energy	-	5.1%
Utilities	-	6.4%

Return for Risk

PNQI vs. DGRO — Risk / Return Rank

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

PNQI

PNQI Risk / Return Rank: 4
PNQI Sharpe Ratio Rank: 4
PNQI Sortino Ratio Rank: 4
PNQI Omega Ratio Rank: 4
PNQI Calmar Ratio Rank: 5
PNQI Martin Ratio Rank: 4

DGRO

DGRO Risk / Return Rank: 82
DGRO Sharpe Ratio Rank: 85
DGRO Sortino Ratio Rank: 88
DGRO Omega Ratio Rank: 83
DGRO Calmar Ratio Rank: 78
DGRO Martin Ratio Rank: 80

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.

PNQI vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco NASDAQ Internet ETF (PNQI) 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.

	PNQI	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	-0.74	2.37	-3.10
Sortino ratio: Return per unit of downside risk	-0.91	3.43	-4.34
Omega ratio: Gain probability vs. loss probability	0.89	1.43	-0.54
Calmar ratio: Return relative to maximum drawdown	-0.56	3.47	-4.02
Martin ratio: Return relative to average drawdown	-1.20	13.37	-14.57

PNQI vs. DGRO - Sharpe Ratio Comparison

The current PNQI Sharpe Ratio is -0.74, which is lower than the DGRO Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of PNQI 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

PNQI vs. DGRO - Drawdown Comparison

The maximum PNQI drawdown since its inception was -59.70%, which is greater than DGRO's maximum drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for PNQI and DGRO.

Drawdown Indicators

	PNQI	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-59.70%	-35.10%	-24.60%
Max Drawdown (1Y) Largest decline over 1 year	-24.85%	-6.47%	-18.38%
Max Drawdown (3Y) Largest decline over 3 years	-24.85%	-14.03%	-10.82%
Max Drawdown (5Y) Largest decline over 5 years	-59.56%	-19.31%	-40.25%
Max Drawdown (10Y) Largest decline over 10 years	-59.70%	-35.10%	-24.60%
Current Drawdown Current decline from peak	-23.06%	-0.44%	-22.62%
Average Drawdown Average peak-to-trough decline	-12.98%	-3.43%	-9.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.55%	1.67%	+9.88%

Volatility

PNQI vs. DGRO - Volatility Comparison

Invesco NASDAQ Internet ETF (PNQI) has a higher volatility of 7.49% compared to iShares Core Dividend Growth ETF (DGRO) at 2.46%. This indicates that PNQI'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

	PNQI	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.49%	2.46%	+5.03%
Volatility (6M) Calculated over the trailing 6-month period	15.12%	6.92%	+8.20%
Volatility (1Y) Calculated over the trailing 1-year period	18.83%	9.49%	+9.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.93%	13.79%	+13.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.32%	16.59%	+8.73%

PNQI vs. DGRO - Expense Ratio Comparison

PNQI has a 0.62% expense ratio, which is higher than DGRO's 0.08% expense ratio.

Dividends

PNQI vs. DGRO - Dividend Comparison

PNQI has not paid dividends to shareholders, while DGRO's dividend yield for the trailing twelve months is around 1.96%.

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%
PNQI Invesco NASDAQ Internet ETF	0.00%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PNQI and DGRO in my portfolio?

PNQI and DGRO have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PNQI or DGRO?

PNQI has higher volatility (7.49%) compared to DGRO (2.46%). In terms of maximum drawdown, PNQI dropped -59.70% vs DGRO's -35.10%.

Which ETF is better, PNQI or DGRO?

On 10-year performance, DGRO leads with 13.86% vs 11.73% for PNQI. On fees, DGRO is cheaper at 0.08% per year. On volatility, DGRO has been the lower-risk option at 2.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PNQI or DGRO?

Over the 10-year period, DGRO has performed better with a 13.86% return vs 11.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PNQI or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.62% for PNQI.

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

DGRO has the higher dividend yield at 1.96%, compared with 0.00% for PNQI.

What is the main difference between PNQI and DGRO?

PNQI tracks NASDAQ Internet Index, while DGRO tracks Morningstar US Dividend Growth Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.62% for PNQI and 0.08% for DGRO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.37 vs -0.74), 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.